Activist investor Carl Icahn recently sold his entire stake in eBay  (EBAY) - Get Report, funneling the money into an equivalent number of shares of PayPal (PYPL) - Get Report. The swap is no surprise given his past actions and statements, but should owners of eBay view this as a sign to get out?

Last year Icahn pushed hard for eBay to spin off PayPal, calling eBay's corporate governance "dysfunctional" and increasing his stake in the company so that he could push for a separation.

Icahn finally got what he wanted in July when PayPal became an independent company again. In regulatory filings with the SEC released on Monday, it was revealed that Icahn sold his 46.3 million shares in eBay sometime in the third quarter and bought the same number of shares in PayPal, giving him a 3.8% ownership stake in PayPal.

"Mr. Icahn has been very clear throughout his involvement that PayPal was the company he found valuable," said Wedbush analyst Gil Luria, who has a neutral rating for eBay with a $27 price target. 

So now that Icahn has acted on his assessment of the companies, what does that mean for the rest of us?

"eBay and PayPal appeal to completely different investors -- that is the benefit of the spin-off," Luria explained. "Growth investors will follow Mr. Icahn's lead and invest in PayPal, and investors looking for return of cash and a low valuation will continue to own eBay."

PayPal's revenues are growing at 15% to 20% a year and its stock is trading at 24 times earnings, while eBay's revenues are growing 5% year while its stock is trading at 14 times earnings.

"Icahn got what he wanted out of eBay, but by no way do I think eBay is done for," said Needham & Co. analyst Kerry Rice. "While I have a hold on eBay, the company has a loyal consumer base and a solid business."

PayPal shares were up 1.5% in late morning trading on Tuesday, while eBay's stock was up about 0.3%.

eBay declined to comment.