Oppenheimer Funds, the largest portfolio investor of Yandex, reduced its share in the company by a third
The largest portfolio investor of Yandex, the American fund Oppenheimer Funds, has sold part of its stake. As of the end of the first quarter, its share was 10.5% of the share capital and 4% of the vote, or 34.86 million Class A shares. But at the end of June, the fund had 22.187 million Class A shares (6.9% of the share capital and 2 , 6% of the vote). Yesterday, Yandex shares were worth $ 14.8 on the NASDAQ. From this it follows that the sold share of Oppenheimer Funds is about $ 190 million.
This is not the first time that a large investor reduces his share in Yandex. Moreover, in May 2013, the American Tiger Global Management fund completely withdrew from the search engine capital. The fund then sold a 5.5% stake in Yandex.
In June 2014, the Baring Vostok family of funds almost completely got rid of its stake, putting up for sale 19.98 million of 20.26 million shares.
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In early July, the New World Fund sold 1.6 million of the 2.7 million Yandex shares for $ 24 million.
Since July 2014, search engine capitalization on the NASDAQ has decreased by 53%. On Tuesday, July 7, the company's stock price dropped to $ 13.9 and reached its historic low. Yesterday, the capitalization of “Yandex” was $ 4.8 billion.
VTB Capital analyst Vladimir Bespalov believes that the main reason for the fall in Yandex stock prices is the withdrawal of large funds. Investors, in turn, fear a further reduction in the share of Yandex in the search.
However, he is convinced that the company's shares will still grow. One should not discount the fact that the devaluation of the ruble had a negative effect on quotations.
“Users are switching to mobile platforms, where the share of Yandex is not yet so high. And in the long run, the company will not be able to quickly increase its share in this segment. And the general economic situation in the country negatively affects the advertising market, from which search engine revenues depend so much, ”he told Vedomosti.
This is not the first time that a large investor reduces his share in Yandex. Moreover, in May 2013, the American Tiger Global Management fund completely withdrew from the search engine capital. The fund then sold a 5.5% stake in Yandex.
In June 2014, the Baring Vostok family of funds almost completely got rid of its stake, putting up for sale 19.98 million of 20.26 million shares.
')
In early July, the New World Fund sold 1.6 million of the 2.7 million Yandex shares for $ 24 million.
Since July 2014, search engine capitalization on the NASDAQ has decreased by 53%. On Tuesday, July 7, the company's stock price dropped to $ 13.9 and reached its historic low. Yesterday, the capitalization of “Yandex” was $ 4.8 billion.
VTB Capital analyst Vladimir Bespalov believes that the main reason for the fall in Yandex stock prices is the withdrawal of large funds. Investors, in turn, fear a further reduction in the share of Yandex in the search.
However, he is convinced that the company's shares will still grow. One should not discount the fact that the devaluation of the ruble had a negative effect on quotations.
“Users are switching to mobile platforms, where the share of Yandex is not yet so high. And in the long run, the company will not be able to quickly increase its share in this segment. And the general economic situation in the country negatively affects the advertising market, from which search engine revenues depend so much, ”he told Vedomosti.
Source: https://habr.com/ru/post/292436/
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