Fidelity Sells Off Yahoo! Inc. (NASDAQ:YHOO) Shares Ahead of Alibaba IPO

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A total of 11 Fidelity funds sold more than 13M shares of Yahoo from January 31 through February 28, accounting for a little more than 1% of outstanding Yahoo shares, ahead of Alibaba’s IPO expected later this year, reports The Wall Street Journal, citing data from Morningstar. Yahoo holds a 24% stake in Alibaba, a Chinese e-commerce company.

Shares of Yahoo are up .30% in afternoon trading.

Analysts have a consensus price target of $37.74 on Yahoo! Inc. (NASDAQ:YHOO) which indicates a 9.18% upside. The consensus rating of the stock is a HOLD with a score of 2.48. There are currently 14 Hold Ratings, 16 Buy ratings and 1 Sell ratings on the stock.

The most recent analyst actionconsisted of Zacks reiterating their neutral rating and $38 price target.

In Other Internet News

Google, Inc.(NASDAQ:GOOG) is looking to make complex encryption tools easier for consumers to utilize in their Gmail accounts, according to VentureBeat.

Analysts have a consensus price target of $675 on Google, Inc.(NASDAQ:GOOGL) which indicates a 24.85% upside. The consensus rating of the stock is a BUY with a score of 2.75. There are currently 1 Hold Rating and 3 Buy ratings on the stock.

The most recent analyst action consisted of upgrading the stock from Underperform to Neutral on March 11th, 2014.

 

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