Summit Global Investments Sells 6,180 Shares of Alibaba Group Holding Limited (NYSE:BABA)

Summit Global Investments cut its stake in Alibaba Group Holding Limited (NYSE:BABA) by 47.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,783 shares of the specialty retailer’s stock after selling 6,180 shares during the quarter. Summit Global Investments’ holdings in Alibaba Group were worth $720,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in Alibaba Group during the 1st quarter valued at $529,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Alibaba Group by 8.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 8,279 shares of the specialty retailer’s stock valued at $599,000 after acquiring an additional 632 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Alibaba Group by 10.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 31,884 shares of the specialty retailer’s stock worth $2,307,000 after purchasing an additional 2,929 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Alibaba Group by 123.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 7,158 shares of the specialty retailer’s stock valued at $518,000 after purchasing an additional 3,950 shares during the period. Finally, Chilton Capital Management LLC purchased a new stake in shares of Alibaba Group during the 1st quarter valued at about $190,000. 13.47% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Stock Down 5.9 %

NYSE BABA opened at $94.19 on Friday. Alibaba Group Holding Limited has a 52 week low of $66.63 and a 52 week high of $117.82. The firm has a market capitalization of $225.58 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 0.43 and a beta of 0.35. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.17. The company has a fifty day moving average of $97.25 and a two-hundred day moving average of $84.97.

Alibaba Group (NYSE:BABA) last issued 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. The company had revenue of $243.24 billion for the quarter, compared to the consensus estimate of $248.32 billion. Alibaba Group had a net margin of 7.31% and a return on equity of 12.08%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.47 EPS. On average, analysts predict that Alibaba Group Holding Limited will post 8.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays raised their price objective on shares of Alibaba Group from $107.00 to $137.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Susquehanna dropped their price target on shares of Alibaba Group from $135.00 to $130.00 and set a “positive” rating on the stock in a research note on Monday, August 19th. 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 lowered their target price on Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. upped 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. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.13.

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.