Maple Brown Abbott Ltd bought a new position in shares of 58.com Inc (NYSE:WUBA) during the first quarter, HoldingsChannel reports. The firm bought 279,041 shares of the information services provider’s stock, valued at approximately $20,032,000. 58.com comprises 1.7% of Maple Brown Abbott Ltd’s investment portfolio, making the stock its 16th largest position.

Several other hedge funds have also recently bought and sold shares of WUBA. Bank of New York Mellon Corp raised its stake in 58.com by 2.8% during the third quarter. Bank of New York Mellon Corp now owns 136,982 shares of the information services provider’s stock worth $10,083,000 after acquiring an additional 3,791 shares in the last quarter. Teachers Advisors LLC raised its stake in 58.com by 4.3% during the third quarter. Teachers Advisors LLC now owns 45,587 shares of the information services provider’s stock worth $3,355,000 after acquiring an additional 1,900 shares in the last quarter. Vanguard Group Inc. raised its stake in 58.com by 2.5% during the third quarter. Vanguard Group Inc. now owns 3,297,862 shares of the information services provider’s stock worth $242,722,000 after acquiring an additional 81,497 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in 58.com during the fourth quarter worth $239,000. Finally, Virtu Financial LLC acquired a new position in 58.com during the fourth quarter worth $264,000. Hedge funds and other institutional investors own 60.44% of the company’s stock.

Several research analysts have issued reports on WUBA shares. Zacks Investment Research upgraded 58.com from a “sell” rating to a “hold” rating in a research note on Friday, February 22nd. Macquarie lowered 58.com from an “outperform” rating to a “neutral” rating in a research note on Friday, March 1st. Credit Suisse Group set a $84.00 target price on 58.com and gave the company a “buy” rating in a research note on Friday, March 1st. Benchmark restated a “buy” rating and issued a $83.00 target price (down from $85.00) on shares of 58.com in a research note on Monday, March 4th. Finally, Deutsche Bank began coverage on 58.com in a research note on Wednesday, March 27th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $69.00.

Shares of NYSE:WUBA traded up $0.21 during midday trading on Wednesday, reaching $62.72. The company’s stock had a trading volume of 9,122 shares, compared to its average volume of 820,353. 58.com Inc has a fifty-two week low of $50.30 and a fifty-two week high of $87.90. The firm has a market cap of $9.02 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.90 and a beta of 1.60.

58.com (NYSE:WUBA) last announced its earnings results on Thursday, February 28th. The information services provider reported $0.40 earnings per share for the quarter. 58.com had a return on equity of 9.30% and a net margin of 15.11%. The company had revenue of $525.89 million during the quarter, compared to analyst estimates of $519.09 million. During the same period last year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 24.3% compared to the same quarter last year. On average, analysts predict that 58.com Inc will post 2.12 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Maple Brown Abbott Ltd Invests $20.03 Million in 58.com Inc (WUBA)” was originally reported by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this piece can be read at https://www.watchlistnews.com/maple-brown-abbott-ltd-invests-20-03-million-in-58-com-inc-wuba/3011254.html.

58.com Profile

58.com Inc engages in the operation of online classifieds and listing platforms. Its businesses include include Zhuan Zhua, an online used good trading platform; 58 Home, an online home and moving services platform; Che Hao Duo, an online used and new car trading platform which contains Guazi, the used car platform; and Mao Dou, the new car platform.

Featured Story: Is a Roth IRA right for you?

Want to see what other hedge funds are holding WUBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 58.com Inc (NYSE:WUBA).

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

Receive News & Ratings for 58.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 58.com and related companies with MarketBeat.com's FREE daily email newsletter.