Principal Financial Group Inc. Cuts Stock Position in Global-E Online Ltd. (NASDAQ:GLBE)

Principal Financial Group Inc. lowered its holdings in Global-E Online Ltd. (NASDAQ:GLBE - Free Report) by 63.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,748 shares of the company's stock after selling 11,617 shares during the quarter. Principal Financial Group Inc.'s holdings in Global-E Online were worth $259,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Franklin Resources Inc. purchased a new stake in Global-E Online in the third quarter worth $223,000. Tidal Investments LLC grew its position in shares of Global-E Online by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 70,792 shares of the company's stock worth $2,721,000 after buying an additional 3,129 shares during the period. Barclays PLC grew its position in shares of Global-E Online by 83.2% in the 3rd quarter. Barclays PLC now owns 29,636 shares of the company's stock worth $1,139,000 after buying an additional 13,463 shares during the period. Geode Capital Management LLC increased its stake in shares of Global-E Online by 3.4% in the 3rd quarter. Geode Capital Management LLC now owns 933,476 shares of the company's stock worth $35,722,000 after acquiring an additional 30,995 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Global-E Online during the 3rd quarter valued at about $2,843,000. 94.60% of the stock is currently owned by institutional investors.

Global-E Online Stock Performance

Shares of Global-E Online stock traded down $1.57 on Tuesday, hitting $52.55. 691,928 shares of the company traded hands, compared to its average volume of 1,002,031. Global-E Online Ltd. has a 52 week low of $28.11 and a 52 week high of $57.85. The business has a 50-day simple moving average of $49.37 and a 200 day simple moving average of $40.46. The stock has a market capitalization of $8.63 billion, a P/E ratio of -90.60 and a beta of 1.22.

Analyst Upgrades and Downgrades

GLBE has been the subject of a number of recent research reports. Raymond James lifted their price objective on Global-E Online from $41.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, November 21st. Jefferies Financial Group raised their price target on Global-E Online from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. UBS Group dropped their target price on Global-E Online from $50.00 to $48.00 and set a "buy" rating on the stock in a research report on Friday, October 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $48.00 price target on shares of Global-E Online in a research report on Monday, November 18th. Finally, JMP Securities boosted their target price on shares of Global-E Online from $46.00 to $64.00 and gave the company a "market outperform" rating in a research report on Thursday, November 21st. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.58.

Global-E Online Profile

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.