What is Fidelity Freedom 2040 and what does the 2040 mean?

I have my 401k 10% of my check in Fidelity Freedom 2040 but I don't know what it means. The break down is FID GROWTH & INCOME 10%, FIDELITY MAGELLAN 50%, BARON GROWTH 15% and FID OVERSEAS 25%. Is this good or bad. I am 30 yrs old.