Procyon Advisors LLC Cuts Position in Alibaba Group Holding Limited $BABA

Key Points

• Procyon Advisors LLC significantly reduced its stake in Alibaba Group, selling 21,616 shares to hold only 2,366 shares, worth approximately $268,000, after a 90.1% decrease during the second quarter.
• Other large investors have increased their holdings in Alibaba, with notable increases from Aaron Wealth Advisors LLC (up 46.1%) and Fiduciary Alliance LLC (up 18.2%).
• Several analysts have raised their price targets for Alibaba, with Barclays setting a new price objective at $190.00 while maintaining an "overweight" rating.

Procyon Advisors LLC trimmed its holdings in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 90.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,366 shares of the specialty retailer's stock after selling 21,616 shares during the period. Procyon Advisors LLC's holdings in Alibaba Group were worth $268,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. North Ridge Wealth Advisors Inc. bought a new stake in Alibaba Group during the first quarter worth approximately $26,000. Summit Securities Group LLC grew its stake 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 valued at $26,000 after buying 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 valued at approximately $26,000. 1248 Management LLC bought a new position in shares of Alibaba Group during the first quarter valued at approximately $26,000. Finally, Hazlett Burt & Watson Inc. grew its stake 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 valued at $27,000 after buying an additional 196 shares during the last quarter. 13.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BABA shares. Zacks Research raised Alibaba Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Susquehanna boosted their price target on Alibaba Group from $175.00 to $190.00 and gave the company a "positive" rating in a report on Thursday, September 18th. Benchmark boosted their price target on Alibaba Group from $176.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Arete upgraded Alibaba Group from a "neutral" rating to a "buy" rating and set a $152.00 target price for the company in a report on Wednesday, September 3rd. Finally, Barclays upped their target price on Alibaba Group from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $168.81.

Alibaba Group Price Performance

BABA stock traded up $2.47 during trading on Tuesday, hitting $166.72. The stock had a trading volume of 6,731,396 shares, compared to its average volume of 21,439,230. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.45 and a quick ratio of 1.45. The company's 50-day moving average price is $130.04 and its two-hundred day moving average price is $123.54. Alibaba Group Holding Limited has a twelve month low of $80.06 and a twelve month high of $167.83. The stock has a market capitalization of $397.46 billion, a P/E ratio of 19.38, a PEG ratio of 2.00 and a beta of 0.11.

Alibaba Group Company 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.