Needham & Company LLC Increases Flutter Entertainment (NYSE:FLUT) Price Target to $340.00

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price objective boosted by stock analysts at Needham & Company LLC from $310.00 to $340.00 in a research report issued on Tuesday. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 13.46% from the stock's current price.

A number of other equities research analysts also recently commented on the company. Macquarie reiterated an "outperform" rating and issued a $340.00 target price (up from $330.00) on shares of Flutter Entertainment in a research report on Thursday, May 8th. Barclays reiterated an "overweight" rating and issued a $350.00 price target (up from $293.00) on shares of Flutter Entertainment in a report on Friday. Stifel Nicolaus increased their price objective on Flutter Entertainment from $315.00 to $353.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. BTIG Research dropped their price objective on Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group started coverage on Flutter Entertainment in a research report on Tuesday, July 8th. They set a "buy" rating and a $380.00 target price on the stock. Two analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $319.95.

Flutter Entertainment Stock Performance

Shares of FLUT stock traded down $2.86 on Tuesday, hitting $299.68. 250,714 shares of the stock were exchanged, compared to its average volume of 2,113,690. The firm's 50 day moving average is $266.11 and its two-hundred day moving average is $255.68. The firm has a market capitalization of $52.95 billion and a PE ratio of 103.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.67. Flutter Entertainment has a one year low of $175.59 and a one year high of $309.77.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.30). The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a return on equity of 11.76% and a net margin of 4.17%. Flutter Entertainment's revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 earnings per share. Sell-side analysts expect that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Alfred F. Hurley, Jr. sold 265 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $243.94, for a total value of $64,644.10. Following the completion of the transaction, the director owned 3,518 shares in the company, valued at $858,180.92. This trade represents a 7.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Holly K. Koeppel sold 267 shares of Flutter Entertainment stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $245.36, for a total transaction of $65,511.12. Following the completion of the sale, the director owned 2,556 shares of the company's stock, valued at $627,140.16. This represents a 9.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,770 shares of company stock valued at $1,894,934.

Hedge Funds Weigh In On Flutter Entertainment

A number of large investors have recently modified their holdings of FLUT. Parvus Asset Management Europe Ltd purchased a new position in shares of Flutter Entertainment in the fourth quarter worth $2,146,227,000. Norges Bank purchased a new stake in shares of Flutter Entertainment in the 4th quarter worth approximately $946,681,000. Invesco Ltd. purchased a new stake in Flutter Entertainment during the 4th quarter valued at about $621,680,000. Lone Pine Capital LLC bought a new position in Flutter Entertainment during the 4th quarter valued at about $494,291,000. Finally, Capital World Investors lifted its stake in Flutter Entertainment by 11.9% during the 4th quarter. Capital World Investors now owns 15,426,515 shares of the company's stock valued at $3,986,968,000 after acquiring an additional 1,635,241 shares during the period.

Flutter Entertainment Company Profile

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.

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