Global-e Online Ltd. $GLBE Stake Decreased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Global-e Online Ltd. (NASDAQ:GLBE) by 70.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 236,039 shares of the company’s stock after selling 570,781 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Global-e Online were worth $7,282,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Seelaus Asset Management LLC acquired a new stake in Global-e Online in the 1st quarter valued at approximately $231,000. Bronte Capital Management Pty Ltd. acquired a new position in Global-e Online during the 1st quarter worth $6,574,000. Pictet Asset Management Holding SA boosted its position in Global-e Online by 5.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 28,002 shares of the company’s stock worth $864,000 after acquiring an additional 1,321 shares during the period. Wasatch Advisors LP grew its stake in shares of Global-e Online by 34.0% in the first quarter. Wasatch Advisors LP now owns 6,458,588 shares of the company’s stock worth $199,247,000 after purchasing an additional 1,637,482 shares in the last quarter. Finally, Barton Investment Management increased its holdings in shares of Global-e Online by 0.8% during the first quarter. Barton Investment Management now owns 1,088,214 shares of the company’s stock valued at $33,571,000 after purchasing an additional 8,960 shares during the period. 94.60% of the stock is owned by institutional investors.

Insider Transactions at Global-e Online

In other Global-e Online news, COO Shahar Tamari sold 28,623 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $36.02, for a total value of $1,031,000.46. Following the completion of the sale, the chief operating officer directly owned 3,956,685 shares of the company’s stock, valued at approximately $142,519,793.70. This represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Amir Schlachet sold 58,331 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $36.21, for a total transaction of $2,112,165.51. Following the transaction, the chief executive officer owned 4,141,727 shares of the company’s stock, valued at approximately $149,971,934.67. This trade represents a 1.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 375,129 shares of company stock worth $12,881,238. 11.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Zacks Research cut shares of Global-e Online from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial upgraded shares of Global-e Online from a “hold” rating to a “buy” rating and increased their target price for the company from $34.00 to $39.00 in a research report on Wednesday, June 10th. Wall Street Zen cut shares of Global-e Online from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Jefferies Financial Group restated a “buy” rating and set a $40.00 price target on shares of Global-e Online in a research report on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Global-e Online to an “accumulate” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.33.

Global-e Online Stock Performance

GLBE opened at $38.75 on Wednesday. The company has a market capitalization of $6.58 billion, a PE ratio of 59.62 and a beta of 1.06. The stock’s fifty day moving average is $32.71 and its 200-day moving average is $33.92. Global-e Online Ltd. has a one year low of $26.84 and a one year high of $41.94.

Global-e Online Company Profile

Global-e Online Ltd. (NASDAQ: GLBE) is a leading cross-border e-commerce platform that enables online merchants to expand sales internationally. The company’s cloud-based solution integrates with major e-commerce systems to offer localized checkout experiences, dynamic currency conversion, import duties and taxes calculation, fraud prevention, and compliance with local trade regulations. By managing the end-to-end complexities of global transactions, Global-e helps retailers streamline their international operations and deliver a seamless shopping experience to customers worldwide.

Central to Global-e’s offering is a comprehensive suite of services that includes customizable checkout in the buyer’s local language, real-time display of prices in over 140 currencies, support for region-specific payment methods, and transparent calculation of duties and taxes at point of sale.