Dorsal Capital Management LP Has $135.69 Million Stock Holdings in Flutter Entertainment plc (NYSE:FLUT)

Dorsal Capital Management LP cut its position in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 27.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 525,000 shares of the company's stock after selling 200,000 shares during the quarter. Flutter Entertainment comprises about 3.2% of Dorsal Capital Management LP's portfolio, making the stock its 11th biggest holding. Dorsal Capital Management LP owned approximately 0.30% of Flutter Entertainment worth $135,686,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FLUT. Parvus Asset Management Europe Ltd bought a new position in Flutter Entertainment during the 4th quarter worth $2,146,227,000. Norges Bank bought a new stake in shares of Flutter Entertainment during the 4th quarter valued at $946,681,000. Invesco Ltd. acquired a new stake in shares of Flutter Entertainment during the 4th quarter worth $621,680,000. Lone Pine Capital LLC bought a new position in shares of Flutter Entertainment in the fourth quarter worth $494,291,000. Finally, Capital World Investors raised its stake in Flutter Entertainment by 11.9% in the fourth quarter. Capital World Investors now owns 15,426,515 shares of the company's stock valued at $3,986,968,000 after purchasing an additional 1,635,241 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FLUT shares. Barclays reduced their price objective on shares of Flutter Entertainment from $300.00 to $293.00 and set an "overweight" rating on the stock in a research note on Thursday. Susquehanna reduced their price target on shares of Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating on the stock in a research report on Wednesday, March 5th. UBS Group boosted their price objective on shares of Flutter Entertainment from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Peel Hunt upgraded Flutter Entertainment from a "hold" rating to an "add" rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus reduced their target price on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Twenty investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $306.28.

Flutter Entertainment Trading Up 4.7%

Shares of NYSE:FLUT traded up $11.07 during midday trading on Monday, hitting $245.54. 917,978 shares of the stock were exchanged, compared to its average volume of 1,860,349. The business's 50-day moving average price is $234.03 and its 200 day moving average price is $253.74. Flutter Entertainment plc has a 12 month low of $174.03 and a 12 month high of $299.73. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $43.38 billion and a price-to-earnings ratio of 84.96.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a negative return on equity of 4.52% and a negative net margin of 6.86%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the prior year, the business earned $0.10 earnings per share. The firm's quarterly revenue was up 7.9% on a year-over-year basis. Analysts predict that Flutter Entertainment plc will post 4.17 earnings per share for the current year.

Insider Activity

In other news, Director Jeremy Peter Jackson sold 25,027 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total value of $6,556,072.92. Following the sale, the director now directly owns 21,148 shares of the company's stock, valued at approximately $5,539,930.08. This represents a 54.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Amy Howe sold 11,814 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total transaction of $3,077,547.00. Following the sale, the chief executive officer now owns 62,941 shares of the company's stock, valued at approximately $16,396,130.50. This trade represents a 15.80% decrease in their ownership of the stock. The disclosure for this sale can be found here.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.