Pinnacle Associates Ltd. Raises Stock Position in Alibaba Group Holding Limited (NYSE:BABA)

Pinnacle Associates Ltd. grew its holdings in Alibaba Group Holding Limited (NYSE:BABA) by 4.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,878 shares of the specialty retailer’s stock after purchasing an additional 207 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Alibaba Group were worth $518,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in BABA. Assenagon Asset Management S.A. boosted its position in Alibaba Group by 1,392.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 6,125,542 shares of the specialty retailer’s stock valued at $650,043,000 after buying an additional 5,715,155 shares during the period. International Assets Investment Management LLC boosted its holdings in Alibaba Group by 9,205.2% in the third quarter. International Assets Investment Management LLC now owns 1,697,358 shares of the specialty retailer’s stock valued at $1,801,240,000 after purchasing an additional 1,679,117 shares during the period. AMF Tjanstepension AB grew its stake in Alibaba Group by 79.5% during the 2nd quarter. AMF Tjanstepension AB now owns 2,610,884 shares of the specialty retailer’s stock worth $188,197,000 after purchasing an additional 1,156,479 shares in the last quarter. Marshall Wace LLP raised its position in Alibaba Group by 384.2% in the 2nd quarter. Marshall Wace LLP now owns 1,424,944 shares of the specialty retailer’s stock valued at $102,596,000 after purchasing an additional 1,130,643 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Alibaba Group by 523.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,335,600 shares of the specialty retailer’s stock valued at $96,163,000 after buying an additional 1,121,500 shares during the period. Institutional investors and hedge funds own 13.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BABA. Loop Capital reaffirmed a “buy” rating and issued a $115.00 target price on shares of Alibaba Group in a report on Thursday, August 29th. Truist Financial decreased their price objective on shares of Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Jefferies Financial Group reissued a “buy” rating and issued a $116.00 target price on shares of Alibaba Group in a report on Friday, July 26th. Robert W. Baird lifted their price target on Alibaba Group from $88.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $90.00 price objective on shares of Alibaba Group in a report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Alibaba Group presently has an average rating of “Moderate Buy” and an average target price of $113.13.

Alibaba Group Stock Performance

Shares of Alibaba Group stock opened at $97.58 on Friday. The stock has a market capitalization of $233.70 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.46 and a beta of 0.35. The firm’s fifty day simple moving average is $95.62 and its 200-day simple moving average is $84.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.41 and a quick ratio of 1.41. Alibaba Group Holding Limited has a 12 month low of $66.63 and a 12 month high of $117.82.

Alibaba Group (NYSE:BABA) last announced its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $14.57. The business had revenue of $243.24 billion during the quarter, compared to analysts’ expectations of $248.32 billion. Alibaba Group had a net margin of 7.31% and a return on equity of 12.08%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.47 earnings per share. As a group, equities analysts forecast that Alibaba Group Holding Limited will post 8.08 earnings per share for the current year.

Alibaba Group Company Profile

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.