Fred Alger Management LLC Invests $2.45 Million in Alibaba Group Holding Limited (NYSE:BABA)

Fred Alger Management LLC purchased a new stake in Alibaba Group Holding Limited (NYSE:BABA) in the third quarter, Holdings Channel.com reports. The firm purchased 23,083 shares of the specialty retailer’s stock, valued at approximately $2,450,000.

A number of other hedge funds have also recently bought and sold shares of BABA. Icon Wealth Advisors LLC boosted its stake in Alibaba Group by 14.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 1,661 shares of the specialty retailer’s stock valued at $176,000 after acquiring an additional 210 shares during the last quarter. Capstone Investment Advisors LLC lifted its position in shares of Alibaba Group by 32.8% during the third quarter. Capstone Investment Advisors LLC now owns 60,750 shares of the specialty retailer’s stock worth $6,447,000 after purchasing an additional 15,000 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Alibaba Group by 10.5% in the third quarter. Hantz Financial Services Inc. now owns 37,454 shares of the specialty retailer’s stock worth $3,975,000 after purchasing an additional 3,554 shares in the last quarter. Hyperion Capital Advisors LP bought a new stake in Alibaba Group in the third quarter valued at about $257,000. Finally, Financial Counselors Inc. lifted its holdings in Alibaba Group by 4.7% during the 3rd quarter. Financial Counselors Inc. now owns 3,664 shares of the specialty retailer’s stock worth $389,000 after buying an additional 166 shares during the last quarter. Institutional investors and hedge funds own 13.47% of the company’s stock.

Alibaba Group Trading Up 0.9 %

Alibaba Group stock opened at $87.37 on Monday. Alibaba Group Holding Limited has a 12-month low of $66.63 and a 12-month high of $117.82. The stock has a market capitalization of $209.05 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.43 and a beta of 0.35. The firm has a 50 day simple moving average of $98.45 and a 200-day simple moving average of $86.11. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.37 and a quick ratio of 1.37.

Alibaba Group (NYSE:BABA) last issued its quarterly earnings results on Friday, November 15th. The specialty retailer reported $15.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $13.19. The company had revenue of $236.50 billion for the quarter, compared to analysts’ expectations of $239.45 billion. Alibaba Group had a return on equity of 12.28% and a net margin of 8.98%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.82 EPS. As a group, equities research analysts expect that Alibaba Group Holding Limited will post 8.44 EPS for the current fiscal year.

Analysts Set New Price Targets

BABA has been the topic of several research reports. Robert W. Baird upped their price target on Alibaba Group from $88.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Mizuho increased their target price on shares of Alibaba Group from $92.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. Susquehanna decreased their price target on shares of Alibaba Group from $135.00 to $130.00 and set a “positive” rating for the company in a report on Monday, August 19th. Loop Capital reiterated a “buy” rating and set a $115.00 price objective on shares of Alibaba Group in a research note on Thursday, August 29th. Finally, Truist Financial decreased their target price on Alibaba Group from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $114.07.

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.