BidaskClub upgraded shares of Noah Holdings Ltd. (NYSE:NOAH) from a buy rating to a strong-buy rating in a research report report published on Tuesday.

Separately, Zacks Investment Research lowered Noah Holdings from a hold rating to a sell rating in a research note on Wednesday, July 5th.

Shares of Noah Holdings (NYSE:NOAH) traded up 2.92% during trading on Tuesday, reaching $35.26. 246,461 shares of the company were exchanged. Noah Holdings has a 52-week low of $21.33 and a 52-week high of $35.50. The stock has a market capitalization of $1.99 billion, a P/E ratio of 19.60 and a beta of 2.44. The stock has a 50-day moving average of $30.17 and a 200 day moving average of $28.56.

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Noah Holdings announced that its Board of Directors has approved a share buyback program on Thursday, June 29th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds have recently made changes to their positions in the stock. Yiheng Capital LLC increased its position in Noah Holdings by 25.0% in the second quarter. Yiheng Capital LLC now owns 1,636,402 shares of the asset manager’s stock worth $46,883,000 after purchasing an additional 327,449 shares during the period. Davis Selected Advisers increased its position in Noah Holdings by 13.3% in the second quarter. Davis Selected Advisers now owns 1,434,298 shares of the asset manager’s stock worth $41,093,000 after purchasing an additional 168,882 shares during the period. FIL Ltd increased its position in Noah Holdings by 1.6% in the second quarter. FIL Ltd now owns 1,349,039 shares of the asset manager’s stock worth $38,650,000 after purchasing an additional 21,174 shares during the period. JPMorgan Chase & Co. increased its position in Noah Holdings by 223,587.6% in the second quarter. JPMorgan Chase & Co. now owns 738,169 shares of the asset manager’s stock worth $21,150,000 after purchasing an additional 737,839 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Noah Holdings by 61.6% in the first quarter. Goldman Sachs Group Inc. now owns 511,260 shares of the asset manager’s stock worth $12,976,000 after purchasing an additional 194,859 shares during the period. Hedge funds and other institutional investors own 41.46% of the company’s stock.

Noah Holdings Company Profile

Noah Holdings Limited is a wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. The Company operates through three segments: wealth management, asset management and Internet finance. It also provides Internet finance services to clients in China.

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