Norges Bank Buys Shares of 489,600 Futu Holdings Limited (NASDAQ:FUTU)

Norges Bank purchased a new position in shares of Futu Holdings Limited (NASDAQ:FUTU) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 489,600 shares of the company’s stock, valued at approximately $39,163,000. Norges Bank owned about 0.36% of Futu at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FUTU. Candriam S.C.A. bought a new stake in Futu during the 4th quarter worth approximately $28,004,000. William Blair Investment Management LLC grew its stake in shares of Futu by 1,325.6% in the fourth quarter. William Blair Investment Management LLC now owns 285,120 shares of the company’s stock worth $22,806,000 after purchasing an additional 265,120 shares during the last quarter. SG Americas Securities LLC increased its holdings in Futu by 236.6% in the fourth quarter. SG Americas Securities LLC now owns 374,193 shares of the company’s stock valued at $29,932,000 after purchasing an additional 263,040 shares during the period. Nikko Asset Management Americas Inc. bought a new position in Futu during the 4th quarter worth $17,274,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Futu by 183.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 333,401 shares of the company’s stock worth $26,669,000 after buying an additional 215,840 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FUTU. JPMorgan Chase & Co. raised their price objective on Futu from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. UBS Group increased their target price on shares of Futu from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Monday, March 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $121.20.

Futu Price Performance

Shares of NASDAQ:FUTU opened at $83.51 on Friday. The business’s 50-day moving average is $108.17 and its 200-day moving average is $96.04. Futu Holdings Limited has a 1 year low of $51.80 and a 1 year high of $130.88. The company has a market capitalization of $11.51 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 0.79 and a beta of 0.67.

Futu Company 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.