Fred Alger Management LLC Trims Holdings in Alibaba Group Holding Limited $BABA

Fred Alger Management LLC reduced its stake in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 91.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 12,816 shares of the specialty retailer's stock after selling 145,286 shares during the quarter. Fred Alger Management LLC's holdings in Alibaba Group were worth $1,695,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in BABA. North Ridge Wealth Advisors Inc. acquired a new position in Alibaba Group during the first quarter worth $26,000. Summit Securities Group LLC raised its holdings in shares of Alibaba Group by 100.3% in the 1st quarter. Summit Securities Group LLC now owns 200 shares of the specialty retailer's stock valued at $26,000 after buying an additional 59,000 shares during the period. Hazlett Burt & Watson Inc. lifted its stake in Alibaba Group by 1,960.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 206 shares of the specialty retailer's stock worth $27,000 after acquiring an additional 196 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in Alibaba Group during the 1st quarter valued at about $31,000. Finally, Inlight Wealth Management LLC acquired a new position in Alibaba Group in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 13.47% of the company's stock.

Alibaba Group Trading Up 4.2%

Shares of NYSE:BABA opened at $147.15 on Wednesday. Alibaba Group Holding Limited has a 52 week low of $80.06 and a 52 week high of $148.43. The company's 50 day moving average is $120.81 and its two-hundred day moving average is $122.15. The company has a market cap of $350.84 billion, a PE ratio of 17.11, a P/E/G ratio of 1.97 and a beta of 0.11. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.19.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Morgan Stanley set a $180.00 price target on shares of Alibaba Group in a research report on Wednesday, May 14th. Wall Street Zen lowered shares of Alibaba Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Bank of America raised their price target on shares of Alibaba Group from $135.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Arete Research upgraded shares of Alibaba Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 3rd. Finally, Jefferies Financial Group set a $165.00 price objective on Alibaba Group and gave the company a "buy" rating in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $166.53.

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.