Alibaba Group Holding Ltd. (BABA) Upgraded by Zacks Investment Research to Strong-Buy
Alibaba Group Holding Ltd. (NYSE:BABA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Friday. The brokerage currently has a $117.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 14.54% from the company’s previous close.
According to Zacks, “Alibaba Group is a Chinese e-Commerce giant which caters mainly to its native market. Alibaba Group’s fiscal first-quarter results exceeded the Zacks Consensus Estimate. The solid growth in Alibaba’s China retail and mobile business as well as strength across most of the core operating metrics aided the results. The company’s dominance in the mobile commerce market, its continued efforts to develop new products, international growth opportunities and strong financial position are all positives. However, macro headwinds, continued investments and increasing competition from Tencent Holdings and Baidu remain the overhangs.”
Several other equities analysts have also weighed in on BABA. Credit Suisse Group AG reiterated an “outperform” rating and set a $100.00 price objective on shares of Alibaba Group Holding in a report on Friday, June 17th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Alibaba Group Holding in a report on Thursday, June 16th. Deutsche Bank AG restated a “buy” rating and issued a $110.00 target price on shares of Alibaba Group Holding in a report on Friday, June 17th. Robert W. Baird restated an “outperform” rating and issued a $94.00 target price on shares of Alibaba Group Holding in a report on Tuesday, June 21st. Finally, Goldman Sachs Group Inc. upped their target price on shares of Alibaba Group Holding from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, June 21st. Two analysts have rated the stock with a hold rating, thirty have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $112.19.
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Shares of Alibaba Group Holding (NYSE:BABA) opened at 102.15 on Friday. The firm has a market capitalization of $252.62 billion, a P/E ratio of 36.21 and a beta of 2.95. Alibaba Group Holding has a 12 month low of $59.25 and a 12 month high of $109.87. The firm’s 50-day moving average is $103.04 and its 200 day moving average is $86.54.
Alibaba Group Holding (NYSE:BABA) last announced its quarterly earnings data on Thursday, August 11th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Alibaba Group Holding had a net margin of 42.95% and a return on equity of 12.31%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same quarter in the prior year, the business earned $0.59 earnings per share. On average, equities research analysts anticipate that Alibaba Group Holding will post $3.29 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Advisors Inc. boosted its position in shares of Alibaba Group Holding by 2.5% in the second quarter. Cornerstone Advisors Inc. now owns 1,594 shares of the company’s stock worth $127,000 after buying an additional 39 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Alibaba Group Holding by 1.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,407 shares of the company’s stock worth $191,000 after buying an additional 31 shares during the period. Pinnacle Financial Partners Inc. acquired a new position in shares of Alibaba Group Holding during the second quarter worth about $201,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in shares of Alibaba Group Holding during the second quarter worth about $207,000. Finally, United Asset Strategies Inc. acquired a new position in shares of Alibaba Group Holding during the second quarter worth about $210,000. 29.07% of the stock is owned by institutional investors.
Alibaba Group Holding Company Profile
Alibaba Group Holding Limited is a holding company. 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 (the PRC or China) and internationally.
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