Alibaba Group (NYSE:BABA) Given New $124.00 Price Target at Bank of America

Alibaba Group (NYSE:BABA) had its price target raised by investment analysts at Bank of America from $106.00 to $124.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Bank of America‘s target price suggests a potential upside of 13.92% from the company’s previous close.

Several other analysts have also recently commented on BABA. Macquarie upgraded Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 price target for the company in a report on Monday. Benchmark restated a “buy” rating and issued a $118.00 price target on shares of Alibaba Group in a report on Friday, August 16th. Morgan Stanley restated an “equal weight” rating and issued a $90.00 price target on shares of Alibaba Group in a report on Friday, August 23rd. Truist Financial lowered their price target on Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, Sanford C. Bernstein boosted their target price on Alibaba Group from $80.00 to $85.00 and gave the stock a “market perform” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $112.18.

Alibaba Group Price Performance

Shares of NYSE:BABA traded down $0.83 during midday trading on Wednesday, hitting $108.85. 23,743,182 shares of the stock were exchanged, compared to its average volume of 17,827,143. The company has a 50 day moving average price of $88.02 and a 200-day moving average price of $80.45. Alibaba Group has a twelve month low of $66.63 and a twelve month high of $117.82. The stock has a market cap of $276.21 billion, a P/E ratio of 25.31, a PEG ratio of 0.46 and a beta of 0.35. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.17.

Alibaba Group (NYSE:BABA) last announced its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share 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 firm had revenue of $243.24 billion during the quarter, compared to the consensus estimate of $248.32 billion. During the same quarter in the previous year, the company posted $2.47 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, research analysts forecast that Alibaba Group will post 7.93 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Fiduciary Alliance LLC grew its stake in shares of Alibaba Group by 154.1% in the first quarter. Fiduciary Alliance LLC now owns 55,229 shares of the specialty retailer’s stock worth $4,052,000 after purchasing an additional 33,490 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Alibaba Group by 462.5% during the first quarter. CANADA LIFE ASSURANCE Co now owns 169,220 shares of the specialty retailer’s stock valued at $12,275,000 after buying an additional 139,134 shares in the last quarter. SRN Advisors LLC boosted its stake in Alibaba Group by 76.7% during the first quarter. SRN Advisors LLC now owns 22,259 shares of the specialty retailer’s stock valued at $1,611,000 after buying an additional 9,663 shares in the last quarter. ORG Partners LLC boosted its stake in Alibaba Group by 52,685.7% during the first quarter. ORG Partners LLC now owns 11,085 shares of the specialty retailer’s stock valued at $813,000 after buying an additional 11,064 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Alibaba Group by 6.5% during the third quarter. Handelsbanken Fonder AB now owns 822,904 shares of the specialty retailer’s stock valued at $87,327,000 after buying an additional 50,000 shares in the last quarter. Institutional investors own 13.47% of the company’s stock.

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.