Altaba (NASDAQ:AABA) Price Target Raised to $86.00

Altaba (NASDAQ:AABA) had its price target boosted by Credit Suisse Group from $81.00 to $86.00 in a note issued to investors on Wednesday, February 28th. The brokerage presently has a “neutral” rating on the stock. Credit Suisse Group’s target price would indicate a potential upside of 17.81% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. BidaskClub upgraded shares of Altaba from a “hold” rating to a “buy” rating in a report on Tuesday, January 30th. Vetr lowered shares of Altaba from a “hold” rating to a “sell” rating and set a $73.32 target price on the stock. in a report on Tuesday, January 23rd. JPMorgan Chase & Co. increased their target price on shares of Altaba to $90.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. UBS restated a “buy” rating and set a $98.00 price objective (up from $92.00) on shares of Altaba in a report on Thursday, February 22nd. Finally, Oppenheimer raised their price objective on shares of Altaba from $98.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Altaba currently has a consensus rating of “Buy” and an average target price of $71.96.

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Altaba stock traded down $1.57 on Wednesday, reaching $73.00. 5,051,397 shares of the company’s stock traded hands, compared to its average volume of 8,086,455. The firm has a market capitalization of $63,756.59, a price-to-earnings ratio of -3,648.18 and a beta of 2.00. Altaba has a 12 month low of $45.74 and a 12 month high of $80.56.

In other Altaba news, CFO Alexi Wellman sold 1,940 shares of Altaba stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $75.04, for a total value of $145,577.60. Following the sale, the chief financial officer now directly owns 17,905 shares in the company, valued at approximately $1,343,591.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Tci Fund Management Ltd sold 1,214,000 shares of Altaba stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $74.20, for a total transaction of $90,078,800.00. The disclosure for this sale can be found here. Insiders sold a total of 1,217,202 shares of company stock worth $90,321,425 over the last quarter. Company insiders own 24.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AABA. Element Capital Management LLC bought a new position in shares of Altaba in the 4th quarter valued at about $1,540,066,000. Canada Pension Plan Investment Board grew its position in shares of Altaba by 315.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 5,926,117 shares of the company’s stock valued at $392,546,000 after acquiring an additional 4,500,000 shares during the period. Hudson Bay Capital Management LP boosted its holdings in shares of Altaba by 89.7% during the 4th quarter. Hudson Bay Capital Management LP now owns 7,167,499 shares of the company’s stock worth $500,650,000 after buying an additional 3,390,092 shares during the period. Millennium Management LLC boosted its holdings in shares of Altaba by 15.0% during the 4th quarter. Millennium Management LLC now owns 20,439,085 shares of the company’s stock worth $1,427,670,000 after buying an additional 2,671,283 shares during the period. Finally, Discovery Capital Management LLC CT bought a new stake in shares of Altaba during the 4th quarter worth about $122,391,000. 73.84% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Altaba (NASDAQ:AABA)

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