Fisher Asset Management LLC Sells 42,699 Shares of Alibaba Group Holding Limited $BABA

Fisher Asset Management LLC lowered its holdings in Alibaba Group Holding Limited (NYSE:BABA) by 0.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 5,053,719 shares of the specialty retailer’s stock after selling 42,699 shares during the quarter. Fisher Asset Management LLC’s holdings in Alibaba Group were worth $543,477,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Eurizon Capital SGR S.p.A. grew its stake in shares of Alibaba Group by 6.5% in the third quarter. Eurizon Capital SGR S.p.A. now owns 130,221 shares of the specialty retailer’s stock valued at $14,015,000 after buying an additional 7,955 shares in the last quarter. Silver Grove Financial Group Inc. boosted its holdings in Alibaba Group by 107.4% in the 3rd quarter. Silver Grove Financial Group Inc. now owns 618 shares of the specialty retailer’s stock worth $66,000 after acquiring an additional 320 shares during the period. Turn8 Private Wealth Inc. grew its position in Alibaba Group by 1.5% in the third quarter. Turn8 Private Wealth Inc. now owns 35,284 shares of the specialty retailer’s stock valued at $3,794,000 after acquiring an additional 525 shares in the last quarter. Inspire Trust Co. N.A. grew its position in Alibaba Group by 44.1% in the third quarter. Inspire Trust Co. N.A. now owns 49,000 shares of the specialty retailer’s stock valued at $5,269,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its position in Alibaba Group by 52.8% in the third quarter. Cornerstone Wealth Management LLC now owns 4,727 shares of the specialty retailer’s stock valued at $508,000 after acquiring an additional 1,634 shares in the last quarter. Institutional investors and hedge funds own 13.47% of the company’s stock.

Alibaba Group News Summary

Investors following BABA have been watching these news items:

• Positive Sentiment: DZ Bank upgraded Alibaba from “hold” to “buy” and set a $140 price target, signaling substantial potential upside from the reference price. DZ Bank rating
• Neutral Sentiment: Alibaba is pursuing a Hong Kong listing for semiconductor subsidiary T-Head. A separate listing could help showcase or fund its domestic chip business, though its prospects are complicated by the same U.S. chip-access concerns affecting the shares. Alibaba and Tencent shares fall on report of possible U.S. curbs
• Negative Sentiment: Additional scrutiny centers on reported links between Alibaba and Singapore-based Megaspeed International, an Nvidia partner. Allegations that financing through Singapore and Malaysia units was tied to acquiring Nvidia servers could heighten regulatory and reputational risks; the claims remain allegations. Report on Alibaba-Megaspeed financing links

Insider Buying and Selling

In other news, General Counsel Siying Yu sold 6,764 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $13.58, for a total value of $91,855.12. Following the sale, the general counsel owned 613,965 shares in the company, valued at approximately $8,337,644.70. This represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Yongming Wu purchased 350,000 shares of Alibaba Group stock in a transaction dated Monday, August 24th. The shares were bought at an average cost of $14.24 per share, for a total transaction of $4,984,000.00. Following the transaction, the chief executive officer directly owned 1,364,418 shares of the company’s stock, valued at approximately $19,429,312.32. The trade was a 34.50% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 999,971 shares of company stock worth $13,563,304. 12.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BABA shares. Barclays upped their target price on shares of Alibaba Group from $195.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, August 21st. Robert W. Baird cut their price objective on shares of Alibaba Group from $164.00 to $160.00 and set an “outperform” rating on the stock in a report on Friday, August 21st. Jefferies Financial Group reissued a “buy” rating and issued a $192.00 price objective on shares of Alibaba Group in a research report on Thursday, October 8th. Citigroup raised their target price on Alibaba Group from $190.00 to $193.00 and gave the company a “buy” rating in a research note on Thursday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on Alibaba Group from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, October 12th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Alibaba Group presently has an average rating of “Moderate Buy” and an average price target of $183.53.

Alibaba Group Trading Down 6.9%

BABA opened at $94.47 on Friday. The stock has a market capitalization of $235.03 billion, a PE ratio of 22.87, a P/E/G ratio of 1.29 and a beta of 0.44. The firm’s fifty day moving average price is $107.21 and its 200 day moving average price is $123.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.36 and a quick ratio of 1.36. Alibaba Group Holding Limited has a 12-month low of $91.99 and a 12-month high of $181.10.

Alibaba Group (NYSE:BABA) last posted its quarterly earnings data on Friday, August 14th. The specialty retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.68). The company had revenue of $39.64 billion for the quarter, compared to the consensus estimate of $39.52 billion. Alibaba Group had a net margin of 7.00% and a return on equity of 4.79%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $14.75 earnings per share. As a group, research analysts expect that Alibaba Group Holding Limited will post 5.89 EPS for the current fiscal year.

Alibaba Group Profile

Alibaba Group Holding Limited is a technology and commerce company founded in 1999 and headquartered in Hangzhou, China. It operates digital platforms that connect consumers, merchants, businesses and other participants in commerce. Its businesses include China-focused marketplaces such as Taobao and Tmall, international platforms including AliExpress and Alibaba.com, and Alibaba Cloud, which provides cloud computing and related technology services. The group also has operations in areas such as logistics, local services and digital media.