Primoris Wealth Advisors LLC Sells 7,138 Shares of Alibaba Group Holding Limited (NYSE:BABA)

Primoris Wealth Advisors LLC lowered its position in Alibaba Group Holding Limited (NYSE:BABA) by 48.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,570 shares of the specialty retailer’s stock after selling 7,138 shares during the period. Primoris Wealth Advisors LLC’s holdings in Alibaba Group were worth $803,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BABA. ICA Group Wealth Management LLC raised its position in shares of Alibaba Group by 14.6% in the 2nd quarter. ICA Group Wealth Management LLC now owns 1,004 shares of the specialty retailer’s stock worth $72,000 after purchasing an additional 128 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Alibaba Group by 4.3% during the third quarter. Cornerstone Wealth Management LLC now owns 3,400 shares of the specialty retailer’s stock valued at $361,000 after acquiring an additional 139 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in Alibaba Group by 3.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,857 shares of the specialty retailer’s stock worth $515,000 after acquiring an additional 143 shares during the last quarter. Concord Wealth Partners lifted its position in Alibaba Group by 155.0% in the 3rd quarter. Concord Wealth Partners now owns 255 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 155 shares in the last quarter. Finally, EPIQ Capital Group LLC boosted its stake in Alibaba Group by 0.3% during the 2nd quarter. EPIQ Capital Group LLC now owns 46,091 shares of the specialty retailer’s stock valued at $3,396,000 after purchasing an additional 157 shares during the last quarter. Hedge funds and other institutional investors own 13.47% of the company’s stock.

Alibaba Group Price Performance

NYSE:BABA traded down $5.95 during trading hours on Friday, reaching $94.19. The stock had a trading volume of 24,879,795 shares, compared to its average volume of 17,664,545. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market capitalization of $225.58 billion, a PE ratio of 24.65, a PEG ratio of 0.46 and a beta of 0.35. Alibaba Group Holding Limited has a 52 week low of $66.63 and a 52 week high of $117.82. The company has a 50 day moving average price of $97.25 and a two-hundred day moving average price of $84.97.

Alibaba Group (NYSE:BABA) last announced its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $14.57. The firm had revenue of $243.24 billion during the quarter, compared to analysts’ expectations of $248.32 billion. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 EPS. As a group, sell-side analysts anticipate that Alibaba Group Holding Limited will post 8.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Macquarie upgraded shares of Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 price target for the company in a research note on Monday, October 7th. Jefferies Financial Group reiterated a “buy” rating and set a $116.00 target price on shares of Alibaba Group in a research note on Friday, July 26th. Truist Financial dropped their price target on Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Loop Capital reiterated a “buy” rating and set a $115.00 price objective on shares of Alibaba Group in a research report on Thursday, August 29th. Finally, Robert W. Baird raised their target price on Alibaba Group from $88.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Alibaba Group currently has an average rating of “Moderate Buy” and a consensus price target of $113.13.

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.