Global-e Online Ltd. $GLBE Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. cut its Global-e Online stake by 70.7% in the first quarter, selling 570,781 shares and leaving it with 236,039 shares valued at about $7.28 million.
• Insider selling continued, with CEO Amir Schlachet and President Nir Debbi both selling shares in early July; insiders have sold 375,129 shares worth $12.88 million over the last 90 days.
• Wall Street remains generally bullish on GLBE, with analysts assigning an average “Moderate Buy” rating and a consensus price target of $44.33, while the stock recently traded at $38.75.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Global-e Online Ltd. (NASDAQ:GLBE - Free Report) by 70.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 236,039 shares of the company's stock after selling 570,781 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.14% of Global-e Online worth $7,282,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GLBE. Wasatch Advisors LP raised its position in shares of Global-e Online by 34.0% in the 1st quarter. Wasatch Advisors LP now owns 6,458,588 shares of the company's stock worth $199,247,000 after buying an additional 1,637,482 shares during the period. Price T Rowe Associates Inc. MD grew its position in Global-e Online by 68.5% during the fourth 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 grew its position in 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 acquiring an additional 211,034 shares during the period. Arohi Asset Management PTE Ltd. increased its stake in Global-e Online by 0.6% during the fourth quarter. Arohi Asset Management PTE Ltd. now owns 3,780,304 shares of the company's stock worth $148,604,000 after acquiring an additional 23,213 shares during the last quarter. Finally, Brown Capital Management LLC increased its stake in Global-e Online by 0.6% during the fourth quarter. Brown Capital Management LLC now owns 2,404,856 shares of the company's stock worth $94,535,000 after acquiring an additional 15,014 shares during the last quarter. Institutional investors and hedge funds own 94.60% of the company's stock.

Global-e Online Stock Performance

GLBE stock opened at $38.75 on Wednesday. Global-e Online Ltd. has a 1 year low of $26.84 and a 1 year high of $41.94. The firm has a market cap of $6.58 billion, a P/E ratio of 59.62 and a beta of 1.06. The stock has a 50-day simple moving average of $32.71 and a 200-day simple moving average of $33.92.

Insider Activity

In other news, CEO Amir Schlachet sold 24,999 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $37.09, for a total value of $927,212.91. Following the completion of the sale, the chief executive officer owned 4,116,728 shares of the company's stock, valued at approximately $152,689,441.52. The trade was a 0.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Nir Debbi sold 8,332 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $35.82, for a total value of $298,452.24. Following the sale, the president owned 4,534,449 shares in the company, valued at $162,423,963.18. The trade was a 0.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 375,129 shares of company stock worth $12,881,238 over the last ninety days. Corporate insiders own 11.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Bank of America assumed coverage on Global-e Online in a report on Tuesday, March 31st. They issued a "buy" rating and a $43.00 price objective on the stock. Raymond James Financial reiterated an "outperform" rating and set a $42.00 target price on shares of Global-e Online in a report on Wednesday, May 13th. Needham & Company LLC restated a "buy" rating on shares of Global-e Online in a report on Wednesday, May 27th. UBS Group reduced their price target on shares of Global-e Online from $52.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, March 31st. Finally, Benchmark reiterated a "buy" rating on shares of Global-e Online in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.33.

About Global-e Online

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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