Jennison Associates LLC Trims Stock Position in Futu Holdings Limited Sponsored ADR $FUTU

Jennison Associates LLC lowered its holdings in shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 16.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 345,953 shares of the company’s stock after selling 70,360 shares during the quarter. Jennison Associates LLC’s holdings in Futu were worth $42,756,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Atlas Capital Advisors Inc. purchased a new stake in shares of Futu during the 1st quarter valued at about $26,000. Geneos Wealth Management Inc. purchased a new stake in shares of Futu during the 1st quarter valued at about $27,000. Allianz SE purchased a new stake in shares of Futu during the 1st quarter valued at about $30,000. SVB Wealth LLC purchased a new stake in shares of Futu during the 1st quarter valued at about $40,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Futu by 38.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 616 shares of the company’s stock valued at $64,000 after acquiring an additional 172 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FUTU shares. Barclays boosted their price objective on Futu from $176.00 to $232.00 and gave the company an “overweight” rating in a research note on Friday, August 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Futu in a research note on Wednesday, October 8th. Citigroup boosted their price objective on Futu from $176.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, August 21st. Daiwa Capital Markets started coverage on Futu in a research note on Monday, August 11th. They set a “buy” rating and a $190.00 price objective for the company. Finally, Bank of America boosted their price objective on Futu from $172.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Futu has a consensus rating of “Moderate Buy” and an average price target of $190.43.

Futu Stock Performance

NASDAQ FUTU opened at $189.69 on Friday. The company has a market capitalization of $26.39 billion, a P/E ratio of 26.31, a P/E/G ratio of 0.73 and a beta of 0.48. Futu Holdings Limited Sponsored ADR has a one year low of $70.60 and a one year high of $200.00. The stock has a 50 day moving average price of $177.33 and a 200-day moving average price of $142.92.

About Futu

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.