California State Teachers Retirement System Raises Stock Position in Futu Holdings Limited Sponsored ADR $FUTU

Key Points

• California State Teachers Retirement System increased its Futu Holdings stake by 7,706.6% in the second quarter, acquiring 5.01 million additional shares and bringing its total holding to 5.08 million shares, valued at approximately $475.9 million.
• Analyst sentiment remains cautious: Futu has an overall “Hold” rating, with two Buy ratings and four Holds and an average price target of $139.91.
• Futu exceeded quarterly expectations, reporting $3.33 in earnings per share and $852.66 million in revenue, above consensus estimates of $2.98 EPS and $786.07 million in revenue.

California State Teachers Retirement System grew its position in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 7,706.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,077,052 shares of the company's stock after buying an additional 5,012,017 shares during the quarter. California State Teachers Retirement System owned 3.62% of Futu worth $475,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Nykredit A S bought a new stake in shares of Futu during the 2nd quarter valued at about $2,101,000. Greenwoods Asset Management Hong Kong Ltd. lifted its stake in shares of Futu by 9.8% in the 2nd quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,093,634 shares of the company's stock worth $102,517,000 after purchasing an additional 97,286 shares during the period. SkyOak Wealth LLC bought a new position in shares of Futu in the 2nd quarter worth approximately $207,000. Quantitative Investment Management LLC purchased a new position in shares of Futu in the second quarter worth approximately $1,039,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Futu during the second quarter valued at approximately $1,734,000.

Analyst Ratings Changes

A number of analysts have commented on the stock. Zacks Research raised shares of Futu from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Wall Street Zen upgraded shares of Futu from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Jefferies Financial Group reissued a "buy" rating and set a $170.50 price objective on shares of Futu in a research report on Thursday, May 28th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $87.00 price objective (down from $300.00) on shares of Futu in a research note on Friday, May 22nd. Finally, The Goldman Sachs Group cut Futu from a "buy" rating to a "neutral" rating and set a $102.13 target price on the stock. in a report on Monday, May 25th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $139.91.

• Futu Holdings NASDAQ: FUTU Stock: Is the Chinese Fintech Company a Buy?

Futu Stock Down 1.4%

Futu stock opened at $111.11 on Tuesday. The company's 50-day moving average price is $108.78 and its 200-day moving average price is $122.35. The company has a market cap of $15.57 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.25 and a beta of 0.46. Futu Holdings Limited Sponsored ADR has a twelve month low of $80.50 and a twelve month high of $202.53.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings data on Thursday, August 20th. The company reported $3.33 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.35. The company had revenue of $852.66 million for the quarter, compared to analysts' expectations of $786.07 million. Futu had a return on equity of 28.20% and a net margin of 42.95%. As a group, sell-side analysts expect that Futu Holdings Limited Sponsored ADR will post 9.45 earnings per share for the current fiscal year.

Futu Profile

Futu Holdings Limited is a financial technology company that operates online brokerage and wealth-management platforms. Founded in 2012 and headquartered in Hong Kong, the company provides digital tools that allow individual investors to trade securities and manage investments through mobile and web applications.

Through its Futu and Moomoo platforms, the company offers access to products such as stocks, exchange-traded funds, options and futures, subject to the regulations of the relevant markets.

Want to see what other hedge funds are holding FUTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.