JPMorgan Chase & Co. Acquires 505,660 Shares of Porch Group, Inc. (NASDAQ:PRCH)

JPMorgan Chase & Co. raised its holdings in Porch Group, Inc. (NASDAQ:PRCH) by 225.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 730,340 shares of the company’s stock after acquiring an additional 505,660 shares during the period. JPMorgan Chase & Co.’s holdings in Porch Group were worth $3,593,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PRCH. Vanguard Group Inc. raised its stake in Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Porch Group by 8.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after buying an additional 163,133 shares in the last quarter. State Street Corp raised its position in shares of Porch Group by 7.4% during the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock valued at $2,560,000 after buying an additional 115,176 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Porch Group by 11.5% during the 4th quarter. Moody National Bank Trust Division now owns 441,800 shares of the company’s stock worth $2,174,000 after acquiring an additional 45,639 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Porch Group by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 248,200 shares of the company’s stock worth $1,221,000 after acquiring an additional 11,849 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PRCH shares. Benchmark raised their price target on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Oppenheimer boosted their target price on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Finally, Stephens upped their price objective on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Porch Group has a consensus rating of “Buy” and a consensus target price of $7.32.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the transaction, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. This trade represents a 37.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Matthew Neagle sold 27,328 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the sale, the chief operating officer now owns 1,356,729 shares in the company, valued at approximately $9,483,535.71. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,554 shares of company stock worth $1,273,590 over the last 90 days. 23.46% of the stock is owned by company insiders.

Porch Group Trading Up 4.3 %

Shares of Porch Group stock opened at $5.29 on Monday. The company’s fifty day simple moving average is $5.95 and its two-hundred day simple moving average is $4.52. Porch Group, Inc. has a 12-month low of $1.05 and a 12-month high of $8.49. The company has a market cap of $635.14 million, a P/E ratio of -7.56 and a beta of 2.15.

About Porch Group

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.