Sumitomo Mitsui Asset Management Company LTD reduced its position in 58.com Inc (NYSE:WUBA) by 15.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,400 shares of the information services provider’s stock after selling 7,700 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in 58.com were worth $3,120,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WUBA. Genesis Asset Managers LLP lifted its stake in 58.com by 11.7% during the 3rd quarter. Genesis Asset Managers LLP now owns 7,684,938 shares of the information services provider’s stock valued at $565,611,000 after acquiring an additional 806,641 shares in the last quarter. BlackRock Inc. lifted its stake in 58.com by 5.0% during the 2nd quarter. BlackRock Inc. now owns 4,467,505 shares of the information services provider’s stock valued at $309,777,000 after acquiring an additional 213,701 shares in the last quarter. Acadian Asset Management LLC bought a new position in 58.com during the 2nd quarter valued at $181,353,000. Marshall Wace LLP lifted its stake in 58.com by 99.7% during the 2nd quarter. Marshall Wace LLP now owns 1,058,141 shares of the information services provider’s stock valued at $73,371,000 after acquiring an additional 528,249 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in 58.com by 75.9% during the 2nd quarter. Janus Henderson Group PLC now owns 748,698 shares of the information services provider’s stock valued at $51,904,000 after acquiring an additional 323,098 shares in the last quarter. Institutional investors own 59.62% of the company’s stock.

Several equities analysts have weighed in on the company. ValuEngine upgraded 58.com from a “hold” rating to a “buy” rating in a research note on Wednesday, August 29th. CLSA restated a “buy” rating on shares of 58.com in a research note on Thursday, September 20th. TheStreet upgraded 58.com from a “c” rating to a “b-” rating in a research note on Friday, August 17th. Finally, Zacks Investment Research upgraded 58.com from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $89.67.

Shares of NYSE:WUBA opened at $62.27 on Friday. 58.com Inc has a 1-year low of $56.70 and a 1-year high of $89.90. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 46.82 and a beta of 1.95.

58.com (NYSE:WUBA) last issued its quarterly earnings data on Wednesday, August 15th. The information services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.26. 58.com had a return on equity of 8.07% and a net margin of 14.21%. The business had revenue of $518.47 million for the quarter, compared to analysts’ expectations of $485.03 million. During the same period last year, the business earned $0.66 EPS. The business’s revenue was up 35.4% on a year-over-year basis. On average, equities research analysts anticipate that 58.com Inc will post 1.84 earnings per share for the current year.

About 58.com

58.com Inc operates online classifieds and listing platforms that enable local businesses and consumers to connect, share information, and conduct business in the People's Republic of China. It operates multi-content category online classified platforms primarily under the 58 and Ganji names; and Anjuke, an online real estate listing platform.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

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Institutional Ownership by Quarter for 58.com (NYSE:WUBA)

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