Petra Financial Advisors Slashes Stake in Microsoft Amid Strong Earnings
Petra Financial Advisors Inc., an investment firm, has reduced its stake in Microsoft Corporation by 41.8% during the first quarter, according to a recent filing with the Securities & Exchange Commission. The fund owned 3,158 shares of Microsoft's stock after selling 2,266 shares during the period.
The value of Petra Financial Advisors Inc.'s holdings in Microsoft was approximately $1.17 million at the end of the most recent reporting period. Longfellow Investment Management Co. LLC raised its holdings in Microsoft by 51.3% in the second quarter, while Bernzott Capital Advisors acquired a new position in Microsoft in the fourth quarter valued at around $34,000.
Microsoft's stock opened at $499.99 on Friday and has a market capitalization of over $3.71 trillion. The company reported earnings per share of $4.74 for the last quarter, beating analyst estimates by $0.50. Microsoft also announced a quarterly dividend of $0.91 per share, paid to shareholders on September 10th.
Analysts have been upbeat about Microsoft's prospects, with Citi raising its price target to $600 following the company's strong quarterly performance. However, some concerns remain regarding spending and margins, as well as potential risks from customer concentration in AI sales.