Fisher Asset Management Boosts Alibaba Stake by 390,883 Shares

Fisher Asset Management LLC has increased its holdings in Alibaba Group Holding Limited (NYSE: BABA) by 8.0% during the second quarter of 2023. The firm now owns a total of 5,267,441 shares of the Chinese e-commerce giant after acquiring an additional 390,883 shares. As of the end of the most recent quarter, these holdings were valued at approximately $597.4 million.

Several other institutional investors have also adjusted their positions in Alibaba Group. For instance, Panagora Asset Management Inc. expanded its stake in the company by 6.3%, bringing its total to 44,854 shares valued at $5.1 million. Everstar Asset Management LLC raised its holdings by 9.1%, now owning 12,858 shares worth around $1.5 million. VestGen Advisors LLC made a significant move, increasing its position by 229.4% to 9,983 shares valued at approximately $1.1 million. Trustmark Bank Trust Department also raised its stake by 174.5%, now holding 19,386 shares worth $2.2 million. Pursue Wealth Partners LLC saw the most dramatic increase, expanding its stake by 449.4% to 16,141 shares valued at about $1.8 million.

As a result of these movements, institutional investors and hedge funds now collectively own 13.47% of Alibaba’s stock.

Analysts Update Price Targets

In addition to these changes in ownership, analysts have been adjusting their price targets for Alibaba Group. Bank of America raised its target from $168.00 to $195.00 with a “buy” rating on September 24, 2023. CLSA also increased its target from $155.00 to $200.00, maintaining an “outperform” rating. Jefferies Financial Group set a new target of $230.00, up from $178.00, and reaffirmed a “buy” rating on September 29, 2023. Barclays similarly raised its target from $190.00 to $195.00, giving the stock an “overweight” rating.

Currently, one equity research analyst has rated Alibaba as a “Strong Buy”, eighteen analysts have assigned a “Buy” rating, and one analyst has given a “Sell” rating. According to MarketBeat data, the average rating for Alibaba is “Moderate Buy,” with a consensus target price of $191.89.

Performance Overview of Alibaba Group

On Monday, shares of Alibaba Group opened at $157.19. The company maintains a robust financial profile, with a debt-to-equity ratio of 0.19, and both a quick and current ratio of 1.45. Its market capitalization stands at approximately $375.06 billion, with a price-to-earnings ratio of 18.28 and a P/E/G ratio of 2.40. Over the past year, the stock has fluctuated significantly, recording a low of $80.06 and a high of $192.67. The company’s 50-day simple moving average is $168.30, while the 200-day simple moving average is $138.89.

Alibaba Group Holding Limited operates through its subsidiaries to provide technology infrastructure and marketing services for merchants, brands, and retailers, both in China and internationally. The company is segmented into various sectors, including China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives.

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