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

Sumitomo Mitsui Trust Group Inc. lifted its position in Futu Holdings Limited (NASDAQ:FUTU) by 14.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 117,561 shares of the company’s stock after buying an additional 15,127 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.09% of Futu worth $11,245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC purchased a new position in shares of Futu in the 3rd quarter worth approximately $92,000. State of New Jersey Common Pension Fund D grew its position in Futu by 29.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 38,860 shares of the company’s stock worth $3,717,000 after purchasing an additional 8,800 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Futu during the 3rd quarter worth approximately $346,000. Lifestyle Asset Management Inc. grew its position in Futu by 6.1% during the 3rd quarter. Lifestyle Asset Management Inc. now owns 5,373 shares of the company’s stock worth $514,000 after purchasing an additional 307 shares during the last quarter. Finally, Valliance Asset Management Ltd purchased a new stake in Futu during the 3rd quarter worth approximately $956,000.

Futu Trading Up 0.5 %

Shares of NASDAQ FUTU opened at $89.08 on Monday. Futu Holdings Limited has a 12 month low of $43.61 and a 12 month high of $130.50. The company has a 50 day simple moving average of $90.00 and a two-hundred day simple moving average of $75.15. The stock has a market cap of $12.27 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 0.93 and a beta of 0.75.

Futu (NASDAQ:FUTU) last announced its quarterly earnings data on Tuesday, August 20th. The company reported $1.11 EPS for the quarter. Futu had a net margin of 39.27% and a return on equity of 16.77%. The business had revenue of $400.73 million during the quarter. Analysts forecast that Futu Holdings Limited will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Bank of America boosted their target price on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Futu presently has a consensus rating of “Moderate Buy” and an average price target of $72.97.

About Futu

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.