Alkeon Capital Management LLC Cuts Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Alkeon Capital Management LLC trimmed its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 9.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,633 shares of the company’s stock after selling 20,169 shares during the quarter. MercadoLibre makes up about 0.7% of Alkeon Capital Management LLC’s portfolio, making the stock its 19th biggest holding. Alkeon Capital Management LLC owned 0.38% of MercadoLibre worth $391,171,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after purchasing an additional 16 shares in the last quarter. Optimum Investment Advisors increased its holdings in shares of MercadoLibre by 750.0% during the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after purchasing an additional 15 shares in the last quarter. Financial Connections Group Inc. purchased a new position in shares of MercadoLibre during the 2nd quarter valued at approximately $36,000. Legacy Bridge LLC increased its holdings in MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after acquiring an additional 8 shares in the last quarter. Finally, Quarry LP purchased a new stake in MercadoLibre in the 2nd quarter worth $43,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Trading Down 3.1 %

Shares of MELI stock opened at $2,044.76 on Friday. The company’s 50-day moving average price is $2,023.33 and its 200-day moving average price is $1,865.50. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78. The stock has a market cap of $103.67 billion, a price-to-earnings ratio of 72.15, a PEG ratio of 1.39 and a beta of 1.61. MercadoLibre, Inc. has a twelve month low of $1,324.99 and a twelve month high of $2,161.73.

Wall Street Analysts Forecast Growth

MELI has been the subject of several recent analyst reports. StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. JPMorgan Chase & Co. cut their price target on shares of MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Barclays cut their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. BTIG Research cut their price target on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Raymond James initiated coverage on shares of MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target for the company. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MercadoLibre has an average rating of “Moderate Buy” and an average target price of $2,267.67.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.