Private Asset Management Inc. Has $3.53 Million Stake in Alibaba Group Holding Limited (NYSE:BABA)

Private Asset Management Inc. decreased its position in Alibaba Group Holding Limited (NYSE:BABA) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,025 shares of the specialty retailer’s stock after selling 30 shares during the period. Private Asset Management Inc.’s holdings in Alibaba Group Holding Limited were worth $3,526,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Reliance Trust Co. of Delaware raised its position in shares of Alibaba Group Holding Limited by 31.5% in the first quarter. Reliance Trust Co. of Delaware now owns 10,216 shares of the specialty retailer’s stock valued at $1,101,000 after buying an additional 2,448 shares in the last quarter. Hartwell J M Limited Partnership raised its position in Alibaba Group Holding Limited by 6.1% in the first quarter. Hartwell J M Limited Partnership now owns 49,750 shares of the specialty retailer’s stock valued at $5,365,000 after buying an additional 2,850 shares during the period. CWM LLC raised its position in Alibaba Group Holding Limited by 2.7% in the first quarter. CWM LLC now owns 11,665 shares of the specialty retailer’s stock valued at $1,258,000 after buying an additional 304 shares during the period. State of New Jersey Common Pension Fund D raised its position in Alibaba Group Holding Limited by 6.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 893,522 shares of the specialty retailer’s stock valued at $96,348,000 after buying an additional 51,629 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in Alibaba Group Holding Limited by 4.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 47,222 shares of the specialty retailer’s stock valued at $5,092,000 after buying an additional 1,912 shares during the period. 36.24% of the stock is currently owned by institutional investors and hedge funds.

Alibaba Group Holding Limited (NYSE:BABA) opened at 153.15 on Thursday. The stock’s 50 day moving average is $139.86 and its 200-day moving average is $115.74. The stock has a market capitalization of $387.47 billion, a price-to-earnings ratio of 61.26 and a beta of 2.62. Alibaba Group Holding Limited has a 52-week low of $81.94 and a 52-week high of $156.41.

Alibaba Group Holding Limited (NYSE:BABA) last announced its quarterly earnings data on Thursday, May 18th. The specialty retailer reported $0.63 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.26 billion. Alibaba Group Holding Limited had a net margin of 27.51% and a return on equity of 15.40%. During the same quarter in the previous year, the business earned $0.47 earnings per share. Equities research analysts anticipate that Alibaba Group Holding Limited will post $4.57 EPS for the current fiscal year.

Alibaba Group Holding Limited announced that its Board of Directors has approved a stock buyback plan on Thursday, May 18th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

BABA has been the subject of several research analyst reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $130.00 price objective (up from $117.00) on shares of Alibaba Group Holding Limited in a research report on Sunday, April 2nd. Goldman Sachs Group, Inc. (The) set a $179.00 price objective on Alibaba Group Holding Limited and gave the stock a “buy” rating in a research report on Friday, June 9th. Benchmark Co. initiated coverage on Alibaba Group Holding Limited in a research report on Tuesday, April 18th. They issued a “buy” rating and a $140.00 price objective for the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $120.00 price objective on shares of Alibaba Group Holding Limited in a research report on Tuesday, May 23rd. Finally, CIBC lifted their price objective on Alibaba Group Holding Limited from $130.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the stock. Alibaba Group Holding Limited currently has an average rating of “Buy” and a consensus target price of $140.69.

Alibaba Group Holding Limited Company Profile

Alibaba Group Holding Limited is a holding company. Through its subsidiaries, the Company is engaged in online and mobile commerce through offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in the People’s Republic of China (China) and internationally.