Piper Jaffray Companies Reaffirms “Hold” Rating for Yelp Inc. (YELP)
Piper Jaffray Companies reaffirmed their hold rating on shares of Yelp Inc. (NYSE:YELP) in a report released on Friday morning. They currently have a $37.00 price objective on the local business review company’s stock.
YELP has been the topic of several other research reports. Vetr cut shares of Yelp from a strong-buy rating to a buy rating and set a $36.94 price objective on the stock. in a research note on Thursday, April 20th. Wells Fargo & Company upgraded shares of Yelp from an underperform rating to a market perform rating and set a $27.00 price objective on the stock in a research note on Friday, May 5th. Raymond James Financial, Inc. reiterated an outperform rating and issued a $37.00 price objective (down previously from $47.00) on shares of Yelp in a research note on Wednesday, May 10th. Credit Suisse Group set a $40.00 price objective on shares of Yelp and gave the stock a buy rating in a research note on Friday. Finally, BidaskClub cut shares of Yelp from a hold rating to a sell rating in a research note on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and eighteen have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $37.25.
Shares of Yelp (NYSE YELP) opened at 40.05 on Friday. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 541.22 and a beta of 1.48. The stock has a 50 day moving average of $31.06 and a 200 day moving average of $33.37. Yelp has a 52-week low of $26.93 and a 52-week high of $43.41.
Yelp (NYSE:YELP) last issued its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.12. Yelp had a net margin of 1.67% and a return on equity of 1.64%. The firm had revenue of $209.90 million for the quarter, compared to analysts’ expectations of $204.89 million. During the same quarter in the prior year, the business earned $0.16 EPS. The business’s quarterly revenue was up 21.0% on a year-over-year basis. On average, equities research analysts expect that Yelp will post ($0.08) EPS for the current year.
Yelp declared that its board has approved a stock repurchase program on Thursday, August 3rd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the local business review company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, SVP Laurence Wilson sold 3,128 shares of Yelp stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $28.23, for a total transaction of $88,303.44. Following the completion of the sale, the senior vice president now directly owns 181,947 shares in the company, valued at $5,136,363.81. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Geoffrey L. Donaker sold 4,000 shares of Yelp stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $27.65, for a total value of $110,600.00. Following the sale, the director now owns 9,590 shares of the company’s stock, valued at $265,163.50. The disclosure for this sale can be found here. Insiders have sold 52,251 shares of company stock valued at $1,534,950 over the last ninety days. 10.10% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in YELP. Vanguard Group Inc. increased its stake in Yelp by 11.2% in the first quarter. Vanguard Group Inc. now owns 5,703,608 shares of the local business review company’s stock valued at $186,793,000 after buying an additional 574,004 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its stake in Yelp by 38.7% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 3,116,090 shares of the local business review company’s stock valued at $93,545,000 after buying an additional 868,890 shares during the period. BlackRock Inc. increased its stake in Yelp by 3,803.3% in the first quarter. BlackRock Inc. now owns 2,829,444 shares of the local business review company’s stock valued at $92,666,000 after buying an additional 2,756,955 shares during the period. Point72 Asset Management L.P. increased its stake in Yelp by 1,088.8% in the first quarter. Point72 Asset Management L.P. now owns 2,661,644 shares of the local business review company’s stock valued at $87,169,000 after buying an additional 2,437,744 shares during the period. Finally, Fisher Asset Management LLC increased its stake in Yelp by 658.2% in the second quarter. Fisher Asset Management LLC now owns 2,459,293 shares of the local business review company’s stock valued at $73,828,000 after buying an additional 2,134,942 shares during the period. Institutional investors and hedge funds own 92.20% of the company’s stock.
Yelp Inc (Yelp) connects people with local businesses by bringing ‘word of mouth’ online and providing a platform for businesses and consumers to engage and transact. The Company offers local business review sites. Yelp provides a platform for consumers to share their everyday local business experiences with other consumers by posting reviews, tips, photos and videos, and to engage directly with businesses, through reviews, its Request-A-Quote and Message the Business features, and by completing transactions on the Yelp Platform.
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