Piper Sandler Companies (NYSE:PIPR) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Piper Sandler Companies (NYSE:PIPR) received an upgrade to a "buy" rating from Wall Street Zen, marking a significant positive shift in its investment outlook.
• Despite the upgrade, Zacks Research downgraded the company from "strong-buy" to "hold," leading to a consensus rating of "hold" with a price target of $312.50 among analysts.
• The company's stock has shown strong performance, with a recent earnings report indicating a 13.4% increase in revenue compared to the previous year, along with earnings per share significantly above analyst expectations.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday.

A number of other equities analysts have also weighed in on PIPR. Zacks Research lowered Piper Sandler Companies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 30th. Weiss Ratings restated a "hold (c)" rating on shares of Piper Sandler Companies in a research note on Wednesday. Finally, Wolfe Research upgraded Piper Sandler Companies from a "peer perform" rating to an "outperform" rating and set a $339.00 price objective on the stock in a research note on Thursday, July 10th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $312.50.

Piper Sandler Companies Stock Performance

Shares of NYSE PIPR opened at $325.83 on Friday. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 27.50 and a beta of 1.45. Piper Sandler Companies has a 1-year low of $202.91 and a 1-year high of $374.77. The business's 50 day moving average price is $337.66.

Piper Sandler Companies (NYSE:PIPR - Get Free Report) last announced its earnings results on Friday, August 1st. The financial services provider reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.96. The company had revenue of $405.39 million for the quarter, compared to analyst estimates of $349.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The firm's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.52 earnings per share. On average, research analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Chad R. Abraham sold 10,000 shares of Piper Sandler Companies stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $319.33, for a total value of $3,193,300.00. Following the transaction, the chief executive officer owned 53,558 shares in the company, valued at approximately $17,102,676.14. This trade represents a 15.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel John W. Geelan sold 2,000 shares of Piper Sandler Companies stock in a transaction on Monday, August 11th. The shares were sold at an average price of $322.69, for a total value of $645,380.00. Following the completion of the transaction, the general counsel owned 12,645 shares in the company, valued at approximately $4,080,415.05. The trade was a 13.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,136 shares of company stock worth $8,380,342. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Piper Sandler Companies

Hedge funds and other institutional investors have recently modified their holdings of the business. CENTRAL TRUST Co acquired a new stake in shares of Piper Sandler Companies during the 2nd quarter valued at $28,000. von Borstel & Associates Inc. acquired a new stake in shares of Piper Sandler Companies during the 1st quarter valued at $27,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Piper Sandler Companies during the 2nd quarter valued at $31,000. AdvisorNet Financial Inc boosted its holdings in shares of Piper Sandler Companies by 48.1% during the 2nd quarter. AdvisorNet Financial Inc now owns 114 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 37 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Piper Sandler Companies by 495.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 125 shares of the financial services provider's stock worth $31,000 after buying an additional 104 shares during the period. Institutional investors own 72.79% of the company's stock.

About Piper Sandler Companies

Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. It offers investment banking services and institutional sales, trading, and research services for various equity and fixed income products; advisory services, such as mergers and acquisitions, equity and debt private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and municipal financial advisory and loan placement services, as well as various over-the-counter derivative products.

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