Bank of America Raises Alibaba Group (NYSE:BABA) Price Target to $124.00

Alibaba Group (NYSE:BABA) had its price target raised by investment analysts at Bank of America from $106.00 to $124.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the specialty retailer’s stock. Bank of America‘s target price would suggest a potential upside of 13.92% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Truist Financial dropped their target price on shares of Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Susquehanna dropped their price objective on shares of Alibaba Group from $135.00 to $130.00 and set a “positive” rating on the stock in a report on Monday, August 19th. Macquarie raised shares of Alibaba Group from a “neutral” rating to an “outperform” rating and set a $145.00 price objective on the stock in a report on Monday. Jefferies Financial Group reiterated a “buy” rating and issued a $116.00 target price on shares of Alibaba Group in a research note on Friday, July 26th. Finally, Benchmark restated a “buy” rating and set a $118.00 price objective on shares of Alibaba Group in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Alibaba Group has an average rating of “Moderate Buy” and an average price target of $112.18.

Alibaba Group Stock Down 0.8 %

Shares of NYSE:BABA traded down $0.83 during trading hours on Wednesday, hitting $108.85. The company’s stock had a trading volume of 23,743,182 shares, compared to its average volume of 17,827,143. Alibaba Group has a 52 week low of $66.63 and a 52 week high of $117.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $276.21 billion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 0.46 and a beta of 0.35. The firm’s fifty day moving average price is $88.02 and its 200 day moving average price is $80.45.

Alibaba Group (NYSE:BABA) last issued its quarterly earnings data on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $14.57. Alibaba Group had a net margin of 7.31% and a return on equity of 12.08%. The firm had revenue of $243.24 billion for the quarter, compared to the consensus estimate of $248.32 billion. During the same quarter in the previous year, the firm earned $2.47 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts expect that Alibaba Group will post 7.93 EPS for the current year.

Institutional Trading of Alibaba Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Alliance LLC raised its holdings in Alibaba Group by 154.1% during the first quarter. Fiduciary Alliance LLC now owns 55,229 shares of the specialty retailer’s stock worth $4,052,000 after purchasing an additional 33,490 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Alibaba Group by 462.5% during the first quarter. CANADA LIFE ASSURANCE Co now owns 169,220 shares of the specialty retailer’s stock worth $12,275,000 after acquiring an additional 139,134 shares during the last quarter. SRN Advisors LLC grew its position in shares of Alibaba Group by 76.7% during the first quarter. SRN Advisors LLC now owns 22,259 shares of the specialty retailer’s stock worth $1,611,000 after acquiring an additional 9,663 shares during the last quarter. ORG Partners LLC grew its position in shares of Alibaba Group by 52,685.7% during the first quarter. ORG Partners LLC now owns 11,085 shares of the specialty retailer’s stock worth $813,000 after acquiring an additional 11,064 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its position in Alibaba Group by 6.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 822,904 shares of the specialty retailer’s stock valued at $87,327,000 after buying an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 13.47% of the company’s stock.

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.