New York State Common Retirement Fund lowered its stake in StoneCo Ltd (NASDAQ:STNE) by 7.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 216,751 shares of the company’s stock after selling 17,500 shares during the quarter. New York State Common Retirement Fund owned about 0.08% of StoneCo worth $8,911,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Foxhaven Asset Management LP acquired a new stake in StoneCo during the 4th quarter worth about $24,360,000. Norges Bank bought a new stake in StoneCo during the fourth quarter worth approximately $16,539,000. Apoletto Ltd bought a new stake in StoneCo during the fourth quarter worth approximately $12,727,000. BlackRock Inc. bought a new stake in shares of StoneCo in the fourth quarter valued at approximately $11,810,000. Finally, Gladstone Capital Management LLP bought a new stake in shares of StoneCo in the fourth quarter valued at approximately $7,737,000. 37.19% of the stock is owned by institutional investors.
STNE traded up $0.78 during midday trading on Friday, reaching $29.58. 1,932,458 shares of the company were exchanged, compared to its average volume of 2,918,211. StoneCo Ltd has a one year low of $16.14 and a one year high of $45.62. The firm has a market cap of $8.20 billion and a PE ratio of 89.64. The company’s 50-day simple moving average is $27.28.
Several research analysts have issued reports on the company. Citigroup set a $27.00 price objective on StoneCo and gave the stock a “hold” rating in a research note on Friday, May 31st. Zacks Investment Research lowered StoneCo from a “hold” rating to a “sell” rating in a research note on Tuesday, May 21st. Bank of America raised their target price on StoneCo from $26.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. HSBC assumed coverage on StoneCo in a research note on Tuesday, May 7th. They issued a “reduce” rating and a $20.00 target price for the company. Finally, Morgan Stanley restated an “overweight” rating and issued a $47.00 target price (up from $35.00) on shares of StoneCo in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $34.13.
StoneCo Ltd. engages in the provision of financial technology solutions. It caters to merchants and partners that conduct electronic commerce across in-store, online, and mobile channels. It offers cloud-based technology platform, electronic payments, and automation of business processes at the point-of-sale.
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