Portside Wealth Group LLC Buys New Stake in Alibaba Group Holding Limited (NYSE:BABA)

Portside Wealth Group LLC purchased a new position in shares of Alibaba Group Holding Limited (NYSE:BABA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,938 shares of the specialty retailer’s stock, valued at approximately $312,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Primecap Management Co. CA boosted its holdings in Alibaba Group by 5.2% in the second quarter. Primecap Management Co. CA now owns 21,870,987 shares of the specialty retailer’s stock valued at $1,574,711,000 after purchasing an additional 1,074,175 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Alibaba Group by 1,392.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 6,125,542 shares of the specialty retailer’s stock worth $650,043,000 after buying an additional 5,715,155 shares during the last quarter. Discerene Group LP boosted its holdings in shares of Alibaba Group by 21.2% in the 1st quarter. Discerene Group LP now owns 3,021,375 shares of the specialty retailer’s stock valued at $218,627,000 after buying an additional 529,237 shares in the last quarter. AMF Tjanstepension AB grew its position in shares of Alibaba Group by 6.9% in the 3rd quarter. AMF Tjanstepension AB now owns 2,789,883 shares of the specialty retailer’s stock valued at $296,062,000 after buying an additional 178,999 shares during the last quarter. Finally, Eminence Capital LP raised its stake in Alibaba Group by 9.0% during the 2nd quarter. Eminence Capital LP now owns 1,830,387 shares of the specialty retailer’s stock worth $131,788,000 after acquiring an additional 150,488 shares in the last quarter. 13.47% of the stock is owned by institutional investors and hedge funds.

Alibaba Group Price Performance

Shares of BABA opened at $94.19 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average is $97.25 and its two-hundred day moving average is $84.97. Alibaba Group Holding Limited has a twelve month low of $66.63 and a twelve month high of $117.82. The firm has a market capitalization of $225.58 billion, a PE ratio of 24.66, a P/E/G ratio of 0.43 and a beta of 0.35.

Alibaba Group (NYSE:BABA) last announced its quarterly earnings data on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $14.57. The firm had revenue of $243.24 billion for the quarter, compared to analyst estimates of $248.32 billion. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. Alibaba Group’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.47 earnings per share. Research analysts anticipate that Alibaba Group Holding Limited will post 8.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BABA shares. Benchmark restated a “buy” rating and issued a $118.00 price objective on shares of Alibaba Group in a research note on Friday, August 16th. Truist Financial dropped their price target on Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. lifted their price target on Alibaba Group from $100.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Macquarie upgraded shares of Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 target price on the stock in a research report on Monday, October 7th. Finally, Robert W. Baird upped their price target on shares of Alibaba Group from $88.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.13.

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.