Assenagon Asset Management S.A. Trims Stake in Global-e Online Ltd. $GLBE

Key Points

• Assenagon Asset Management cut its stake in Global-e Online by 94% in the first quarter, selling 544,029 shares and leaving it with 34,686 shares worth about $1.07 million.
• Other institutional investors remain heavily invested in the company, with hedge funds and other institutions owning 94.6% of Global-e Online’s stock.
• Insiders have also been selling: CEO Amir Schlachet and President Nir Debbi both reduced their holdings recently, and insiders sold 287,483 shares worth about $9.56 million over the last 90 days.

Assenagon Asset Management S.A. lowered its position in Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 94.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,686 shares of the company's stock after selling 544,029 shares during the period. Assenagon Asset Management S.A.'s holdings in Global-e Online were worth $1,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Global-e Online by 68.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,872,341 shares of the company's stock valued at $230,842,000 after acquiring an additional 2,387,242 shares during the period. Contour Asset Management LLC boosted its stake in shares of Global-e Online by 4.6% during the fourth quarter. Contour Asset Management LLC now owns 4,842,069 shares of the company's stock valued at $190,342,000 after purchasing an additional 211,034 shares during the period. Wasatch Advisors LP grew its holdings in shares of Global-e Online by 40.0% in the fourth quarter. Wasatch Advisors LP now owns 4,821,106 shares of the company's stock worth $189,518,000 after purchasing an additional 1,378,035 shares during the last quarter. Arohi Asset Management PTE Ltd. grew its holdings in shares of Global-e Online by 0.6% in the fourth quarter. Arohi Asset Management PTE Ltd. now owns 3,780,304 shares of the company's stock worth $148,604,000 after purchasing an additional 23,213 shares during the last quarter. Finally, Spyglass Capital Management LLC increased its stake in Global-e Online by 63.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,703,171 shares of the company's stock worth $96,665,000 after buying an additional 1,044,960 shares during the period. Hedge funds and other institutional investors own 94.60% of the company's stock.

Insider Buying and Selling at Global-e Online

In related news, CEO Amir Schlachet sold 16,666 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $32.18, for a total transaction of $536,311.88. Following the completion of the sale, the chief executive officer directly owned 4,200,058 shares in the company, valued at $135,157,866.44. This represents a 0.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Nir Debbi sold 5,180 shares of the company's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $34.66, for a total value of $179,538.80. Following the sale, the president owned 4,542,781 shares of the company's stock, valued at $157,452,789.46. This trade represents a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 287,483 shares of company stock valued at $9,559,890. 11.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Global-e Online to an "accumulate" rating in a research report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a "buy" rating and set a $40.00 price target on shares of Global-e Online in a research note on Wednesday, May 13th. Wall Street Zen lowered Global-e Online from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Morgan Stanley dropped their price objective on Global-e Online from $43.00 to $37.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. Finally, BMO Capital Markets began coverage on Global-e Online in a report on Tuesday, April 21st. They set an "outperform" rating and a $42.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Global-e Online presently has an average rating of "Moderate Buy" and an average target price of $44.33.

Global-e Online Stock Up 3.2%

Shares of GLBE stock opened at $35.83 on Thursday. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 55.12 and a beta of 1.06. The company's 50 day moving average is $31.68 and its 200 day moving average is $34.06. Global-e Online Ltd. has a 52-week low of $26.84 and a 52-week high of $41.94.

Global-e Online Profile

Global-e Online Ltd. NASDAQ: GLBE is a leading cross-border e-commerce platform that enables online merchants to expand sales internationally. The company's cloud-based solution integrates with major e-commerce systems to offer localized checkout experiences, dynamic currency conversion, import duties and taxes calculation, fraud prevention, and compliance with local trade regulations. By managing the end-to-end complexities of global transactions, Global-e helps retailers streamline their international operations and deliver a seamless shopping experience to customers worldwide.

Central to Global-e's offering is a comprehensive suite of services that includes customizable checkout in the buyer's local language, real-time display of prices in over 140 currencies, support for region-specific payment methods, and transparent calculation of duties and taxes at point of sale.

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