Altaba (AABA) Cut to Strong Sell at Zacks Investment Research

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Altaba (NASDAQ:AABA) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Altaba is a closed-end investment management company whose assets include investments in China’s Alibaba (Ticker: BABA), Yahoo Japan and other cash and marketable securities. The company is a successor to Yahoo, which got sold to Verizon. Altaba had $54 billion in assets as of year-end 2016, of which the Alibaba stake accounted for 62% of the total, the Yahoo Japan stake 14% and the rest was cash and marketable securities. “

Several other research firms also recently commented on AABA. BidaskClub upgraded shares of Altaba from a “sell” rating to a “hold” rating in a research note on Wednesday, January 9th. JPMorgan Chase & Co. downgraded shares of Altaba from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $84.00 to $78.00 in a research note on Thursday, April 4th. Finally, ValuEngine upgraded shares of Altaba from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $91.67.

Altaba stock opened at $76.84 on Tuesday. Altaba has a fifty-two week low of $54.75 and a fifty-two week high of $82.45.

Several large investors have recently bought and sold shares of AABA. Norges Bank acquired a new position in shares of Altaba in the fourth quarter worth $255,165,000. Samlyn Capital LLC acquired a new position in shares of Altaba during the fourth quarter worth $78,636,000. Canada Pension Plan Investment Board grew its stake in shares of Altaba by 20.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 5,230,000 shares of the company’s stock worth $303,003,000 after purchasing an additional 880,000 shares in the last quarter. FMR LLC grew its stake in shares of Altaba by 34.7% during the fourth quarter. FMR LLC now owns 2,531,212 shares of the company’s stock worth $146,658,000 after purchasing an additional 652,283 shares in the last quarter. Finally, LMR Partners LLP grew its stake in shares of Altaba by 111.7% during the fourth quarter. LMR Partners LLP now owns 1,125,396 shares of the company’s stock worth $65,205,000 after purchasing an additional 593,751 shares in the last quarter. Institutional investors and hedge funds own 70.76% of the company’s stock.

About Altaba

Altaba Inc operates as a non-diversified, closed-end management investment company in the United States. Its assets consist primarily of equity investments, short-term debt investments, and cash. The company was formerly known as Yahoo! Inc and changed its name to Altaba Inc in June 2017. Altaba Inc was founded in 1994 and is based in New York, New York.

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