Assenagon Asset Management S.A. Purchases 5,715,155 Shares of Alibaba Group Holding Limited (NYSE:BABA)

by · The Markets Daily

Assenagon Asset Management S.A. increased its holdings in shares of Alibaba Group Holding Limited (NYSE:BABA – Free Report) by 1,392.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,125,542 shares of the specialty retailer’s stock after acquiring an additional 5,715,155 shares during the quarter. Alibaba Group comprises about 1.2% of Assenagon Asset Management S.A.’s investment portfolio, making the stock its 13th largest holding. Assenagon Asset Management S.A. owned approximately 0.24% of Alibaba Group worth $650,043,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Global Assets Advisory LLC acquired a new stake in Alibaba Group during the first quarter worth about $2,023,000. Sound Income Strategies LLC increased its stake in Alibaba Group by 94.1% in the first quarter. Sound Income Strategies LLC now owns 1,526 shares of the specialty retailer’s stock valued at $110,000 after acquiring an additional 740 shares during the last quarter. Sunbelt Securities Inc. raised its position in Alibaba Group by 11.9% during the first quarter. Sunbelt Securities Inc. now owns 12,697 shares of the specialty retailer’s stock valued at $919,000 after purchasing an additional 1,353 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in Alibaba Group during the first quarter worth $85,000. Finally, Procyon Advisors LLC boosted its holdings in shares of Alibaba Group by 25.1% in the 1st quarter. Procyon Advisors LLC now owns 20,666 shares of the specialty retailer’s stock valued at $1,495,000 after purchasing an additional 4,153 shares in the last quarter. 13.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BABA has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on Alibaba Group from $100.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Loop Capital restated a “buy” rating and issued a $115.00 price target on shares of Alibaba Group in a research note on Thursday, August 29th. Morgan Stanley reaffirmed an “equal weight” rating and set a $90.00 price target on shares of Alibaba Group in a report on Friday, August 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $116.00 price objective on shares of Alibaba Group in a research note on Friday, July 26th. Finally, Barclays boosted their price target on Alibaba Group from $107.00 to $137.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Alibaba Group has an average rating of “Moderate Buy” and an average target price of $114.00.

View Our Latest Analysis on Alibaba Group

Alibaba Group Stock Down 2.0 %

BABA traded down $1.92 during midday trading on Thursday, hitting $96.08. The company had a trading volume of 9,191,733 shares, compared to its average volume of 17,845,982. Alibaba Group Holding Limited has a 52 week low of $66.63 and a 52 week high of $117.82. The company has a market capitalization of $243.80 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 0.55 and a beta of 0.35. The stock’s 50 day moving average price is $93.46 and its 200 day moving average price is $82.82. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.17.

Alibaba Group (NYSE:BABA – Get Free Report) last announced its quarterly earnings data on Thursday, August 15th. The specialty retailer reported $16.44 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $14.57. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The firm had revenue of $243.24 billion during the quarter, compared to analysts’ expectations of $248.32 billion. During the same quarter last year, the firm posted $2.47 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Alibaba Group Holding Limited will post 7.93 earnings per share for the current fiscal year.

Alibaba Group Company Profile

(Free Report)

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.

Further Reading

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