Needham & Company LLC Issues Positive Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Key Points

• Needham & Company LLC has raised its price target for Flutter Entertainment (NYSE:FLUT) from $340.00 to $355.00, indicating a potential upside of 15.73% from the last closing price.
• The stock currently holds an average rating of "Moderate Buy" from analysts, with 21 "buy" ratings and a consensus price target of $322.81.
• In its most recent earnings report, Flutter Entertainment posted a $2.95 EPS, exceeding expectations and reporting $4.19 billion in revenue, marking a 16.0% year-over-year increase.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price target hoisted by research analysts at Needham & Company LLC from $340.00 to $355.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective indicates a potential upside of 15.73% from the company's previous close.

Other equities research analysts have also issued reports about the company. Benchmark reissued a "buy" rating and set a $300.00 price objective on shares of Flutter Entertainment in a research note on Monday, April 21st. Citizens Jmp dropped their price target on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Bank of America upped their price objective on shares of Flutter Entertainment from $295.00 to $330.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Jefferies Financial Group assumed coverage on shares of Flutter Entertainment in a report on Tuesday, July 8th. They issued a "buy" rating and a $380.00 target price for the company. Finally, Truist Financial boosted their price target on shares of Flutter Entertainment from $280.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $322.81.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT opened at $306.75 on Friday. The firm's 50 day moving average is $282.57 and its two-hundred day moving average is $260.22. The firm has a market capitalization of $54.20 billion, a P/E ratio of 106.14, a PEG ratio of 1.13 and a beta of 2.31. 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 52 week low of $183.18 and a 52 week high of $313.69.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. The firm had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. The business's revenue was up 16.0% on a year-over-year basis. Analysts anticipate that Flutter Entertainment will post 4.17 earnings per share for the current year.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, Director John A. Bryant sold 418 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $102,706.78. Following the transaction, the director owned 5,956 shares in the company, valued at approximately $1,463,448.76. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carolan Lennon sold 430 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total transaction of $105,655.30. Following the transaction, the director owned 769 shares of the company's stock, valued at approximately $188,950.99. This represents a 35.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,455 shares of company stock valued at $601,632.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital World Investors lifted 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 buying an additional 1,635,241 shares in the last quarter. Parvus Asset Management Europe Ltd bought a new stake in Flutter Entertainment in the 4th quarter valued at $2,146,227,000. Massachusetts Financial Services Co. MA lifted its position in Flutter Entertainment by 5.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,230,587 shares of the company's stock valued at $715,737,000 after acquiring an additional 167,621 shares in the last quarter. Egerton Capital UK LLP boosted its stake in Flutter Entertainment by 16.9% in the 1st quarter. Egerton Capital UK LLP now owns 2,193,794 shares of the company's stock worth $486,035,000 after purchasing an additional 316,411 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Flutter Entertainment by 196.5% during the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company's stock worth $441,916,000 after purchasing an additional 1,322,016 shares in the last quarter.

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.

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