Bank of New York Mellon Corp Trims Holdings in Porch Group, Inc. (NASDAQ:PRCH)

Bank of New York Mellon Corp trimmed its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 26.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 319,709 shares of the company's stock after selling 116,864 shares during the quarter. Bank of New York Mellon Corp owned about 0.27% of Porch Group worth $1,573,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Franklin Resources Inc. acquired a new stake in shares of Porch Group in the 3rd quarter valued at about $238,000. Barclays PLC boosted its holdings in Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company's stock worth $207,000 after acquiring an additional 108,748 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in Porch Group by 128.6% in the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company's stock valued at $614,000 after acquiring an additional 225,000 shares during the period. Geode Capital Management LLC increased its holdings in shares of Porch Group by 8.9% during the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock valued at $3,052,000 after acquiring an additional 163,133 shares in the last quarter. Finally, State Street Corp raised its position in shares of Porch Group by 7.4% during the third quarter. State Street Corp now owns 1,667,493 shares of the company's stock worth $2,560,000 after purchasing an additional 115,176 shares during the period. 48.48% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

PRCH has been the topic of a number of recent research reports. Loop Capital raised shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price objective on the stock in a research note on Wednesday, February 26th. Craig Hallum raised their target price on Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a report on Friday, December 6th. Oppenheimer upped their price target on Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Keefe, Bruyette & Woods increased their price target on Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a research report on Monday, March 3rd. Finally, Benchmark lifted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $7.03.

Porch Group Price Performance

Shares of Porch Group stock traded down $0.38 on Wednesday, reaching $7.58. 3,519,357 shares of the company traded hands, compared to its average volume of 1,747,831. The firm has a market capitalization of $910.09 million, a PE ratio of -10.83 and a beta of 2.04. The company has a 50 day moving average of $5.32 and a 200 day moving average of $3.89. Porch Group, Inc. has a 52 week low of $1.05 and a 52 week high of $8.06.

Insider Activity at Porch Group

In other news, COO Matthew Neagle sold 60,000 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.24, for a total transaction of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares of the company's stock, valued at $8,636,515.68. This represents a 4.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the sale, the chief financial officer now directly owns 179,613 shares of the company's stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. 23.46% of the stock is owned by company insiders.

Porch Group Company Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.