Clearbridge Investments LLC Cuts Stock Holdings in Farfetch Ltd (NYSE:FTCH)
Clearbridge Investments LLC lessened its position in shares of Farfetch Ltd (NYSE:FTCH) by 10.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,006,388 shares of the company’s stock after selling 118,220 shares during the quarter. Clearbridge Investments LLC owned approximately 0.30% of Farfetch worth $7,950,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Morgan Stanley lifted its position in shares of Farfetch by 4.3% during the 1st quarter. Morgan Stanley now owns 40,919,962 shares of the company’s stock valued at $323,268,000 after buying an additional 1,677,559 shares in the last quarter. Invesco Ltd. lifted its holdings in Farfetch by 11.0% during the first quarter. Invesco Ltd. now owns 13,589,299 shares of the company’s stock valued at $107,354,000 after purchasing an additional 1,342,395 shares in the last quarter. Tremblant Capital Group acquired a new stake in shares of Farfetch in the fourth quarter valued at about $119,546,000. Nuveen Asset Management LLC increased its stake in shares of Farfetch by 4.9% during the first quarter. Nuveen Asset Management LLC now owns 4,371,764 shares of the company’s stock worth $34,537,000 after purchasing an additional 205,387 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Farfetch by 18.9% during the first quarter. BlackRock Inc. now owns 4,339,123 shares of the company’s stock worth $34,279,000 after purchasing an additional 689,419 shares in the last quarter. Institutional investors and hedge funds own 67.24% of the company’s stock.
A number of research analysts have weighed in on the company. Credit Suisse Group raised their price objective on Farfetch from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Friday. KeyCorp boosted their price target on shares of Farfetch from $17.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Farfetch from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, March 18th. Zacks Investment Research cut Farfetch from a “buy” rating to a “hold” rating in a report on Wednesday, May 20th. Finally, Wells Fargo & Co upped their price target on Farfetch from $5.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Farfetch has an average rating of “Buy” and an average target price of $17.99.
Farfetch (NYSE:FTCH) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.24) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.11. Farfetch had a negative return on equity of 30.00% and a negative net margin of 32.15%. The business had revenue of $331.44 million during the quarter, compared to the consensus estimate of $317.81 million. As a group, equities research analysts anticipate that Farfetch Ltd will post -1.24 earnings per share for the current year.
Farfetch Ltd. engages in the retail of fashion and luxury goods. It offers womenswear, menswear, kidswear, vintage, fine watches, and fine jewelry. The company was founded by José Manuel Ferreira Neves in 2007 and launched in 2008 and is headquartered in London, the United Kingdom.
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