Spyglass Capital Management LLC Sells 745,544 Shares of Global-e Online Ltd. $GLBE

Spyglass Capital Management LLC cut its holdings in Global-e Online Ltd. (NASDAQ:GLBE) by 27.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,937,769 shares of the company’s stock after selling 745,544 shares during the quarter. Global-e Online makes up about 4.2% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Spyglass Capital Management LLC owned approximately 1.14% of Global-e Online worth $59,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its position in shares of Global-e Online by 105.3% in the 4th quarter. Legal & General Group Plc now owns 578,139 shares of the company’s stock worth $22,727,000 after purchasing an additional 296,466 shares during the period. Annex Advisory Services LLC boosted its stake in shares of Global-e Online by 64.4% during the fourth quarter. Annex Advisory Services LLC now owns 640,016 shares of the company’s stock valued at $25,159,000 after purchasing an additional 250,625 shares in the last quarter. Vitruvian Partners LLP increased its holdings in Global-e Online by 21.9% during the fourth quarter. Vitruvian Partners LLP now owns 210,209 shares of the company’s stock valued at $8,263,000 after buying an additional 37,767 shares during the period. Handelsbanken Fonder AB increased its holdings in Global-e Online by 51.7% during the fourth quarter. Handelsbanken Fonder AB now owns 114,076 shares of the company’s stock valued at $4,484,000 after buying an additional 38,869 shares during the period. Finally, Next Century Growth Investors LLC raised its stake in Global-e Online by 38.6% in the fourth quarter. Next Century Growth Investors LLC now owns 274,708 shares of the company’s stock worth $10,799,000 after buying an additional 76,452 shares in the last quarter. 94.60% of the stock is currently owned by institutional investors.

Global-e Online Stock Up 3.0%

NASDAQ GLBE opened at $38.90 on Wednesday. Global-e Online Ltd. has a 52 week low of $26.84 and a 52 week high of $41.94. The company has a 50 day moving average price of $34.23 and a 200 day moving average price of $33.77. The firm has a market cap of $6.60 billion, a PE ratio of 59.85 and a beta of 1.06.

Insider Buying and Selling at Global-e Online

In other Global-e Online news, COO Shahar Tamari sold 24,999 shares of Global-e Online stock in a transaction on Monday, July 6th. The shares were sold at an average price of $36.81, for a total value of $920,213.19. Following the transaction, the chief operating officer directly owned 3,931,686 shares of the company’s stock, valued at approximately $144,725,361.66. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amir Schlachet sold 24,999 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $37.09, for a total value of $927,212.91. Following the transaction, the chief executive officer directly owned 4,116,728 shares in the company, valued at approximately $152,689,441.52. The trade was a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 319,914 shares of company stock worth $10,989,302 over the last three months. Corporate insiders own 11.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on GLBE shares. UBS Group lowered their target price on Global-e Online from $52.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, March 31st. Zacks Research downgraded Global-e Online from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Bank of America assumed coverage on Global-e Online in a research report on Tuesday, March 31st. They issued a “buy” rating and a $43.00 price target for the company. Truist Financial upped their price objective on Global-e Online from $39.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Finally, Weiss Ratings downgraded Global-e Online from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Global-e Online presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

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.