63,486 Shares in Flutter Entertainment PLC $FLUT Acquired by Glynn Capital Management LLC

Glynn Capital Management LLC purchased a new stake in Flutter Entertainment PLC (NYSE:FLUT) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 63,486 shares of the company’s stock, valued at approximately $18,142,000. Flutter Entertainment makes up 4.1% of Glynn Capital Management LLC’s investment portfolio, making the stock its 14th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BNP Paribas Financial Markets grew its stake in Flutter Entertainment by 196.5% during the first quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company’s stock worth $441,916,000 after buying an additional 1,322,016 shares during the period. Nuveen LLC acquired a new position in shares of Flutter Entertainment during the 1st quarter valued at $289,627,000. Primecap Management Co. CA purchased a new stake in Flutter Entertainment during the 1st quarter worth $210,940,000. Alliancebernstein L.P. increased its holdings in Flutter Entertainment by 2,312.7% in the 1st quarter. Alliancebernstein L.P. now owns 844,855 shares of the company’s stock valued at $187,178,000 after purchasing an additional 809,838 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Flutter Entertainment by 376.4% in the 1st quarter. Hsbc Holdings PLC now owns 855,552 shares of the company’s stock valued at $187,304,000 after purchasing an additional 675,949 shares in the last quarter.

Flutter Entertainment Stock Up 0.8%

FLUT stock opened at $231.78 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The firm has a 50 day simple moving average of $258.33 and a 200-day simple moving average of $269.22. The company has a market capitalization of $40.82 billion, a P/E ratio of 114.18 and a beta of 1.84. Flutter Entertainment PLC has a twelve month low of $196.88 and a twelve month high of $313.68.

Flutter Entertainment announced that its Board of Directors has authorized a share repurchase plan on Friday, August 8th that allows the company to buyback $245.00 million in shares. This buyback authorization allows the company to buy up to 0.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total value of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares in the company, valued at approximately $9,341,064.48. This trade represents a 6.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amy Howe sold 4,097 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total value of $1,253,313.27. Following the sale, the chief executive officer owned 69,850 shares in the company, valued at $21,367,813.50. The trade was a 5.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.09% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FLUT shares. Sanford C. Bernstein decreased their target price on Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating for the company in a research report on Monday, November 3rd. Bank of America restated a “neutral” rating and issued a $250.00 price target (down previously from $325.00) on shares of Flutter Entertainment in a report on Tuesday, November 4th. Kepler Capital Markets upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, August 28th. UBS Group reissued a “buy” rating and set a $360.00 target price (up from $340.00) on shares of Flutter Entertainment in a research report on Friday, August 8th. Finally, Citigroup downgraded shares of Flutter Entertainment from a “buy” rating to a “hold” rating in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and an average price target of $330.47.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.