Alliancebernstein L.P. Sells 602,915 Shares of Alibaba Group Holding Limited $BABA

Key Points

• Alliancebernstein L.P. reduced its stake in Alibaba Group by 52.9%, selling over 600,000 shares in the first quarter, bringing its total holdings to around 537,000 shares valued at $71 million.
• Several institutional investors increased their investments in Alibaba during the same quarter, with Hazlett Burt & Watson Inc. raising their holdings by an impressive 1,960%.
• Analyst ratings for Alibaba Group have improved, with Arete Research upgrading the stock to a "strong-buy" and Citigroup raising the price target from $148 to $187.

Alliancebernstein L.P. reduced its holdings in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 52.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 537,371 shares of the specialty retailer's stock after selling 602,915 shares during the quarter. Alliancebernstein L.P.'s holdings in Alibaba Group were worth $71,057,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Brighton Jones LLC increased its position in Alibaba Group by 40.4% in the 4th quarter. Brighton Jones LLC now owns 3,411 shares of the specialty retailer's stock worth $289,000 after buying an additional 981 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Alibaba Group by 13.0% in the fourth quarter. Ameriprise Financial Inc. now owns 471,652 shares of the specialty retailer's stock worth $39,992,000 after acquiring an additional 54,342 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in Alibaba Group during the fourth quarter worth $439,000. Captrust Financial Advisors raised its stake in Alibaba Group by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 11,200 shares of the specialty retailer's stock valued at $950,000 after purchasing an additional 536 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its holdings in Alibaba Group by 87.1% in the 4th quarter. CoreCap Advisors LLC now owns 2,530 shares of the specialty retailer's stock valued at $215,000 after purchasing an additional 1,178 shares during the period. 13.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BABA has been the subject of a number of research analyst reports. Morgan Stanley set a $180.00 price objective on shares of Alibaba Group in a research report on Wednesday, May 14th. Arete raised Alibaba Group from a "neutral" rating to a "buy" rating and set a $152.00 price objective on the stock in a report on Wednesday. Sanford C. Bernstein reiterated an "outperform" rating and set a $160.00 price target on shares of Alibaba Group in a research note on Saturday, August 30th. Loop Capital set a $176.00 price target on shares of Alibaba Group in a report on Friday, May 16th. Finally, Arete Research raised shares of Alibaba Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $163.53.

Alibaba Group Price Performance

BABA stock traded up $4.57 during trading on Friday, hitting $135.49. 19,166,179 shares of the stock traded hands, compared to its average volume of 17,007,000. The stock has a market cap of $323.03 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 1.89 and a beta of 0.11. Alibaba Group Holding Limited has a one year low of $80.06 and a one year high of $148.43. The company has a current ratio of 1.45, a quick ratio of 1.55 and a debt-to-equity ratio of 0.19. The company has a 50 day simple moving average of $119.59 and a 200 day simple moving average of $122.09.

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.