Legal & General Group Plc increased its stake in shares of Momo Inc (NASDAQ:MOMO) by 20.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 450,765 shares of the information services provider’s stock after purchasing an additional 77,039 shares during the period. Legal & General Group Plc’s holdings in Momo were worth $16,850,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Jericho Capital Asset Management L.P. acquired a new position in shares of Momo during the 1st quarter worth approximately $38,826,000. Sylebra HK Co Ltd purchased a new stake in Momo in the 1st quarter worth approximately $19,624,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Momo in the 1st quarter worth approximately $8,246,000. Point72 Asia Hong Kong Ltd grew its stake in Momo by 81.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 283,029 shares of the information services provider’s stock worth $10,580,000 after acquiring an additional 126,740 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Momo in the 1st quarter worth approximately $2,594,000. Hedge funds and other institutional investors own 45.87% of the company’s stock.
Shares of Momo opened at $44.07 on Wednesday, MarketBeat Ratings reports. Momo Inc has a twelve month low of $22.49 and a twelve month high of $54.24. The firm has a market cap of $8.67 billion, a P/E ratio of 28.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.68.
Momo (NASDAQ:MOMO) last announced its quarterly earnings results on Tuesday, May 29th. The information services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. Momo had a net margin of 24.68% and a return on equity of 37.07%. The firm had revenue of $435.10 million during the quarter, compared to analysts’ expectations of $398.28 million. During the same period in the prior year, the company earned $0.44 EPS. The firm’s revenue was up 64.1% on a year-over-year basis. analysts anticipate that Momo Inc will post 2.32 earnings per share for the current year.
Several analysts have commented on MOMO shares. UBS Group raised shares of Momo from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Thursday, May 31st. Morgan Stanley started coverage on shares of Momo in a research note on Wednesday, March 28th. They set a “buy” rating and a $51.00 price objective for the company. Bank of America boosted their price objective on shares of Momo from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, March 19th. Zacks Investment Research raised shares of Momo from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective for the company in a research note on Wednesday, March 28th. Finally, Benchmark boosted their price objective on shares of Momo from $48.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $49.91.
Momo Inc operates a mobile-based social and entertainment platform in the People's Republic of China. The company operates Momo platform that includes its Momo mobile application and various related features, functionalities, tools, and services to users, customers, and platform partners. It offers Momo mobile application that enables users to establish and expand their social relationships based on locations; interests; and recreational activities, including live videos, short videos, social games, and other video- and audio-based interactive experiences.
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