Congress Asset Management Co. MA purchased a new stake in Yahoo! Inc. (NASDAQ:AABA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,500 shares of the company’s stock, valued at approximately $300,000.
Yahoo! Inc. (NASDAQ AABA) opened at 63.07 on Friday. The firm’s market cap is $60.50 billion. The stock has a 50 day moving average of $57.97 and a 200 day moving average of $50.71. Yahoo! Inc. has a 12-month low of $38.24 and a 12-month high of $63.70.
Several research firms have issued reports on AABA. B. Riley restated a “neutral” rating and issued a $48.00 price target on shares of Yahoo! in a research report on Monday, April 24th. BidaskClub lowered shares of Yahoo! from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. UBS AG set a $58.00 price target on shares of Yahoo! and gave the stock a “buy” rating in a research report on Tuesday, May 30th. J P Morgan Chase & Co began coverage on shares of Yahoo! in a research report on Wednesday, June 28th. They issued an “overweight” rating on the stock. Finally, Raymond James Financial, Inc. restated an “outperform” rating and issued a $72.00 price target (up from $58.00) on shares of Yahoo! in a research report on Sunday, June 18th. Fourteen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $50.50.
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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