Corient Private Wealth LLC has reduced its stake in Alibaba Group Holding Limited by 11.9% during the second quarter, as reported in its latest filing with the Securities and Exchange Commission (SEC). The firm now holds 36,607 shares after selling 4,963 shares in that period, making their holdings in Alibaba valued at approximately $4.16 million.
In recent times, various institutional investors and hedge funds have also adjusted their positions in Alibaba Group. Notably, 1248 Management LLC and Ransom Advisory Ltd each acquired new stakes valued at around $26,000 in the first quarter. Additionally, Rosenberg Matthew Hamilton entered a new stake in the second quarter, similarly valued at approximately $26,000. Meanwhile, NewSquare Capital LLC has significantly increased its holdings by 65% during the same quarter, owning 330 shares valued at $37,000 after acquiring an additional 130 shares. Elkhorn Partners Limited Partnership also enhanced its position by 33.3%, now owning 400 shares worth $45,000 following a purchase of 100 shares. Overall, about 13.47% of Alibaba’s stock is held by institutional investors and hedge funds.
Wall Street analysts continue to forecast a positive outlook for Alibaba. Susquehanna recently increased its target price from $175 to $190, attributing a positive rating to the company. In contrast, Arete downgraded the stock from “buy” to “neutral,” setting its target at $172. Weiss Ratings reaffirmed a “buy (b-)” rating, and Macquarie classified it as “outperform.” However, Zacks Research issued a “strong sell” rating. Currently, seventeen analysts maintain a “Buy” rating on the stock, two suggest holding, and one recommends selling, yielding an average rating of “Moderate Buy” with a target price of $194.
As of Friday, Alibaba Group’s shares opened at $149.70. The company has experienced a twelve-month range between $80.06 and $192.67, with a market capitalization of $357.20 billion. It boasts a price-to-earnings (PE) ratio of 20.68 and a price-to-earnings-growth ratio of 2.30, reflecting its growth potential amidst market fluctuations.
Founded in 1999 by Jack Ma and co-founders in Hangzhou, China, Alibaba has evolved into one of the world’s largest e-commerce and technology entities. The company operates multiple online marketplaces, such as Alibaba.com for global B2B trade, Taobao for consumer transactions, and Tmall that caters to brand-specific storefronts in China.
As the market evolves, investor interest in Alibaba Group continues to be dynamic. The company’s robust portfolio and presence across various e-commerce platforms hint at the potential for continued growth and innovation, making it a noteworthy player in the tech sector.