Summit Financial LLC Makes New $316,000 Investment in Alibaba Group Holding Limited (NYSE:BABA)

Summit Financial LLC bought a new stake in Alibaba Group Holding Limited (NYSE:BABA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,312 shares of the specialty retailer’s stock, valued at approximately $316,000.

A number of other hedge funds have also made changes to their positions in the business. Primecap Management Co. CA raised its stake in shares of Alibaba Group by 5.1% in the 4th quarter. Primecap Management Co. CA now owns 18,224,982 shares of the specialty retailer’s stock valued at $1,412,618,000 after acquiring an additional 881,710 shares during the period. Sanders Capital LLC raised its stake in shares of Alibaba Group by 5.4% in the 4th quarter. Sanders Capital LLC now owns 15,848,257 shares of the specialty retailer’s stock valued at $1,228,398,000 after acquiring an additional 819,019 shares during the period. FIL Ltd raised its stake in shares of Alibaba Group by 10.2% in the 4th quarter. FIL Ltd now owns 10,630,701 shares of the specialty retailer’s stock valued at $823,986,000 after acquiring an additional 983,842 shares during the period. H&H International Investment LLC grew its holdings in Alibaba Group by 63.1% during the 4th quarter. H&H International Investment LLC now owns 4,959,230 shares of the specialty retailer’s stock valued at $384,390,000 after purchasing an additional 1,918,730 shares in the last quarter. Finally, Norges Bank acquired a new stake in Alibaba Group during the 4th quarter valued at $329,367,000. Hedge funds and other institutional investors own 13.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein raised their price target on shares of Alibaba Group from $80.00 to $85.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Barclays lowered their price target on shares of Alibaba Group from $109.00 to $107.00 and set an “overweight” rating for the company in a report on Thursday, May 16th. Susquehanna lowered their price target on shares of Alibaba Group from $135.00 to $130.00 and set a “positive” rating for the company in a report on Monday, August 19th. Bank of America raised their price target on shares of Alibaba Group from $103.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Truist Financial lowered their price target on shares of Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, August 16th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $107.61.

Alibaba Group Trading Down 1.3 %

NYSE BABA opened at $82.25 on Wednesday. Alibaba Group Holding Limited has a one year low of $66.63 and a one year high of $95.80. The company has a 50-day simple moving average of $78.34 and a 200-day simple moving average of $76.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a market capitalization of $208.71 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 0.42 and a beta of 0.32.

Alibaba Group (NYSE:BABA) last posted its quarterly earnings results on Thursday, August 15th. The specialty retailer reported $16.44 EPS for the quarter, beating the consensus estimate of $1.87 by $14.57. Alibaba Group had a net margin of 7.31% and a return on equity of 12.08%. The business had revenue of $243.24 billion during the quarter, compared to analyst estimates of $248.32 billion. During the same period in the previous year, the business posted $2.47 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts forecast that Alibaba Group Holding Limited will post 7.93 earnings per share for the current year.

About Alibaba Group

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others.