Stock Update (NYSE:BABA): Alibaba Group Holding Ltd Announces Appointment of New Director
Alibaba Group Holding Ltd (NYSE:BABA), announced today the appointment of Wan Ling Martello to serve as an independent director on the Company’s board of directors.
Ms. Martello has 30 years of global business and finance experience working in the consumer packaged goods industry, retail sector, and e-commerce across a diverse set of companies. Ms. Martello is currently Nestlé S.A. executive vice president responsible for Asia, Oceania and Sub-Saharan Africa. Prior to this role, she was chief financial officer of Nestlé S.A. Before joining Nestlé S.A., Ms. Martello worked at Walmart Stores Inc. where she served first as senior vice president and chief financial officer, Walmart International, and then executive vice president, global ecommerce. Before Walmart, Ms. Martello was President, U.S. at NCH Marketing Services Inc. She also worked at Borden Foods Corporation and Kraft Foods, Inc. where she held various senior management positions.
Ms. Martello received a master’s degree in business administration, management information systems from the University of Minnesota and a bachelor’s degree in business administration and accountancy from the University of the Philippines. She is a certified public accountant in the Philippines.
Ms. Martello’s appointment to the Alibaba Group board will be effective on September 1, 2015. Her appointment brings the total number of board members to 11. Ms. Martello will serve as a member of the audit committee.
“We are thrilled to have Ms. Martello on our board. Her global perspective, retail expertise and sharp business acumen will make her an invaluable member of our board. As Alibaba grows globally, we need business leaders like Ms. Martello to be part of the internationalization process and help ensure we are successful,” said Jack Ma, executive chairman of Alibaba Group.
“Alibaba is one of the world’s largest and most innovative e-commerce companies bringing many different new dimensions to the industry. I’m excited for the opportunity to be part of the Alibaba story and to help the Company on its journey to connect the world’s buyers and sellers,” said Ms. Martello. (Original Source)
Shares of Alibaba Group closed yesterday at $73.88. BABA has a 1-year high of $120 and a 1-year low of $73.73. The stock’s 50-day moving average is $79.84 and its 200-day moving average is $84.23.
On the ratings front, Alibaba has been the subject of a number of recent research reports. In a report issued on August 14, UBS analyst Eric Sheridan reiterated a Buy rating on BABA, with a price target of $101, which represents a potential upside of 36.7% from where the stock is currently trading. Separately, on August 13, RBC’s Mark Mahaney reiterated a Buy rating on the stock and has a price target of $91.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Sheridan and Mark Mahaney have a total average return of 13.2% and 23.3% respectively. Sheridan has a success rate of 65.4% and is ranked #235 out of 3740 analysts, while Mahaney has a success rate of 64.6% and is ranked #9.
The street is mostly Bullish on BABA stock. Out of 20 analysts who cover the stock, 20 suggest a Buy rating . The 12-month average price target assigned to the stock is $105.23, which implies an upside of 42.4% from current levels.