Principal Financial Group Inc. Has $194,000 Holdings in Remitly Global, Inc. $RELY

Principal Financial Group Inc. trimmed its position in Remitly Global, Inc. (NASDAQ:RELY) by 97.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,380 shares of the financial services provider’s stock after selling 533,359 shares during the period. Principal Financial Group Inc.’s holdings in Remitly Global were worth $194,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Marshall Wace LLP raised its position in Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after purchasing an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after purchasing an additional 67,700 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Remitly Global by 4.7% during the fourth quarter. State Street Corp now owns 3,785,052 shares of the financial services provider’s stock valued at $52,234,000 after purchasing an additional 168,942 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insiders Place Their Bets

In other Remitly Global news, insider Ankur Sinha sold 7,596 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the transaction, the insider owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This trade represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bora Chung sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the transaction, the director owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 170,388 shares of company stock valued at $3,725,510 over the last three months. Insiders own 6.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RELY. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. KeyCorp lifted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Citizens Jmp upped their price target on shares of Remitly Global from $26.00 to $30.00 and gave the company a “market outperform” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Remitly Global Trading Down 2.9%

NASDAQ RELY opened at $22.77 on Friday. The business’s 50-day moving average price is $21.82 and its two-hundred day moving average price is $18.70. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $25.75. The firm has a market capitalization of $4.79 billion, a PE ratio of 46.47 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business’s quarterly revenue was up 25.2% on a year-over-year basis. As a group, analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.