Citigroup Raises Booking Stock Price Target, Maintaining Buy Rating

In a report issued on Monday, Citigroup has raised its price target for shares of Booking Holdings Inc. (NASDAQ:BKNG) from $4,100.00 to $5,500.00. The financial institution has also reaffirmed its "buy" rating for the stock, indicating a strong belief in the company's potential for growth. This new price target suggests a possible upside of 14.92% based on Booking's current stock price.

Other Analyst Ratings for Booking

Citigroup's positive outlook is not an isolated view. Several other research analysts have recently shared optimistic assessments of Booking's stock. For example, B. Riley increased its price target on Booking from $4,650.00 to $5,100.00, maintaining a "buy" rating. Similarly, Oppenheimer raised its target from $5,000.00 to $5,500.00, also awarding the stock an "outperform" rating. The Goldman Sachs Group adjusted its target upward from $3,940.00 to $4,510.00, giving it a "neutral" rating. Conversely, Evercore ISI reduced their price target from $4,500.00 to $4,200.00 while keeping an "outperform" rating. Lastly, Tigress Financial saw a price target increase from $4,285.00 to $4,580.00, giving it a "strong-buy" rating.

Market Performance

As of Monday, shares of Booking traded up 0.8%, reaching a price of $4,785.96. The trading volume was 86,102 shares, which is lower than the average volume of 246,670 shares. Over the past year, Booking's stock has seen a low of $2,888.45 and a high of $4,856.60. The company's market capitalization stands at $158.42 billion, with a price-to-earnings (P/E) ratio of 32.40 and a price-to-earnings-growth (PEG) ratio of 1.52.

Recent Earnings Report

Booking recently reported its quarterly earnings, exceeding expectations with earnings per share (EPS) of $41.90, surpassing the consensus estimate of $39.22 by $2.68. The company achieved revenue of $5.86 billion, which was above the estimated $5.77 billion. Year-over-year, this revenue reflects a growth of 7.3%. Analysts project that Booking will deliver 177.79 EPS for the current fiscal year.

Insider Activity

In other news, there was a small insider transaction involving Paulo Pisano, who sold 100 shares at an average price of $3,887.61 on August 27. Following this transaction, Pisano retains ownership of 3,787 shares valued at approximately $14.72 million.

Institutional Investments

Institutional investor activity has also been noteworthy. For instance, Jamison Private Wealth Management Inc. purchased a new stake worth $25,000 in Booking during the third quarter. Similarly, Grove Bank & Trust increased their stakes by 133.3% and now owns 7 shares valued at $28,000. Many other institutional investors have also made new stake purchases, with 92.42% of Booking's stock currently held by institutional investors, indicating strong confidence from large investment entities.

About Booking Holdings Inc.

Booking Holdings Inc. is renowned for its online travel and restaurant reservation services. The company operates several well-known brands, including Booking.com, priceline.com, and agoda.com. Through its platform, Booking connects consumers with a variety of accommodation options worldwide, ranging from hotels to vacation rentals.

Citigroup, Booking, Stock