Franklin Resources Inc. lifted its holdings in 58.com Inc. (NYSE:WUBA) by 78.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,704,340 shares of the information services provider’s stock after acquiring an additional 1,188,300 shares during the period. Franklin Resources Inc. owned approximately 1.86% of 58.com worth $119,289,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Teacher Retirement System of Texas lifted its position in 58.com by 6.7% during the second quarter. Teacher Retirement System of Texas now owns 7,225 shares of the information services provider’s stock worth $319,000 after purchasing an additional 453 shares during the period. Aviva PLC lifted its position in 58.com by 3.4% during the second quarter. Aviva PLC now owns 15,300 shares of the information services provider’s stock worth $675,000 after purchasing an additional 500 shares during the period. Wells Fargo & Company MN lifted its position in 58.com by 6.5% during the first quarter. Wells Fargo & Company MN now owns 14,781 shares of the information services provider’s stock worth $523,000 after purchasing an additional 900 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in 58.com by 15.8% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,050 shares of the information services provider’s stock worth $355,000 after purchasing an additional 1,100 shares during the period. Finally, Davis Selected Advisers lifted its position in 58.com by 4.1% during the second quarter. Davis Selected Advisers now owns 30,336 shares of the information services provider’s stock worth $1,338,000 after purchasing an additional 1,190 shares during the period. Institutional investors and hedge funds own 60.03% of the company’s stock.

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Shares of 58.com Inc. (NYSE WUBA) opened at 63.97 on Monday. The firm’s 50-day moving average is $56.69 and its 200-day moving average is $44.65. The firm has a market cap of $9.31 billion, a P/E ratio of 343.92 and a beta of 2.17. 58.com Inc. has a 52-week low of $27.58 and a 52-week high of $68.00.

58.com (NYSE:WUBA) last issued its quarterly earnings results on Monday, August 21st. The information services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.42. The company had revenue of $382.81 million for the quarter. 58.com had a return on equity of 1.04% and a net margin of 2.14%. Analysts anticipate that 58.com Inc. will post $1.17 earnings per share for the current year.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of 58.com from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a research report on Thursday, August 31st. Citigroup Inc. raised shares of 58.com from a “neutral” rating to a “buy” rating and increased their target price for the stock from $62.00 to $68.00 in a report on Wednesday, August 23rd. Deutsche Bank AG raised shares of 58.com from a “hold” rating to a “buy” rating and increased their target price for the stock from $41.00 to $70.00 in a report on Tuesday, August 22nd. HSBC Holdings plc raised shares of 58.com from a “hold” rating to a “buy” rating and increased their target price for the stock from $45.00 to $69.00 in a report on Tuesday, August 22nd. Finally, BidaskClub raised shares of 58.com from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 19th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. 58.com currently has an average rating of “Hold” and an average price target of $54.82.

About 58.com

58.com Inc is a holding company. The Company’s business consists of its online classifieds and listing platforms. Its online classifieds and listings platforms enable local merchants and consumers to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke.

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

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