Southpoint Capital Advisors LP decreased its stake in Altaba Inc (NASDAQ:AABA) by 64.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 700,000 shares of the company’s stock after selling 1,245,000 shares during the period. Altaba accounts for about 2.3% of Southpoint Capital Advisors LP’s holdings, making the stock its 21st biggest position. Southpoint Capital Advisors LP owned about 0.08% of Altaba worth $48,895,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Marathon Trading Investment Management LLC bought a new stake in Altaba in the fourth quarter worth about $300,000. Honeycomb Asset Management LP raised its position in Altaba by 20.0% in the fourth quarter. Honeycomb Asset Management LP now owns 300,000 shares of the company’s stock worth $20,955,000 after acquiring an additional 50,000 shares during the period. Kemnay Advisory Services Inc. raised its position in Altaba by 222.3% in the fourth quarter. Kemnay Advisory Services Inc. now owns 101,522 shares of the company’s stock worth $7,091,000 after acquiring an additional 70,022 shares during the period. Franklin Resources Inc. raised its position in Altaba by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 5,615,610 shares of the company’s stock worth $392,251,000 after acquiring an additional 256,471 shares during the period. Finally, Discovery Capital Management LLC CT bought a new stake in Altaba in the fourth quarter worth about $122,391,000. 73.85% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on AABA. Credit Suisse Group lifted their price objective on shares of Altaba from $81.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. UBS Group reiterated a “buy” rating and issued a $98.00 target price (up previously from $92.00) on shares of Altaba in a research note on Thursday, February 22nd. JPMorgan Chase & Co. lifted their target price on shares of Altaba to $90.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Vetr upgraded shares of Altaba from a “hold” rating to a “buy” rating and set a $81.50 target price for the company in a research note on Tuesday, February 20th. Finally, Oppenheimer lifted their target price on shares of Altaba from $98.00 to $104.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Altaba presently has an average rating of “Buy” and an average target price of $71.96.
Altaba Inc (AABA) opened at $76.62 on Monday. The company has a market cap of $66,918.23, a P/E ratio of -3,829.09 and a beta of 2.00. Altaba Inc has a 12 month low of $45.60 and a 12 month high of $80.56.
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Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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