Sumitomo Mitsui Trust Group Inc. Purchases 76,972 Shares of Futu Holdings Limited Sponsored ADR $FUTU

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 25.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 373,918 shares of the company’s stock after buying an additional 76,972 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Futu were worth $46,213,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Atlas Capital Advisors Inc. acquired a new stake in Futu during the first quarter worth approximately $26,000. Geneos Wealth Management Inc. acquired a new stake in Futu during the first quarter worth approximately $27,000. Allianz SE acquired a new stake in Futu during the first quarter worth approximately $30,000. SVB Wealth LLC acquired a new stake in Futu during the first quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC grew its position in Futu by 38.7% during the first quarter. Smartleaf Asset Management LLC now owns 616 shares of the company’s stock worth $64,000 after buying an additional 172 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages recently issued reports on FUTU. Daiwa America raised Futu to a “strong-buy” rating in a research report on Tuesday, August 12th. Citigroup raised their target price on Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, August 21st. JPMorgan Chase & Co. raised their target price on Futu from $200.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Barclays raised their target price on Futu from $176.00 to $232.00 and gave the company an “overweight” rating in a report on Friday, August 22nd. Finally, Zacks Research downgraded Futu from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.43.

Futu Stock Performance

Shares of FUTU opened at $182.04 on Tuesday. Futu Holdings Limited Sponsored ADR has a 52 week low of $70.60 and a 52 week high of $199.86. The stock has a market capitalization of $25.33 billion, a price-to-earnings ratio of 25.25, a PEG ratio of 0.78 and a beta of 0.48. The stock has a fifty day moving average of $176.38 and a 200-day moving average of $140.98.

Futu Company Profile

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.