Jennison Associates LLC Acquires Shares of 416,313 Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Jennison Associates LLC bought a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 416,313 shares of the company's stock, valued at approximately $42,610,000. Jennison Associates LLC owned about 0.30% of Futu as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FUTU. Arrowstreet Capital Limited Partnership acquired a new position in shares of Futu during the fourth quarter valued at approximately $116,315,000. Hhlr Advisors LTD. raised its holdings in shares of Futu by 6.4% during the fourth quarter. Hhlr Advisors LTD. now owns 1,118,303 shares of the company's stock valued at $89,453,000 after acquiring an additional 67,214 shares during the last quarter. Point72 Hong Kong Ltd raised its holdings in shares of Futu by 170.6% during the fourth quarter. Point72 Hong Kong Ltd now owns 830,842 shares of the company's stock valued at $66,459,000 after acquiring an additional 523,808 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in shares of Futu during the first quarter valued at approximately $77,172,000. Finally, Geode Capital Management LLC raised its holdings in shares of Futu by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 567,635 shares of the company's stock valued at $44,890,000 after acquiring an additional 21,686 shares during the last quarter.

Futu Price Performance

Shares of NASDAQ FUTU traded up $9.10 during mid-day trading on Wednesday, hitting $173.35. The company had a trading volume of 2,150,498 shares, compared to its average volume of 3,013,532. Futu Holdings Limited Sponsored ADR has a 1-year low of $51.80 and a 1-year high of $174.30. The company has a market capitalization of $24.12 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.26 and a beta of 0.60. The business's 50-day simple moving average is $119.49 and its 200 day simple moving average is $105.46.

Futu (NASDAQ:FUTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. Futu had a return on equity of 23.07% and a net margin of 41.74%. The company had revenue of $603.43 million for the quarter, compared to analysts' expectations of $594.86 million. On average, analysts expect that Futu Holdings Limited Sponsored ADR will post 4.94 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Bank of America increased their target price on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a report on Wednesday, June 11th. Citigroup upped their price target on Futu from $113.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Barclays initiated coverage on Futu in a research report on Thursday, July 17th. They issued an "overweight" rating and a $176.00 price target for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Futu has a consensus rating of "Moderate Buy" and a consensus target price of $152.82.

Futu 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.