DAVENPORT & Co LLC Sells 29,632 Shares of Alibaba Group Holding Limited $BABA

Key Points

• DAVENPORT & Co LLC reduced its position in Alibaba by 65%, selling 29,632 shares. Post-sale, they hold 15,976 shares valued at approximately $1.81 million.
• Several institutional investors increased their stakes in Alibaba, with Hazlett Burt & Watson Inc. raising their position by 1,960% in the first quarter alone.
• Alibaba received various analyst upgrades recently, with the stock's consensus price target raised to $185.71, reflecting a generally positive outlook among equity analysts.

DAVENPORT & Co LLC cut its position in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 65.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,976 shares of the specialty retailer's stock after selling 29,632 shares during the quarter. DAVENPORT & Co LLC's holdings in Alibaba Group were worth $1,812,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BABA. North Ridge Wealth Advisors Inc. bought a new position in Alibaba Group in the first quarter valued at about $26,000. Summit Securities Group LLC raised its position in shares of Alibaba Group by 100.3% during the first quarter. Summit Securities Group LLC now owns 200 shares of the specialty retailer's stock worth $26,000 after acquiring an additional 59,000 shares during the last quarter. Ransom Advisory Ltd bought a new position in shares of Alibaba Group during the first quarter worth about $26,000. 1248 Management LLC bought a new position in shares of Alibaba Group during the first quarter worth about $26,000. Finally, Hazlett Burt & Watson Inc. raised its position in shares of Alibaba Group by 1,960.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 206 shares of the specialty retailer's stock worth $27,000 after acquiring an additional 196 shares during the last quarter. 13.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Zacks Research upgraded Alibaba Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Arete upgraded Alibaba Group from a "neutral" rating to a "buy" rating and set a $152.00 price objective for the company in a research report on Wednesday, September 3rd. Sanford C. Bernstein restated an "outperform" rating and set a $160.00 price objective on shares of Alibaba Group in a research report on Saturday, August 30th. Susquehanna raised their price objective on Alibaba Group from $175.00 to $190.00 and gave the stock a "positive" rating in a research report on Thursday, September 18th. Finally, Bank of America raised their price objective on Alibaba Group from $168.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $185.71.

Alibaba Group Trading Down 4.2%

NYSE BABA opened at $173.60 on Friday. The business has a 50 day simple moving average of $145.53 and a 200 day simple moving average of $127.35. Alibaba Group Holding Limited has a one year low of $80.06 and a one year high of $192.67. The stock has a market capitalization of $413.88 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.14 and a beta of 0.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.45 and a quick ratio of 1.45.

Alibaba Group 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.

Want to see what other hedge funds are holding BABA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alibaba Group Holding Limited (NYSE:BABA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.