Jennison Associates LLC Buys 251,557 Shares of Universal Display Co. (NASDAQ:OLED)

Jennison Associates LLC increased its position in Universal Display Co. (NASDAQ:OLED) by 58.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 683,822 shares of the semiconductor company’s stock after acquiring an additional 251,557 shares during the quarter. Jennison Associates LLC’s holdings in Universal Display were worth $99,975,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Assetmark Inc. bought a new position in Universal Display in the 3rd quarter valued at $29,000. Brooklyn Investment Group purchased a new stake in shares of Universal Display in the third quarter worth $30,000. V Square Quantitative Management LLC bought a new stake in Universal Display during the third quarter valued at $31,000. Nisa Investment Advisors LLC grew its position in Universal Display by 60.2% during the third quarter. Nisa Investment Advisors LLC now owns 173 shares of the semiconductor company’s stock worth $36,000 after buying an additional 65 shares in the last quarter. Finally, True Wealth Design LLC bought a new position in Universal Display in the 3rd quarter worth about $36,000. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Universal Display Price Performance

Shares of OLED opened at $142.98 on Tuesday. Universal Display Co. has a 1 year low of $142.15 and a 1 year high of $237.00. The stock has a 50 day simple moving average of $152.83 and a two-hundred day simple moving average of $179.99. The firm has a market cap of $6.79 billion, a P/E ratio of 28.71, a P/E/G ratio of 1.64 and a beta of 1.39.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $215.00 price objective on shares of Universal Display in a report on Thursday, January 16th. Oppenheimer cut their price target on shares of Universal Display from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, January 2nd. Finally, TD Cowen lowered their price objective on shares of Universal Display from $250.00 to $225.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $212.50.

About Universal Display

Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications in the United States and internationally. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.