Glynn Capital Management LLC Makes New Investment in Flutter Entertainment PLC $FLUT

Glynn Capital Management LLC acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 63,486 shares of the company’s stock, valued at approximately $18,142,000. Flutter Entertainment accounts for 4.1% of Glynn Capital Management LLC’s investment portfolio, making the stock its 14th biggest position.

Several other institutional investors also recently made changes to their positions in the stock. SVB Wealth LLC purchased a new stake in Flutter Entertainment during the first quarter worth $27,000. ORG Partners LLC boosted its position in shares of Flutter Entertainment by 300.0% in the 2nd quarter. ORG Partners LLC now owns 100 shares of the company’s stock worth $28,000 after buying an additional 75 shares in the last quarter. Barrett & Company Inc. acquired a new stake in Flutter Entertainment in the 2nd quarter valued at about $29,000. Signaturefd LLC increased its holdings in Flutter Entertainment by 98.5% during the 2nd quarter. Signaturefd LLC now owns 129 shares of the company’s stock valued at $37,000 after acquiring an additional 64 shares in the last quarter. Finally, Allworth Financial LP raised its position in Flutter Entertainment by 116.4% during the second quarter. Allworth Financial LP now owns 145 shares of the company’s stock worth $41,000 after acquiring an additional 78 shares during the last quarter.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total value of $617,591.04. Following the transaction, the chief executive officer owned 31,944 shares in the company, valued at $9,341,064.48. This trade represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Amy Howe sold 4,097 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the sale, the chief executive officer directly owned 69,850 shares of the company’s stock, valued at $21,367,813.50. This represents a 5.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus cut their price target on Flutter Entertainment from $356.00 to $339.00 and set a “buy” rating for the company in a report on Monday, October 27th. JMP Securities cut their target price on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. BTIG Research set a $321.00 price target on shares of Flutter Entertainment in a research note on Thursday, October 30th. Peel Hunt lowered shares of Flutter Entertainment from an “add” rating to a “hold” rating in a research report on Friday, August 8th. Finally, Oppenheimer reduced their price objective on shares of Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $330.47.

Flutter Entertainment Trading Up 0.8%

NYSE FLUT opened at $231.78 on Wednesday. The company has a market cap of $40.82 billion, a P/E ratio of 114.18 and a beta of 1.84. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month high of $313.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day moving average of $258.33 and a 200-day moving average of $269.22.

Flutter Entertainment declared that its Board of Directors has authorized a share buyback plan on Friday, August 8th that permits the company to repurchase $245.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Flutter Entertainment Company Profile

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.