Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of StoneCo Ltd. (NASDAQ:STNE – Get Rating) by 9.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 676,704 shares of the company’s stock after selling 73,717 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in StoneCo were worth $7,917,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the business. National Bank of Canada FI raised its holdings in StoneCo by 75.8% in the 1st quarter. National Bank of Canada FI now owns 3,480 shares of the company’s stock valued at $41,000 after acquiring an additional 1,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of StoneCo in the first quarter valued at approximately $60,000. AdvisorNet Financial Inc bought a new position in shares of StoneCo during the first quarter worth approximately $66,000. Captrust Financial Advisors lifted its holdings in StoneCo by 281.5% during the 1st quarter. Captrust Financial Advisors now owns 6,268 shares of the company’s stock worth $73,000 after purchasing an additional 4,625 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings in StoneCo by 1,964.2% during the 4th quarter. Eaton Vance Management now owns 7,679 shares of the company’s stock worth $96,000 after purchasing an additional 7,307 shares during the last quarter. 59.69% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
STNE has been the topic of a number of research reports. Wells Fargo & Company decreased their price objective on StoneCo from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, September 8th. The Goldman Sachs Group downgraded shares of StoneCo from a “neutral” rating to a “sell” rating and decreased their price target for the company from $9.80 to $7.80 in a research note on Tuesday, September 6th. Susquehanna Bancshares dropped their price objective on shares of StoneCo from $28.00 to $20.00 in a research note on Monday, July 11th. Finally, Susquehanna decreased their target price on shares of StoneCo from $28.00 to $20.00 in a research report on Monday, July 11th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.63.
StoneCo Stock Performance
StoneCo (NASDAQ:STNE – Get Rating) last released its earnings results on Thursday, August 18th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. StoneCo had a negative return on equity of 7.68% and a negative net margin of 36.63%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 275.6% on a year-over-year basis. As a group, research analysts expect that StoneCo Ltd. will post 0.2 earnings per share for the current fiscal year.
StoneCo Ltd. provides financial technology solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil. It distributes its solutions, principally through proprietary Stone Hubs, which offer hyper-local sales and services; and technology and solutions to digital merchants through sales and technical personnel and software vendors, as well as sells solutions to brick-and-mortar and digital merchants through sales team.
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