Global-E Online Ltd. (NASDAQ:GLBE) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 0.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,382,578 shares of the company’s stock after selling 20,895 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Global-E Online were worth $86,607,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in shares of Global-E Online by 28.5% during the third quarter. Envestnet Asset Management Inc. now owns 84,996 shares of the company’s stock worth $3,378,000 after purchasing an additional 18,834 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Global-E Online by 66.2% in the third quarter. Hsbc Holdings PLC now owns 8,630 shares of the company’s stock worth $344,000 after acquiring an additional 3,436 shares in the last quarter. Morgan Stanley boosted its holdings in Global-E Online by 18.2% in the third quarter. Morgan Stanley now owns 15,827,478 shares of the company’s stock valued at $628,984,000 after purchasing an additional 2,438,737 shares during the period. TimesSquare Capital Management LLC grew its stake in Global-E Online by 11.4% during the 3rd quarter. TimesSquare Capital Management LLC now owns 658,700 shares of the company’s stock worth $26,177,000 after purchasing an additional 67,160 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Global-E Online by 139.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,265,548 shares of the company’s stock worth $50,293,000 after purchasing an additional 737,019 shares during the period. 94.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLBE has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $41.00 price objective on shares of Global-E Online in a research report on Tuesday, May 21st. Wells Fargo & Company restated an “overweight” rating and issued a $40.00 price objective on shares of Global-E Online in a research note on Monday, April 1st. Bank of America lifted their target price on Global-E Online from $46.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Needham & Company LLC reissued a “buy” rating and issued a $48.00 target price on shares of Global-E Online in a research report on Tuesday, May 21st. Finally, JMP Securities restated a “market outperform” rating and set a $46.00 price target on shares of Global-E Online in a research note on Tuesday, May 28th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $43.58.

Global-E Online Price Performance

Shares of GLBE stock opened at $35.96 on Friday. Global-E Online Ltd. has a 1-year low of $27.30 and a 1-year high of $45.72. The business’s fifty day moving average price is $31.71 and its 200 day moving average price is $35.11. The firm has a market capitalization of $5.91 billion, a PE ratio of -48.59 and a beta of 1.10.

Global-E Online (NASDAQ:GLBE) last posted its quarterly earnings results on Monday, May 20th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. The business had revenue of $145.90 million for the quarter, compared to analysts’ expectations of $141.55 million. Global-E Online had a negative net margin of 20.52% and a negative return on equity of 18.05%. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.26) EPS. Equities research analysts expect that Global-E Online Ltd. will post -0.52 earnings per share for the current fiscal year.

Global-E Online Company 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.