Alibaba Group Holding Limited $BABA Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC decreased its stake in shares of Alibaba Group Holding Limited (NYSE:BABA) by 21.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,583 shares of the specialty retailer’s stock after selling 11,958 shares during the quarter. NewEdge Wealth LLC’s holdings in Alibaba Group were worth $7,018,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of BABA. Norges Bank purchased a new position in Alibaba Group during the 2nd quarter worth approximately $527,243,000. Alkeon Capital Management LLC purchased a new position in Alibaba Group in the second quarter valued at $184,291,000. Clear Street LLC acquired a new position in Alibaba Group in the 2nd quarter worth about $58,503,000. National Bank of Canada FI raised its stake in shares of Alibaba Group by 373.5% during the 2nd quarter. National Bank of Canada FI now owns 602,233 shares of the specialty retailer’s stock worth $68,294,000 after buying an additional 475,053 shares during the period. Finally, Fisher Asset Management LLC raised its position in Alibaba Group by 8.0% during the second quarter. Fisher Asset Management LLC now owns 5,267,441 shares of the specialty retailer’s stock worth $597,381,000 after acquiring an additional 390,883 shares during the period. 13.47% of the stock is currently owned by hedge funds and other institutional investors.

Alibaba Group Trading Down 0.9%

BABA opened at $154.35 on Friday. The company has a market cap of $368.50 billion, a P/E ratio of 21.32, a PEG ratio of 3.41 and a beta of 0.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.46 and a current ratio of 1.46. Alibaba Group Holding Limited has a one year low of $95.73 and a one year high of $192.67. The business’s 50-day simple moving average is $159.00 and its 200-day simple moving average is $155.98.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BABA shares. Citigroup increased their target price on Alibaba Group from $218.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Alibaba Group in a report on Wednesday, January 21st. Freedom Capital cut Alibaba Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Rosenblatt Securities set a $195.00 target price on shares of Alibaba Group in a report on Wednesday, November 26th. Finally, Benchmark restated a “buy” rating and set a $195.00 target price on shares of Alibaba Group in a report on Tuesday, November 25th. Seventeen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.17.

Alibaba Group Profile

Alibaba Group Holding Limited is a Chinese multinational conglomerate founded in 1999 in Hangzhou, China, by Jack Ma and a group of co?founders. The company built its business around internet-based commerce and related services and has grown into one of the largest e-commerce and technology companies in the world. Alibaba completed a high?profile initial public offering on the New York Stock Exchange in 2014.

The company operates a portfolio of online marketplaces and platforms serving different customer segments: Alibaba.com for global and domestic B2B trade, Taobao for consumer-to-consumer shopping, and Tmall for brand and retailer storefronts targeted at Chinese consumers.