Jennison Associates LLC Sells 70,360 Shares of Futu Holdings Limited Sponsored ADR $FUTU

Jennison Associates LLC lowered its stake in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) by 16.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 345,953 shares of the company’s stock after selling 70,360 shares during the period. Jennison Associates LLC owned 0.25% of Futu worth $42,756,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FUTU. Atlas Capital Advisors Inc. bought a new stake in shares of Futu during the 1st quarter valued at $26,000. Geneos Wealth Management Inc. bought a new stake in shares of Futu during the 1st quarter valued at $27,000. Allianz SE bought a new stake in shares of Futu during the 1st quarter valued at $30,000. SVB Wealth LLC bought a new stake in shares of Futu during the 1st quarter valued at $40,000. Finally, Smartleaf Asset Management LLC boosted its holdings 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 buying an additional 172 shares in the last quarter.

Futu Stock Performance

Shares of NASDAQ:FUTU opened at $189.69 on Friday. Futu Holdings Limited Sponsored ADR has a fifty-two week low of $70.60 and a fifty-two week high of $200.00. The business has a 50-day simple moving average of $177.33 and a two-hundred day simple moving average of $142.92. The firm has a market cap of $26.39 billion, a price-to-earnings ratio of 26.31, a price-to-earnings-growth ratio of 0.73 and a beta of 0.48.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Futu from $200.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Daiwa America upgraded shares of Futu to a “strong-buy” rating in a research note on Tuesday, August 12th. Bank of America upped their price target on shares of Futu from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 21st. Barclays upped their price target on shares of Futu from $176.00 to $232.00 and gave the stock an “overweight” rating in a research note on Friday, August 22nd. Finally, Zacks Research cut shares of Futu from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Futu has an average rating of “Moderate Buy” and a consensus price target of $190.43.

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.