ARK Investment Management LLC Sells 44,417 Shares of HP Inc. (NYSE:HPQ)

ARK Investment Management LLC cut its holdings in HP Inc. (NYSE:HPQ - Free Report) by 29.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 108,806 shares of the computer maker's stock after selling 44,417 shares during the period. ARK Investment Management LLC's holdings in HP were worth $3,903,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Triad Wealth Partners LLC bought a new stake in shares of HP during the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in HP during the 2nd quarter worth approximately $34,000. Wolff Wiese Magana LLC lifted its stake in HP by 115.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker's stock worth $35,000 after purchasing an additional 518 shares in the last quarter. ORG Wealth Partners LLC bought a new position in HP in the 3rd quarter valued at $37,000. Finally, DecisionPoint Financial LLC purchased a new position in shares of HP during the 2nd quarter valued at $43,000. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

HP Stock Down 1.4 %

Shares of NYSE:HPQ traded down $0.52 during trading on Friday, hitting $36.82. The stock had a trading volume of 5,489,610 shares, compared to its average volume of 5,784,349. The company has a market capitalization of $35.48 billion, a PE ratio of 12.92, a PEG ratio of 2.53 and a beta of 1.07. The firm's fifty day moving average is $35.77 and its 200 day moving average is $34.67. HP Inc. has a 12 month low of $27.01 and a 12 month high of $39.52.

HP (NYSE:HPQ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The firm had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter last year, the company posted $0.86 EPS. HP's revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts expect that HP Inc. will post 3.39 EPS for the current fiscal year.

HP declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on HP from $38.00 to $42.00 and gave the company an "overweight" rating in a research note on Friday, August 23rd. Morgan Stanley cut their price objective on HP from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Thursday, August 29th. UBS Group raised their target price on shares of HP from $34.00 to $37.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. Citigroup cut shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 price target for the company. in a research note on Tuesday, October 1st. Finally, Bank of America cut shares of HP from a "buy" rating to a "neutral" rating and set a $37.00 price objective on the stock. in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $35.55.

Insider Buying and Selling

In other news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the completion of the transaction, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by insiders.

About HP

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.