Franklin Resources Inc. boosted its position in Altaba Inc (NASDAQ:AABA) by 4.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,615,610 shares of the company’s stock after acquiring an additional 256,471 shares during the period. Franklin Resources Inc.’s holdings in Altaba were worth $392,251,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Discovery Capital Management LLC CT purchased a new stake in Altaba in the 4th quarter worth approximately $122,391,000. Corsair Capital Management L.P. purchased a new stake in shares of Altaba during the 4th quarter valued at $6,925,000. Gardner Lewis Asset Management L P purchased a new stake in shares of Altaba during the 4th quarter valued at $229,000. Fred Alger Management Inc. grew its stake in shares of Altaba by 62.3% during the 4th quarter. Fred Alger Management Inc. now owns 2,763,304 shares of the company’s stock valued at $193,017,000 after buying an additional 1,060,894 shares during the period. Finally, Gates Capital Management Inc. grew its stake in shares of Altaba by 22.5% during the 4th quarter. Gates Capital Management Inc. now owns 2,450,000 shares of the company’s stock valued at $171,133,000 after buying an additional 450,000 shares during the period. 73.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Altaba Inc (AABA) opened at $76.62 on Friday. Altaba Inc has a 12-month low of $45.60 and a 12-month high of $80.56. The firm has a market cap of $66,918.23, a price-to-earnings ratio of -3,829.09 and a beta of 2.00.
AABA has been the subject of several research reports. BidaskClub raised shares of Altaba from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Vetr raised shares of Altaba from a “sell” rating to a “hold” rating and set a $73.32 price objective for the company in a research note on Tuesday, January 16th. UBS Group reissued a “buy” rating and set a $98.00 price objective (up from $92.00) on shares of Altaba in a research note on Thursday, February 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Altaba to $90.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Finally, Oppenheimer boosted their price objective on shares of Altaba from $98.00 to $104.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $71.96.
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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