Primecap Management Co. CA Buys 1,074,175 Shares of Alibaba Group Holding Limited (NYSE:BABA)

Primecap Management Co. CA grew its stake in shares of Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 5.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,870,987 shares of the specialty retailer's stock after purchasing an additional 1,074,175 shares during the period. Alibaba Group comprises about 1.1% of Primecap Management Co. CA's holdings, making the stock its 21st biggest holding. Primecap Management Co. CA owned 0.86% of Alibaba Group worth $1,574,711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of BABA. ICA Group Wealth Management LLC lifted its stake in 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 acquiring an additional 128 shares in the last quarter. Bogart Wealth LLC lifted its stake in Alibaba Group by 16.7% in the 1st quarter. Bogart Wealth LLC now owns 990 shares of the specialty retailer's stock worth $72,000 after acquiring an additional 142 shares in the last quarter. Legacy Advisors LLC lifted its stake in Alibaba Group by 1.4% in the 4th quarter. Legacy Advisors LLC now owns 10,658 shares of the specialty retailer's stock worth $826,000 after acquiring an additional 145 shares in the last quarter. North Star Investment Management Corp. lifted its stake in Alibaba Group by 11.2% in the 1st quarter. North Star Investment Management Corp. now owns 1,533 shares of the specialty retailer's stock worth $111,000 after acquiring an additional 154 shares in the last quarter. Finally, Evolution Wealth Advisors LLC lifted its stake in Alibaba Group by 4.1% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 4,004 shares of the specialty retailer's stock worth $288,000 after acquiring an additional 158 shares in the last quarter. 13.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BABA has been the subject of a number of recent research reports. Truist Financial cut their price target on Alibaba Group from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, August 16th. Benchmark reaffirmed a "buy" rating and set a $118.00 price target on shares of Alibaba Group in a research note on Friday, August 16th. Sanford C. Bernstein raised their price target on Alibaba Group from $80.00 to $85.00 and gave the stock a "market perform" rating in a research note on Friday, August 16th. Bank of America raised their price target on Alibaba Group from $103.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. Finally, Susquehanna cut their price target on Alibaba Group from $135.00 to $130.00 and set a "positive" rating for the company in a research note on Monday, August 19th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $107.61.

Alibaba Group Stock Performance

BABA traded up $1.10 during midday trading on Tuesday, reaching $84.70. The company's stock had a trading volume of 10,000,663 shares, compared to its average volume of 16,327,622. The stock has a market cap of $214.93 billion, a P/E ratio of 19.82, a PEG ratio of 0.43 and a beta of 0.33. The company has a fifty day simple moving average of $80.07 and a 200 day simple moving average of $77.28. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.17. Alibaba Group Holding Limited has a twelve month low of $66.63 and a twelve month high of $90.46.

Alibaba Group (NYSE:BABA - Get Free Report) last released its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.87 by $14.57. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The firm had revenue of $243.24 billion for the quarter, compared to analyst estimates of $248.32 billion. During the same quarter last year, the firm posted $2.47 EPS. The company's revenue was up 3.9% on a year-over-year basis. Research analysts expect that Alibaba Group Holding Limited will post 7.93 earnings per share for the current year.

Alibaba Group Company Profile

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.