Northern Trust Corp Buys 126,959 Shares of Alibaba Group Holding Limited $BABA

Key Points

• Northern Trust Corp increased its stake in Alibaba Group by 8.4%, acquiring an additional 126,959 shares, bringing its total holdings to approximately 1.63 million shares valued at $216.8 million.
• Several institutional investors, including American Century Companies Inc. and Fiduciary Alliance LLC, have also made significant adjustments to their Alibaba holdings during the first quarter of 2023.
• Research reports indicate a consensus rating of "Moderate Buy" for Alibaba shares, with price targets being adjusted downward, reflecting varying analyst opinions on the company's stock performance.

Northern Trust Corp grew its stake in shares of Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 8.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,639,918 shares of the specialty retailer's stock after buying an additional 126,959 shares during the quarter. Northern Trust Corp owned approximately 0.07% of Alibaba Group worth $216,846,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. grew its stake in shares of Alibaba Group by 52.1% during the first quarter. American Century Companies Inc. now owns 2,293,085 shares of the specialty retailer's stock worth $303,215,000 after buying an additional 785,494 shares during the last quarter. WCM Investment Management LLC bought a new stake in shares of Alibaba Group during the first quarter worth $4,074,000. KMG Fiduciary Partners LLC acquired a new position in shares of Alibaba Group during the first quarter worth $1,948,000. Avaii Wealth Management LLC acquired a new position in shares of Alibaba Group during the first quarter worth $563,000. Finally, Fiduciary Alliance LLC lifted its holdings in shares of Alibaba Group by 18.3% during the first quarter. Fiduciary Alliance LLC now owns 117,943 shares of the specialty retailer's stock worth $15,596,000 after purchasing an additional 18,230 shares during the period. Institutional investors own 13.47% of the company's stock.

Analyst Ratings Changes

BABA has been the topic of a number of recent research reports. Robert W. Baird cut their price target on shares of Alibaba Group from $147.00 to $142.00 and set an "outperform" rating on the stock in a report on Friday, May 16th. Arete Research lowered shares of Alibaba Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 24th. Arete lowered shares of Alibaba Group from a "buy" rating to a "neutral" rating and set a $153.00 price target on the stock. in a report on Tuesday, June 24th. Mizuho cut their price target on shares of Alibaba Group from $170.00 to $160.00 and set an "outperform" rating on the stock in a report on Friday, May 16th. Finally, Barclays cut their price target on shares of Alibaba Group from $180.00 to $145.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Alibaba Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.67.

Alibaba Group Price Performance

BABA stock opened at $118.1350 on Friday. The firm has a market cap of $281.73 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.76 and a beta of 0.17. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.19. Alibaba Group Holding Limited has a 12-month low of $79.21 and a 12-month high of $148.43. The company's fifty day simple moving average is $116.21 and its 200 day simple moving average is $120.87.

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.

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