Sumitomo Mitsui Trust Holdings Inc. Boosts Position in Futu Holdings Limited (NASDAQ:FUTU)

Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 0.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 124,898 shares of the company’s stock after buying an additional 763 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Futu were worth $6,823,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Acadian Asset Management LLC raised its position in Futu by 11,970.7% during the 3rd quarter. Acadian Asset Management LLC now owns 1,277,439 shares of the company’s stock worth $73,819,000 after buying an additional 1,266,856 shares during the last quarter. Prudential PLC grew its stake in shares of Futu by 78.1% during the 3rd quarter. Prudential PLC now owns 484,979 shares of the company’s stock worth $28,037,000 after purchasing an additional 212,622 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Futu during the 3rd quarter worth approximately $25,264,000. Canada Pension Plan Investment Board acquired a new stake in shares of Futu during the 3rd quarter worth approximately $22,823,000. Finally, AustralianSuper Pty Ltd grew its stake in shares of Futu by 41.9% during the 4th quarter. AustralianSuper Pty Ltd now owns 291,494 shares of the company’s stock worth $15,924,000 after purchasing an additional 86,068 shares during the period.

Futu Stock Up 11.5 %

Shares of FUTU opened at $61.93 on Wednesday. Futu Holdings Limited has a 52-week low of $35.91 and a 52-week high of $67.49. The firm’s fifty day moving average is $55.40 and its two-hundred day moving average is $54.46.

Futu (NASDAQ:FUTU) last posted its quarterly earnings results on Thursday, March 14th. The company reported $0.81 EPS for the quarter. Futu had a return on equity of 18.46% and a net margin of 42.77%. The business had revenue of $303.84 million for the quarter, compared to analyst estimates of $374.14 million. As a group, analysts forecast that Futu Holdings Limited will post 4.47 EPS for the current year.

Analysts Set New Price Targets

FUTU has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut shares of Futu from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $64.00 to $62.00 in a research note on Friday, March 15th. UBS Group raised shares of Futu from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Friday, January 5th. Citigroup dropped their price objective on shares of Futu from $76.90 to $75.30 and set a “buy” rating on the stock in a research note on Friday, March 15th. Morgan Stanley raised shares of Futu from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $40.00 to $50.00 in a research note on Thursday, January 4th. Finally, CLSA raised shares of Futu from an “underperform” rating to an “outperform” rating and lifted their price target for the company from $50.00 to $65.00 in a research note on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.83.

About Futu

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.