Principal Financial Group Inc. Grows Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Principal Financial Group Inc. increased its stake in Qifu Technology, Inc. (NASDAQ:QFIN) by 52.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,384 shares of the company’s stock after acquiring an additional 21,250 shares during the period. Principal Financial Group Inc.’s holdings in Qifu Technology were worth $2,757,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology in the fourth quarter worth $26,000. Virtus Investment Advisers Inc. acquired a new stake in Qifu Technology in the 4th quarter valued at $61,000. iA Global Asset Management Inc. acquired a new stake in Qifu Technology in the 4th quarter valued at $93,000. State of Wyoming purchased a new position in Qifu Technology in the fourth quarter valued at about $97,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Qifu Technology during the first quarter worth about $208,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

Wall Street Analysts Forecast Growth

QFIN has been the subject of a number of recent research reports. Bank of America increased their target price on Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research note on Wednesday, March 26th. Wall Street Zen downgraded shares of Qifu Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. initiated coverage on shares of Qifu Technology in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $65.00 target price on the stock.

Qifu Technology Price Performance

QFIN stock opened at $42.28 on Friday. The stock’s 50 day moving average is $43.05 and its two-hundred day moving average is $41.53. Qifu Technology, Inc. has a 52-week low of $18.13 and a 52-week high of $48.94. The company has a market capitalization of $6.66 billion, a PE ratio of 6.48, a P/E/G ratio of 0.52 and a beta of 0.48. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.21.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings results on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.02. The business had revenue of $646.19 million during the quarter, compared to analyst estimates of $4.61 billion. Qifu Technology had a net margin of 38.99% and a return on equity of 29.73%. Analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

About Qifu Technology

Qifu Technology, Inc, through its subsidiaries, operates credit-tech platform under the 360 Jietiao brand in the People's Republic of China. It provides credit-driven services that matches borrowers with financial institutions to conduct customer acquisition, initial and credit screening, advanced risk assessment, credit assessment, fund matching, and other post-facilitation services; and platform services, including loan facilitation and post-facilitation services to financial institution partners under intelligence credit engine, referral services, and risk management software-as-a-service.