Zacks Investment Research Upgrades Booking (BKNG) to Buy
Zacks Investment Research upgraded shares of Booking (NASDAQ:BKNG) from a hold rating to a buy rating in a research note published on Tuesday morning. They currently have $1,917.00 price objective on the business services provider’s stock.
According to Zacks, “Booking Holdings’ increasing booked room nights and strong momentum in global accommodation space are contributing well to its gross bookings growth. Further, robust agency model continues to aid the company’s position in the international markets. Also, strong efforts toward ramping up of merchant business remain positive. We believe secular growth trend in the online travel booking market, growing mobile usage penetration and improving ADRs are tailwinds. Moreover, the company’s strong position in international markets, growth opportunities in the domestic market and good execution of marketing strategies are major positives. Notably, the stock has outperformed the industry it belongs to in the past one year. However, sluggishness in the rental car days poses risk. Also, rising advertising spend and occupancy tax litigation are concerns.”
Other equities research analysts also recently issued reports about the stock. Barclays reiterated an overweight rating and set a $2,360.00 price objective (up from $2,300.00) on shares of Booking in a research note on Tuesday, November 6th. Bank of America boosted their price objective on shares of Booking from $2,150.00 to $2,300.00 and gave the stock a buy rating in a research note on Tuesday, November 6th. DA Davidson set a $2,000.00 price objective on shares of Booking and gave the stock a hold rating in a research note on Tuesday, November 6th. Wedbush set a $2,500.00 price objective on shares of Booking and gave the stock a buy rating in a research note on Tuesday, November 6th. Finally, Raymond James reiterated an outperform rating and set a $2,160.00 price objective (up from $1,970.00) on shares of Booking in a research note on Tuesday, November 6th. Eleven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $2,145.76.
Booking (NASDAQ:BKNG) last posted its quarterly earnings data on Monday, November 5th. The business services provider reported $37.78 earnings per share for the quarter, missing analysts’ consensus estimates of $38.37 by ($0.59). The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.81 billion. Booking had a net margin of 19.81% and a return on equity of 26.87%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $34.43 EPS. As a group, sell-side analysts expect that Booking will post 89.6 earnings per share for the current fiscal year.
In related news, CEO Gillian Tans sold 293 shares of the company’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $1,872.01, for a total value of $548,498.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 882 shares of company stock worth $1,608,773 over the last ninety days. 0.24% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Moody National Bank Trust Division acquired a new stake in shares of Booking during the fourth quarter worth $53,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Booking during the third quarter worth $109,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Booking during the second quarter worth $134,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Booking during the third quarter worth $153,000. Finally, Vectors Research Management LLC acquired a new stake in shares of Booking during the third quarter worth $154,000. 91.91% of the stock is currently owned by hedge funds and other institutional investors.
Booking Holdings Inc, formerly The Priceline Group Inc, is a provider of travel and restaurant online reservation and related services. The Company, through its online travel companies (OTCs), connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands.
Featured Story: Why do companies engage in swaps?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Booking Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Booking and related companies with MarketBeat.com's FREE daily email newsletter.