Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Holdings in Global-E Online Ltd. (NASDAQ:GLBE)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 0.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,382,578 shares of the company’s stock after selling 20,895 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 1.45% of Global-E Online worth $86,607,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GLBE. Ables Iannone Moore & Associates Inc. bought a new position in Global-E Online in the 4th quarter worth $141,000. Intech Investment Management LLC purchased a new stake in Global-E Online in the fourth quarter worth about $233,000. J.W. Cole Advisors Inc. bought a new position in shares of Global-E Online in the fourth quarter worth about $243,000. OneAscent Financial Services LLC lifted its position in shares of Global-E Online by 15.6% during the 4th quarter. OneAscent Financial Services LLC now owns 6,528 shares of the company’s stock valued at $259,000 after buying an additional 880 shares in the last quarter. Finally, Focus Financial Network Inc. ADV bought a new position in shares of Global-E Online during the 4th quarter valued at approximately $259,000. 94.60% of the stock is currently owned by institutional investors.

Global-E Online Stock Performance

GLBE stock opened at $35.96 on Friday. The firm has a fifty day moving average price of $31.71 and a 200 day moving average price of $35.11. Global-E Online Ltd. has a fifty-two week low of $27.30 and a fifty-two week high of $45.72. The firm has a market cap of $5.91 billion, a PE ratio of -48.59 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last released its quarterly earnings data on Monday, May 20th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.04. Global-E Online had a negative net margin of 20.52% and a negative return on equity of 18.05%. The business had revenue of $145.90 million during the quarter, compared to analyst estimates of $141.55 million. During the same quarter last year, the business earned ($0.26) earnings per share. Global-E Online’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, equities analysts predict that Global-E Online Ltd. will post -0.52 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on GLBE shares. The Goldman Sachs Group reaffirmed a “buy” rating and set a $43.00 price target on shares of Global-E Online in a report on Monday. Morgan Stanley upgraded shares of Global-E Online from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $33.00 to $37.00 in a research note on Tuesday, May 21st. Bank of America increased their price target on Global-E Online from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. JMP Securities restated a “market outperform” rating and issued a $46.00 price objective on shares of Global-E Online in a research report on Tuesday, May 28th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $40.00 target price on shares of Global-E Online in a research report on Monday, April 1st. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $43.58.

About Global-E Online

Global-E Online Ltd., together with its subsidiaries, provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online and merchants to sell from, and to, worldwide.