Harvey Capital Management Inc. held its position in shares of Alibaba Group Holding Limited (NYSE:BABA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,250 shares of the specialty retailer’s stock at the end of the second quarter. Alibaba Group Holding Limited comprises approximately 5.3% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 2nd largest position. Harvey Capital Management Inc.’s holdings in Alibaba Group Holding Limited were worth $12,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BABA. Bank of Montreal Can raised its position in Alibaba Group Holding Limited by 45.1% in the first quarter. Bank of Montreal Can now owns 561,404 shares of the specialty retailer’s stock valued at $60,536,000 after buying an additional 174,597 shares in the last quarter. Pennsylvania Trust Co purchased a new position in Alibaba Group Holding Limited during the first quarter valued at approximately $280,000. WCM Investment Management CA raised its position in Alibaba Group Holding Limited by 7.2% in the first quarter. WCM Investment Management CA now owns 80,179 shares of the specialty retailer’s stock valued at $8,646,000 after buying an additional 5,420 shares in the last quarter. Sheets Smith Wealth Management purchased a new position in Alibaba Group Holding Limited during the first quarter valued at approximately $415,000. Finally, Raymond James Trust N.A. raised its position in Alibaba Group Holding Limited by 0.9% in the first quarter. Raymond James Trust N.A. now owns 11,220 shares of the specialty retailer’s stock valued at $1,210,000 after buying an additional 98 shares in the last quarter. Institutional investors own 36.81% of the company’s stock.

Alibaba Group Holding Limited (NYSE:BABA) traded up 2.18% during trading on Friday, hitting $167.50. The company had a trading volume of 31,492,502 shares. The company’s 50 day moving average price is $152.41 and its 200-day moving average price is $124.57. Alibaba Group Holding Limited has a 12 month low of $86.01 and a 12 month high of $169.50. The company has a market cap of $425.95 billion, a PE ratio of 56.78 and a beta of 2.64. Alibaba Group Holding Limited also was the target of some unusual options trading activity on Wednesday. Traders purchased 85,508 put options on the stock. This represents an increase of 228% compared to the average daily volume of 26,062 put options.

Alibaba Group Holding Limited (NYSE:BABA) last posted its quarterly earnings data on Thursday, August 17th. The specialty retailer reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.21. The business had revenue of $7.40 billion during the quarter, compared to analysts’ expectations of $7.16 billion. Alibaba Group Holding Limited had a net margin of 28.77% and a return on equity of 17.42%. During the same period last year, the firm posted $0.74 earnings per share. Equities analysts expect that Alibaba Group Holding Limited will post $4.74 earnings per share for the current year.

Alibaba Group Holding Limited declared that its board has initiated a stock repurchase plan on Thursday, May 18th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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Several research analysts have recently commented on BABA shares. Needham & Company LLC raised their price target on Alibaba Group Holding Limited from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, May 19th. MKM Partners restated a “buy” rating and set a $155.00 price target (up from $130.00) on shares of Alibaba Group Holding Limited in a research report on Wednesday, May 17th. Royal Bank Of Canada restated a “buy” rating and set a $120.00 price target on shares of Alibaba Group Holding Limited in a research report on Tuesday, May 16th. Vetr lowered Alibaba Group Holding Limited from a “strong-buy” rating to a “buy” rating and set a $129.84 price target for the company. in a research report on Monday, May 8th. Finally, Stifel Nicolaus restated a “buy” rating and set a $139.00 price target (up from $120.00) on shares of Alibaba Group Holding Limited in a research report on Friday, May 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-two have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $161.60.

About Alibaba Group Holding Limited

Alibaba Group Holding Limited is a holding company. Through its subsidiaries, 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 (China) and internationally.

Institutional Ownership by Quarter for Alibaba Group Holding Limited (NYSE:BABA)

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