Principal Financial Group Inc. Sells 149,322 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Principal Financial Group Inc. lessened its position in Remitly Global, Inc. (NASDAQ:RELY) by 7.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,871,469 shares of the financial services provider’s stock after selling 149,322 shares during the period. Principal Financial Group Inc. owned about 0.94% of Remitly Global worth $42,239,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of RELY. Advisors Asset Management Inc. grew its position in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. acquired a new stake in Remitly Global in the 3rd quarter worth about $76,000. R Squared Ltd acquired a new stake in Remitly Global in the 4th quarter worth about $89,000. FMR LLC raised its stake in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the 4th quarter worth about $135,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

NASDAQ:RELY opened at $25.79 on Friday. The firm’s fifty day moving average is $23.58 and its 200-day moving average is $18.60. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a market cap of $5.11 billion, a P/E ratio of -73.69 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,947 shares of company stock valued at $1,467,012 over the last ninety days. 8.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RELY has been the subject of several analyst reports. KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday. Wells Fargo & Company upped their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.