Palestra Capital Management LLC Invests $107.19 Million in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Palestra Capital Management LLC purchased a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 328,286 shares of the financial services provider's stock, valued at approximately $107,189,000. LPL Financial accounts for about 2.9% of Palestra Capital Management LLC's investment portfolio, making the stock its 18th largest position. Palestra Capital Management LLC owned about 0.44% of LPL Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in LPLA. SkyView Investment Advisors LLC lifted its position in shares of LPL Financial by 2.8% in the 3rd quarter. SkyView Investment Advisors LLC now owns 4,835 shares of the financial services provider's stock worth $1,125,000 after purchasing an additional 131 shares during the period. Anchor Investment Management LLC lifted its stake in shares of LPL Financial by 15.6% in the 3rd quarter. Anchor Investment Management LLC now owns 9,669 shares of the financial services provider's stock valued at $2,249,000 after purchasing an additional 1,304 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of LPL Financial during the third quarter valued at approximately $182,000. Tidal Investments LLC raised its holdings in LPL Financial by 98.9% in the third quarter. Tidal Investments LLC now owns 7,662 shares of the financial services provider's stock worth $1,782,000 after purchasing an additional 3,809 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of LPL Financial by 15.7% in the 3rd quarter. Principal Financial Group Inc. now owns 25,418 shares of the financial services provider's stock worth $5,913,000 after acquiring an additional 3,444 shares in the last quarter. Institutional investors own 95.66% of the company's stock.

LPL Financial Price Performance

LPLA stock traded down $2.04 during trading on Tuesday, hitting $332.03. The stock had a trading volume of 202,890 shares, compared to its average volume of 821,952. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $384.04. The stock has a market capitalization of $26.35 billion, a P/E ratio of 23.67, a PEG ratio of 0.94 and a beta of 0.65. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. The company's 50-day moving average price is $321.91 and its two-hundred day moving average price is $327.53.

Insider Transactions at LPL Financial

In related news, CFO Matthew J. Audette sold 28,777 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $365.14, for a total transaction of $10,507,633.78. Following the completion of the transaction, the chief financial officer now directly owns 13,663 shares in the company, valued at $4,988,907.82. This trade represents a 67.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total transaction of $402,435.00. Following the sale, the director now directly owns 4,075 shares in the company, valued at $1,490,838.75. This represents a 21.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,465 shares of company stock worth $12,562,070. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

LPLA has been the subject of several recent research reports. UBS Group boosted their target price on shares of LPL Financial from $390.00 to $420.00 and gave the company a "buy" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods increased their target price on shares of LPL Financial from $390.00 to $405.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Morgan Stanley raised their price objective on shares of LPL Financial from $379.00 to $413.00 and gave the company an "overweight" rating in a research report on Thursday, February 6th. JMP Securities decreased their price target on LPL Financial from $435.00 to $420.00 and set a "market outperform" rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com downgraded LPL Financial from a "hold" rating to a "sell" rating in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $369.83.

About LPL Financial

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.