Sompo Asset Management Co. Ltd. Increases Stake in Futu Holdings Limited (NASDAQ:FUTU)

Sompo Asset Management Co. Ltd. raised its holdings in shares of Futu Holdings Limited (NASDAQ:FUTU) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,360 shares of the company’s stock after acquiring an additional 410 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Futu were worth $1,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. APG Asset Management N.V. purchased a new position in Futu during the second quarter valued at $496,000. Valliance Asset Management Ltd bought a new position in shares of Futu in the third quarter worth about $956,000. Sei Investments Co. lifted its position in shares of Futu by 261.3% during the 2nd quarter. Sei Investments Co. now owns 25,351 shares of the company’s stock valued at $1,663,000 after buying an additional 18,334 shares in the last quarter. Seven Eight Capital LP bought a new position in shares of Futu during the 2nd quarter valued at approximately $1,956,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Futu by 14.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 117,561 shares of the company’s stock valued at $11,245,000 after acquiring an additional 15,127 shares during the period.

Futu Price Performance

Futu stock opened at $84.22 on Friday. Futu Holdings Limited has a 1 year low of $43.61 and a 1 year high of $130.50. The firm’s 50 day moving average price is $92.90 and its 200-day moving average price is $75.66. The stock has a market cap of $11.60 billion, a P/E ratio of 20.64, a PEG ratio of 0.26 and a beta of 0.75.

Wall Street Analyst Weigh In

FUTU has been the topic of several analyst reports. Morgan Stanley raised shares of Futu from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $115.00 in a report on Monday, November 18th. Citigroup cut shares of Futu from a “buy” rating to a “neutral” rating and lifted their target price for the company from $79.00 to $95.00 in a research note on Tuesday, November 19th. Finally, Bank of America upped their target price on shares of Futu from $80.20 to $90.00 and gave the stock a “buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Futu currently has an average rating of “Moderate Buy” and a consensus price target of $85.07.

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.