Principal Financial Group Inc. Trims Position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Principal Financial Group Inc. lowered its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,407 shares of the company’s stock after selling 320 shares during the quarter. Principal Financial Group Inc.’s holdings in Futu were worth $349,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FUTU. Charles Schwab Investment Management Inc. increased its stake in Futu by 10.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 62,374 shares of the company’s stock valued at $4,989,000 after buying an additional 5,705 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Futu during the fourth quarter worth about $786,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Futu by 1.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,326 shares of the company’s stock worth $746,000 after purchasing an additional 113 shares in the last quarter. American Century Companies Inc. lifted its position in Futu by 5.7% in the fourth quarter. American Century Companies Inc. now owns 8,994 shares of the company’s stock valued at $719,000 after purchasing an additional 488 shares during the period. Finally, Sei Investments Co. boosted its holdings in Futu by 381.3% in the 4th quarter. Sei Investments Co. now owns 51,903 shares of the company’s stock valued at $4,152,000 after purchasing an additional 41,119 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FUTU shares. Bank of America boosted their target price on Futu from $123.70 to $143.90 and gave the stock a “buy” rating in a research report on Wednesday, June 11th. Barclays assumed coverage on Futu in a report on Thursday. They set an “overweight” rating and a $176.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.32.

Futu Trading Up 7.0%

FUTU stock opened at $160.57 on Monday. The firm has a 50 day moving average of $119.49 and a 200-day moving average of $105.46. The company has a market cap of $22.34 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 1.27 and a beta of 0.60. Futu Holdings Limited Sponsored ADR has a 12-month low of $51.80 and a 12-month high of $169.80.

Futu (NASDAQ:FUTU) last posted its earnings results on Thursday, May 29th. The company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The company had revenue of $603.43 million for the quarter, compared to the consensus estimate of $594.86 million. Sell-side analysts forecast that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current fiscal year.

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.