Connable Office Inc. Trims Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Connable Office Inc. lowered its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 34.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 445 shares of the company’s stock after selling 238 shares during the quarter. Connable Office Inc.’s holdings in MercadoLibre were worth $757,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC increased its holdings in MercadoLibre by 3.9% in the 3rd quarter. Jennison Associates LLC now owns 1,873,919 shares of the company’s stock worth $3,845,207,000 after acquiring an additional 70,154 shares in the last quarter. FMR LLC increased its holdings in MercadoLibre by 18.6% in the 3rd quarter. FMR LLC now owns 878,996 shares of the company’s stock worth $1,803,665,000 after acquiring an additional 137,564 shares in the last quarter. State Street Corp increased its holdings in MercadoLibre by 3.1% in the 3rd quarter. State Street Corp now owns 404,584 shares of the company’s stock worth $830,190,000 after acquiring an additional 12,000 shares in the last quarter. Wellington Management Group LLP increased its holdings in MercadoLibre by 52.9% in the 3rd quarter. Wellington Management Group LLP now owns 349,678 shares of the company’s stock worth $717,525,000 after acquiring an additional 120,922 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in MercadoLibre by 1.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 235,597 shares of the company’s stock worth $400,619,000 after acquiring an additional 3,710 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MELI. Morgan Stanley reduced their target price on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a report on Monday, November 11th. BTIG Research reduced their target price 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. JPMorgan Chase & Co. upped their price target on MercadoLibre from $1,950.00 to $2,300.00 and gave the stock a “neutral” rating in a research note on Tuesday. Raymond James upgraded MercadoLibre from an “outperform” rating to a “strong-buy” rating and set a $2,250.00 price target for the company in a research note on Tuesday, January 21st. Finally, New Street Research upgraded MercadoLibre from a “neutral” rating to a “buy” rating and upped their price target for the stock from $2,000.00 to $2,300.00 in a research note on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $2,385.94.

MercadoLibre Stock Down 0.4 %

NASDAQ MELI opened at $2,121.87 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The company has a market capitalization of $107.57 billion, a P/E ratio of 56.28, a P/E/G ratio of 1.12 and a beta of 1.62. MercadoLibre, Inc. has a one year low of $1,324.99 and a one year high of $2,374.54. The stock has a 50 day moving average price of $1,909.95 and a 200-day moving average price of $1,966.83.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, February 20th. The company reported $12.61 EPS for the quarter, beating analysts’ consensus estimates of $10.21 by $2.40. The firm had revenue of $6.06 billion during the quarter, compared to the consensus estimate of $5.94 billion. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. As a group, equities analysts predict that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

About MercadoLibre

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.