Principal Financial Group Inc. Sells 3,248 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Principal Financial Group Inc. cut its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 31.2% during the third quarter, HoldingsChannel reports. The fund owned 7,157 shares of the company’s stock after selling 3,248 shares during the quarter. Principal Financial Group Inc.’s holdings in Upstart were worth $286,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Upstart by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock valued at $191,698,000 after purchasing an additional 115,057 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Upstart by 7.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 42,350 shares of the company’s stock valued at $1,139,000 after buying an additional 2,770 shares during the last quarter. Comerica Bank boosted its holdings in Upstart by 144.0% in the first quarter. Comerica Bank now owns 2,313 shares of the company’s stock worth $62,000 after acquiring an additional 1,365 shares in the last quarter. EMC Capital Management grew its stake in shares of Upstart by 16.2% during the first quarter. EMC Capital Management now owns 4,300 shares of the company’s stock worth $109,000 after acquiring an additional 600 shares during the last quarter. Finally, Cetera Advisors LLC raised its position in shares of Upstart by 66.6% in the 1st quarter. Cetera Advisors LLC now owns 17,258 shares of the company’s stock valued at $464,000 after purchasing an additional 6,899 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

Insider Buying and Selling at Upstart

In related news, insider Scott Darling sold 1,300 shares of Upstart stock in a transaction on Friday, October 4th. The shares were sold at an average price of $40.01, for a total value of $52,013.00. Following the sale, the insider now owns 161,043 shares of the company’s stock, valued at approximately $6,443,330.43. This trade represents a 0.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sanjay Datta sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $34.42, for a total transaction of $51,630.00. Following the transaction, the chief financial officer now owns 343,093 shares of the company’s stock, valued at $11,809,261.06. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 451,742 shares of company stock valued at $24,719,949. Company insiders own 18.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on UPST. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Barclays raised their target price on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $31.00 to $85.00 in a research note on Friday, November 8th. Mizuho lifted their target price on Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. upgraded Upstart from an “underweight” rating to a “neutral” rating and upped their target price for the company from $30.00 to $45.00 in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $46.83.

Upstart Stock Up 7.4 %

NASDAQ:UPST opened at $79.52 on Tuesday. The stock has a market capitalization of $7.25 billion, a PE ratio of -41.20 and a beta of 1.97. Upstart Holdings, Inc. has a 52 week low of $20.60 and a 52 week high of $86.07. The stock’s 50-day moving average price is $52.29 and its 200-day moving average price is $37.24.

About Upstart

Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans that connects consumer demand for loans to its to bank and credit unions.