Sumitomo Mitsui Trust Holdings Inc. Raises Stock Holdings in Futu Holdings Limited (NASDAQ:FUTU)

Sumitomo Mitsui Trust Holdings Inc. raised its position in Futu Holdings Limited (NASDAQ:FUTU) by 0.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 124,898 shares of the company’s stock after purchasing an additional 763 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Futu were worth $6,823,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FUTU. Advisors Preferred LLC purchased a new stake in shares of Futu during the fourth quarter worth approximately $53,000. Assetmark Inc. purchased a new stake in shares of Futu during the third quarter worth approximately $61,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Futu during the fourth quarter worth approximately $148,000. Signaturefd LLC raised its stake in shares of Futu by 12.2% during the third quarter. Signaturefd LLC now owns 2,615 shares of the company’s stock worth $151,000 after purchasing an additional 285 shares during the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Futu during the third quarter worth approximately $169,000.

Futu Price Performance

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

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

Wall Street Analyst Weigh In

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

Futu 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.