Wells Fargo & Company Issues Positive Forecast for Ferguson (NASDAQ:FERG) Stock Price

Key Points

• Wells Fargo & Company has raised its price target for Ferguson stock from $250.00 to $275.00, indicating a potential upside of 18.85%.
• Multiple analysts, including Oppenheimer and Royal Bank Of Canada, have also increased their price targets for Ferguson, with average estimates reaching around $222.79 for the stock.
• Ferguson shares opened at $231.39 and have experienced a recent increase of 7.9%, reflecting a positive outlook from both analysts and institutional investors.

Ferguson (NASDAQ:FERG - Get Free Report) had its target price raised by research analysts at Wells Fargo & Company from $250.00 to $275.00 in a research report issued on Wednesday, MarketBeat.com reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 20.01% from the company's previous close.

FERG has been the subject of several other research reports. Truist Financial reaffirmed a "buy" rating and issued a $230.00 price target on shares of Ferguson in a report on Wednesday, June 4th. UBS Group raised their target price on Ferguson from $173.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Oppenheimer lifted their target price on Ferguson from $189.00 to $235.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Barclays lifted their target price on Ferguson from $190.00 to $247.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. lifted their target price on Ferguson from $220.00 to $225.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $235.71.

Ferguson Price Performance

Shares of NASDAQ:FERG traded up $4.67 during midday trading on Wednesday, hitting $229.15. The company had a trading volume of 2,612,426 shares, compared to its average volume of 1,764,561. Ferguson has a twelve month low of $146.00 and a twelve month high of $243.40. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.68 and a quick ratio of 0.91. The stock has a market cap of $45.18 billion, a price-to-earnings ratio of 27.51, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. The business's 50-day simple moving average is $226.73 and its 200-day simple moving average is $197.69.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Ferguson by 101.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,165,873 shares of the company's stock valued at $667,498,000 after acquiring an additional 2,094,029 shares in the last quarter. Norges Bank acquired a new stake in shares of Ferguson in the second quarter valued at $395,401,000. Price T Rowe Associates Inc. MD raised its stake in shares of Ferguson by 65.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,454,467 shares of the company's stock valued at $713,740,000 after acquiring an additional 1,755,464 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Ferguson by 24.5% in the first quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock valued at $1,227,410,000 after acquiring an additional 1,506,024 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Ferguson by 39.3% in the second quarter. Franklin Resources Inc. now owns 4,255,661 shares of the company's stock valued at $926,830,000 after acquiring an additional 1,201,493 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors and hedge funds.

About Ferguson

Ferguson plc distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. The company also provides expertise, solutions, and products, including infrastructure, plumbing, appliances, fire, fabrication, and others, as well as heating, ventilation, and air conditioning products under the Ferguson brand name.