Allspring Global Investments Holdings LLC Boosts Stake in Futu Holdings Limited Sponsored ADR $FUTU

Allspring Global Investments Holdings LLC increased its stake in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 77.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 9,284 shares of the company’s stock after purchasing an additional 4,063 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Futu were worth $1,657,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Redhawk Wealth Advisors Inc. boosted its position in shares of Futu by 2.5% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 8,024 shares of the company’s stock worth $1,318,000 after purchasing an additional 194 shares during the period. Spire Wealth Management boosted its position in shares of Futu by 15.4% during the 4th quarter. Spire Wealth Management now owns 750 shares of the company’s stock worth $123,000 after purchasing an additional 100 shares during the period. Amiral Gestion boosted its position in shares of Futu by 85.2% during the 4th quarter. Amiral Gestion now owns 15,000 shares of the company’s stock worth $2,463,000 after purchasing an additional 6,900 shares during the period. CoreCap Advisors LLC boosted its position in shares of Futu by 2.8% during the 4th quarter. CoreCap Advisors LLC now owns 2,455 shares of the company’s stock worth $403,000 after purchasing an additional 68 shares during the period. Finally, E. Ohman J or Asset Management AB purchased a new position in shares of Futu during the 4th quarter worth approximately $411,000.

Wall Street Analyst Weigh In

Several brokerages have commented on FUTU. Barclays decreased their price target on shares of Futu from $236.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday, March 16th. Weiss Ratings reissued a “hold (c+)” rating on shares of Futu in a research report on Thursday, January 22nd. Finally, The Goldman Sachs Group raised shares of Futu from a “neutral” rating to a “buy” rating and set a $213.39 price target for the company in a research report on Monday, February 2nd. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $210.57.

Futu Stock Up 11.5%

Shares of FUTU stock opened at $157.14 on Thursday. Futu Holdings Limited Sponsored ADR has a 52 week low of $70.60 and a 52 week high of $202.53. The stock has a market capitalization of $21.86 billion, a PE ratio of 15.29, a P/E/G ratio of 0.80 and a beta of 0.42. The firm has a 50 day moving average of $147.31 and a two-hundred day moving average of $163.33.

Futu (NASDAQ:FUTU) last issued its quarterly earnings results on Sunday, February 15th. The company reported $3.07 EPS for the quarter. Futu had a net margin of 49.63% and a return on equity of 32.24%. The company had revenue of $771.00 million during the quarter. Analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current fiscal year.

Futu Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Thursday, April 16th will be issued a $2.60 dividend. The ex-dividend date is Thursday, April 16th.

About Futu

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.