Alibaba Group Holding Ltd (NYSE: BABA) is a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. In April of this year, Alibaba overtook Walmart to became the world’s largest retailer. Its online trading accounts for 10 percent of all retailing in China.

While the company reported stronger-than-anticipated fiscal second-quarter results on November 2 on strong core performance, rapid growth of cloud computing, and growing digital media traction, hedge fund sentiment has revealed some caution about the longer-term outlook for Alibaba. In particular, fears focus on a slowing Chinese economy, an inability to expand overseas, as well as increasing competition from Amazon and a plethora of smaller homegrown Chinese competitors.

However, in general, sentiment for Alibaba remains very bullish. At the time of writing, according to TipRanks, the average analyst price target stands at $123.47, marking a 33.52% upside from current levels. Out of all the analysts who have rated the stock in the past 3 months, TipRanks shows that 100% are bullish on the shares. The analyst consensus rating is therefore a Strong Buy.

The following are notable hedge funds that increased their Alibaba holdings:

Tiger Global Management LLC

Chase Coleman serves as managing partner and portfolio manager at Tiger Global Management, a firm he co-founded in 2001.

Last quarter, the $6.94 billion fund generated a 19.07% gain for investors. Coleman invests mostly in the Services sector, followed by Technology and Consumer Goods.

The fund initiated a holding in Alibaba with the purchase of 5,373,553 shares valued at an estimated $568.47 million, or 8.19% of Tiger Global’s portfolio.

Long Pine Capital LLC

Lone Pine Capital is an American-based hedge fund established in 1997 by its president and portfolio manager Steve Mandel.

The fund, which has a portfolio value of $22.4 billion mainly specializes in services and technology. According to TipRanks, the fund’s measured performance over time beats the performance of an average hedge fund portfolio, but falls short of the S&P 500.

Lone Pine Capital added a new position in Alibaba on September 30 with the purchase of 5,151,461 shares worth $544.97 million- making up 2.43% of the fund’s portfolio total.

The following are notable hedge funds that decreased their Alibaba holdings:

PRIMECAP Management Co

Theofanis Kolokotrones co-founded PRIMECAP Management, an independent investment management company, in 1983 and serves as chairman, director, principal, and portfolio manager.

The $100.20 billion fund generated a 10.09% gain for investors in the last quarter and has outperformed the average portfolio as well as the S&P 500. PRIMECAP invests in a variety of sectors including Technology, Healthcare, Services, and Financial.

The fund trimmed its BABA holdings by 1.10%. It now owns 15,378,905 shares valued at $1.63 billion. Kolokotrones is ranked #36 out of 207 hedge funds tracked on TipRanks.

Sands Capital Management LLC

Frank Sands is CEO and CIO of Sands Capital Management, a firm his father founded in 1992 that has since grown from $900 in assets under management to $33.97 billion.

The fund, which mainly specializes in the tech sector, has an average return over the last three years of 12.6% based on the weighted portfolio performance of 51 stocks.

Sands Capital Management reduced its holding in BABA by 6.03% to 18,715,133 shares which have a value of $1.98 billion. This represents 5.83% of the fund’s portfolio.

Manning & Napier Advisors LLC

Bill Manning serves as Director of Investment Process and Director of Manning & Napier Advisors, an independent investment management he co-founded in 1970 with Bill Napier.

The $16.3 billion fund generated an average 4.84% gain for investors in the last year, and an average 5.67% gain in the last three years. Manning focuses mostly on technology stocks, with a secondary interest in Services and Healthcare.

On September 30, Manning reduced positions in Alibaba by 34.23% and now owns 1,546,425 million shares valued at $163.60 million, accounting for about 1% of the fund’s portfolio.