Concorde Asset Management LLC Buys Shares of 6,120 Alibaba Group Holding Limited $BABA

Key Points

• Concorde Asset Management LLC has invested approximately $809,000 in Alibaba Group by acquiring 6,120 shares during the first quarter of the year.
• Shares of Alibaba Group (NYSE: BABA) have seen a 1.5% decline recently, with current trading value around $136.44.
• Analysts maintain a positive outlook on Alibaba Group, with a consensus "Buy" rating and an average price target of $163.53.

Concorde Asset Management LLC bought a new stake in Alibaba Group Holding Limited (NYSE:BABA - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,120 shares of the specialty retailer's stock, valued at approximately $809,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC increased its position in Alibaba Group by 5.5% in the first quarter. Accent Capital Management LLC now owns 1,582 shares of the specialty retailer's stock worth $209,000 after purchasing an additional 82 shares during the period. Greenleaf Trust increased its position in Alibaba Group by 1.0% in the first quarter. Greenleaf Trust now owns 8,336 shares of the specialty retailer's stock worth $1,102,000 after purchasing an additional 85 shares during the period. Marcum Wealth LLC increased its position in Alibaba Group by 3.2% in the first quarter. Marcum Wealth LLC now owns 2,745 shares of the specialty retailer's stock worth $363,000 after purchasing an additional 86 shares during the period. Principal Securities Inc. increased its position in Alibaba Group by 0.5% in the first quarter. Principal Securities Inc. now owns 16,823 shares of the specialty retailer's stock worth $2,225,000 after purchasing an additional 89 shares during the period. Finally, Institute for Wealth Management LLC. increased its position in Alibaba Group by 1.1% in the first quarter. Institute for Wealth Management LLC. now owns 8,578 shares of the specialty retailer's stock worth $1,134,000 after purchasing an additional 93 shares during the period. Institutional investors own 13.47% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley set a $180.00 price objective on Alibaba Group in a research report on Wednesday, May 14th. Jefferies Financial Group set a $165.00 target price on Alibaba Group and gave the stock a "buy" rating in a research report on Friday, August 29th. Arete Research upgraded Alibaba Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Wall Street Zen lowered Alibaba Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Robert W. Baird boosted their target price on Alibaba Group from $142.00 to $153.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $163.53.

Alibaba Group Stock Up 3.5%

Shares of BABA traded up $4.57 on Friday, hitting $135.49. The company's stock had a trading volume of 19,166,179 shares, compared to its average volume of 17,007,000. The company has a quick ratio of 1.55, a current ratio of 1.45 and a debt-to-equity ratio of 0.19. The firm's fifty day moving average price is $119.59 and its 200-day moving average price is $122.09. Alibaba Group Holding Limited has a fifty-two week low of $80.06 and a fifty-two week high of $148.43. The firm has a market capitalization 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.

About Alibaba Group

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.