Principal Financial Group Inc. Reduces Stake in Purple Innovation, Inc. (NASDAQ:PRPL)

Principal Financial Group Inc. lowered its holdings in Purple Innovation, Inc. (NASDAQ:PRPL) by 5.2% during the fourth quarter, HoldingsChannel reports. The fund owned 847,581 shares of the company’s stock after selling 46,264 shares during the period. Principal Financial Group Inc.’s holdings in Purple Innovation were worth $27,919,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Purple Innovation by 53.7% in the 3rd quarter. BlackRock Inc. now owns 1,463,734 shares of the company’s stock valued at $36,388,000 after acquiring an additional 511,332 shares during the last quarter. Bloom Tree Partners LLC grew its stake in Purple Innovation by 216.9% during the 4th quarter. Bloom Tree Partners LLC now owns 1,374,116 shares of the company’s stock worth $45,263,000 after buying an additional 940,542 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in Purple Innovation during the 4th quarter worth approximately $44,608,000. Scopus Asset Management L.P. grew its stake in Purple Innovation by 20.9% during the 3rd quarter. Scopus Asset Management L.P. now owns 1,350,600 shares of the company’s stock worth $33,576,000 after buying an additional 233,883 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in Purple Innovation by 26.2% during the 4th quarter. Clearbridge Investments LLC now owns 1,216,707 shares of the company’s stock worth $40,078,000 after buying an additional 252,330 shares during the last quarter. Institutional investors and hedge funds own 90.17% of the company’s stock.

A number of research analysts recently issued reports on the company. TheStreet upgraded Purple Innovation from a “d+” rating to a “c” rating in a research note on Thursday, March 4th. Wedbush decreased their price objective on Purple Innovation from $38.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, March 5th. Zacks Investment Research cut Purple Innovation from a “buy” rating to a “hold” rating in a research report on Thursday, January 14th. B. Riley increased their price objective on Purple Innovation from $20.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, January 12th. Finally, Truist assumed coverage on Purple Innovation in a research report on Wednesday, December 16th. They set a “buy” rating and a $35.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $36.00.

Purple Innovation stock opened at $32.80 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.15 and a current ratio of 1.59. The stock has a fifty day moving average of $33.61 and a two-hundred day moving average of $31.64. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of -105.80, a PEG ratio of 2.39 and a beta of 1.34. Purple Innovation, Inc. has a fifty-two week low of $5.47 and a fifty-two week high of $41.08.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Thursday, March 4th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.04). The company had revenue of $173.90 million for the quarter, compared to analysts’ expectations of $196.19 million. Purple Innovation had a return on equity of 363.58% and a net margin of 0.28%. The business’s quarterly revenue was up 39.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) EPS. On average, analysts forecast that Purple Innovation, Inc. will post 0.56 EPS for the current fiscal year.

In other news, insider Casey Kale Mcgarvey sold 55,000 shares of Purple Innovation stock in a transaction on Monday, January 25th. The stock was sold at an average price of $40.53, for a total value of $2,229,150.00. Following the completion of the sale, the insider now owns 55,000 shares of the company’s stock, valued at $2,229,150. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 75.10% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, bed frames, seat cushions, and weighted blankets and duvets. The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms.

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Institutional Ownership by Quarter for Purple Innovation (NASDAQ:PRPL)

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