Westpac Banking Corp increased its stake in Altaba Inc (NASDAQ:AABA) by 69.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 75,640 shares of the company’s stock after buying an additional 30,900 shares during the quarter. Westpac Banking Corp’s holdings in Altaba were worth $5,606,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of AABA. Oppenheimer Asset Management Inc. bought a new position in shares of Altaba during the 4th quarter valued at about $148,000. BB&T Securities LLC boosted its holdings in shares of Altaba by 4.7% during the 4th quarter. BB&T Securities LLC now owns 7,919 shares of the company’s stock valued at $458,000 after purchasing an additional 357 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Altaba by 20.2% during the 4th quarter. Canada Pension Plan Investment Board now owns 5,230,000 shares of the company’s stock valued at $303,003,000 after purchasing an additional 880,000 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Altaba during the 4th quarter valued at about $3,178,000. Finally, Rational Advisors LLC bought a new position in shares of Altaba during the 4th quarter valued at about $271,000. 79.44% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ AABA opened at $65.98 on Friday. Altaba Inc has a 12-month low of $54.75 and a 12-month high of $82.14.
Several research analysts have commented on AABA shares. JPMorgan Chase & Co. downgraded shares of Altaba from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $84.00 to $78.00 in a report on Thursday, April 4th. BidaskClub cut shares of Altaba from a “buy” rating to a “hold” rating in a research report on Friday, May 17th. Zacks Investment Research cut shares of Altaba from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 30th. Finally, ValuEngine upgraded shares of Altaba from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $91.67.
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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.
Further Reading: Cost of Equity For A Business, Investors
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