Allspring Global Investments Holdings LLC Sells 1,612,495 Shares of Alibaba Group Holding Limited $BABA

Allspring Global Investments Holdings LLC cut its stake in shares of Alibaba Group Holding Limited (NYSE:BABA) by 99.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,406 shares of the specialty retailer’s stock after selling 1,612,495 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Alibaba Group were worth $1,300,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BABA. 1248 Management LLC purchased a new stake in Alibaba Group during the first quarter valued at $26,000. North Ridge Wealth Advisors Inc. bought a new position in shares of Alibaba Group in the 1st quarter valued at about $26,000. Summit Securities Group LLC grew its position in Alibaba Group by 100.3% in 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 in the last quarter. Ransom Advisory Ltd bought a new stake in Alibaba Group during the first quarter worth approximately $26,000. Finally, Hazlett Burt & Watson Inc. raised its position in 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 purchasing an additional 196 shares during the period. 13.47% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Trading Down 0.5%

NYSE:BABA opened at $165.87 on Thursday. Alibaba Group Holding Limited has a 12-month low of $80.06 and a 12-month high of $192.67. The firm has a market cap of $395.45 billion, a PE ratio of 19.29, a price-to-earnings-growth ratio of 2.23 and a beta of 0.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.19. The stock has a fifty day moving average price of $153.75 and a 200 day moving average price of $129.55.

Analysts Set New Price Targets

BABA has been the subject of a number of research analyst reports. Citigroup reiterated a “buy” rating on shares of Alibaba Group in a report on Wednesday, September 24th. CLSA boosted their price target on Alibaba Group from $155.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Wall Street Zen downgraded Alibaba Group from a “buy” rating to a “hold” rating in a report on Friday, June 27th. Bank of America lifted their target price on Alibaba Group from $168.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Arete upgraded Alibaba Group from a “neutral” rating to a “buy” rating and set a $152.00 price target on the stock in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.18.

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.