Fred Alger Management LLC Makes New $53.49 Million Investment in Global-E Online Ltd. (NASDAQ:GLBE)

Fred Alger Management LLC purchased a new position in shares of Global-E Online Ltd. (NASDAQ:GLBE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,391,602 shares of the company’s stock, valued at approximately $53,493,000. Fred Alger Management LLC owned approximately 0.85% of Global-E Online at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC raised its position in Global-E Online by 9.6% during the second quarter. Dragoneer Investment Group LLC now owns 14,734,024 shares of the company’s stock worth $534,403,000 after acquiring an additional 1,288,829 shares in the last quarter. Abdiel Capital Advisors LP raised its position in Global-E Online by 1.4% during the second quarter. Abdiel Capital Advisors LP now owns 6,776,495 shares of the company’s stock worth $245,783,000 after acquiring an additional 95,741 shares in the last quarter. Clearbridge Investments LLC bought a new stake in Global-E Online during the second quarter worth $83,036,000. Kayne Anderson Rudnick Investment Management LLC raised its position in Global-E Online by 30.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,639,490 shares of the company’s stock worth $59,464,000 after acquiring an additional 378,827 shares in the last quarter. Finally, Eventide Asset Management LLC raised its position in Global-E Online by 59.1% during the third quarter. Eventide Asset Management LLC now owns 1,563,254 shares of the company’s stock worth $60,091,000 after acquiring an additional 580,450 shares in the last quarter. 94.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLBE has been the topic of several research reports. JMP Securities upped their price objective on shares of Global-E Online from $46.00 to $64.00 and gave the company a “market outperform” rating in a report on Thursday, November 21st. UBS Group decreased their price objective on shares of Global-E Online from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Wells Fargo & Company upped their price objective on shares of Global-E Online from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Benchmark upped their price objective on shares of Global-E Online from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 18th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $63.00 price objective (up from $44.00) on shares of Global-E Online in a report on Thursday, November 21st. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.33.

Global-E Online Stock Performance

GLBE stock opened at $51.86 on Friday. The company’s 50-day simple moving average is $40.03 and its 200 day simple moving average is $35.72. Global-E Online Ltd. has a 52 week low of $28.11 and a 52 week high of $52.57. The company has a market capitalization of $8.52 billion, a PE ratio of -89.41 and a beta of 1.10.

About Global-E Online

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.