Principal Financial Group Inc. Acquires Shares of 564,928 OneConnect Financial Technology Co. (NASDAQ:OCFT) – Ticker Report
Principal Financial Group Inc. acquired a new stake in shares of OneConnect Financial Technology Co. (NASDAQ:OCFT) during the second quarter, HoldingsChannel reports. The fund acquired 564,928 shares of the company’s stock, valued at approximately $10,316,000.
A number of other institutional investors also recently modified their holdings of OCFT. Asset Management One Co. Ltd. bought a new stake in OneConnect Financial Technology in the first quarter worth $28,000. Tower Research Capital LLC TRC bought a new stake in OneConnect Financial Technology in the first quarter worth $50,000. Pendal Group Ltd bought a new stake in OneConnect Financial Technology in the first quarter worth $121,000. Royal Bank of Canada lifted its position in OneConnect Financial Technology by 195.0% in the first quarter. Royal Bank of Canada now owns 19,570 shares of the company’s stock worth $199,000 after buying an additional 12,936 shares during the last quarter. Finally, CSat Investment Advisory L.P. bought a new stake in OneConnect Financial Technology in the first quarter worth $483,000.
Several analysts have recently weighed in on the company. Zacks Investment Research downgraded OneConnect Financial Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. downgraded OneConnect Financial Technology from an “overweight” rating to a “neutral” rating and set a $24.00 target price for the company. in a research report on Tuesday, July 21st. Finally, KeyCorp lifted their target price on OneConnect Financial Technology from $22.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $19.22.
Shares of OneConnect Financial Technology stock opened at $23.07 on Wednesday. OneConnect Financial Technology Co. has a 12 month low of $9.02 and a 12 month high of $28.80. The stock’s fifty day moving average price is $22.42 and its 200-day moving average price is $15.33.
OneConnect Financial Technology Profile
OneConnect Financial Technology Co, Ltd. operates as a technology-as-a-service platform for financial institutions in the People’s Republic of China. The company provides cloud-platform-based Fintech solutions, and online information and operating support services. It offers digital retail banking, small and medium enterprises (SME) financing and services, retail and SME banking risk-management, auto insurance operations and services, asset management, asset-liability management, artificial intelligence customer service, core systems, and insurance sales management solutions.
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