Yahoo! Inc. (NASDAQ:AABA) reached a new 52-week high during trading on Tuesday . The company traded as high as $69.85 and last traded at $69.84, with a volume of 3,653,106 shares trading hands. The stock had previously closed at $68.86.
Several research analysts have recently issued reports on AABA shares. Oppenheimer Holdings, Inc. started coverage on Yahoo! in a research note on Thursday, July 6th. They issued an “outperform” rating and a $75.00 price objective for the company. Zacks Investment Research upgraded Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, July 12th. UBS AG restated a “buy” rating on shares of Yahoo! in a research note on Monday, July 17th. Finally, MKM Partners raised their price objective on Yahoo! from $62.00 to $76.00 and gave the stock a “buy” rating in a research note on Sunday, September 3rd. Twelve research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $52.75.
Yahoo! announced that its Board of Directors has initiated a share buyback program on Monday, July 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cowen Prime Services LLC purchased a new stake in shares of Yahoo! during the second quarter worth about $183,000. Parallel Advisors LLC purchased a new stake in shares of Yahoo! during the second quarter worth about $208,000. SG Americas Securities LLC purchased a new stake in shares of Yahoo! during the second quarter worth about $221,000. Fernwood Investment Management LLC purchased a new stake in shares of Yahoo! during the second quarter worth about $223,000. Finally, Congress Asset Management Co. MA purchased a new stake in shares of Yahoo! during the second quarter worth about $300,000. 79.70% of the stock is currently owned by institutional investors and hedge funds.
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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