Yelp Inc. (NYSE:YELP) Price Target Raised to $43.00
Yelp Inc. (NYSE:YELP) had its price objective increased by Jefferies Group LLC to $43.00 in a research note issued to investors on Friday, The Fly reports. The brokerage currently has a buy rating on the local business review company’s stock.
Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald reissued an overweight rating on shares of Yelp in a research report on Monday, April 10th. Morgan Stanley reissued an equal weight rating and set a $26.00 target price (down previously from $28.00) on shares of Yelp in a research report on Thursday, July 20th. Royal Bank Of Canada cut their target price on Yelp from $46.00 to $29.00 and set a market perform rating on the stock in a research report on Thursday, May 11th. Citigroup Inc. raised Yelp from a neutral rating to a buy rating and cut their target price for the company from $39.00 to $35.00 in a research report on Thursday, May 11th. Finally, Zacks Investment Research downgraded Yelp from a hold rating to a sell rating in a research report on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eighteen have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $37.25.
Shares of Yelp (NYSE YELP) traded up 1.30% during mid-day trading on Friday, reaching $40.57. The company’s stock had a trading volume of 894,388 shares. The company’s 50-day moving average price is $31.06 and its 200-day moving average price is $33.37. The stock has a market capitalization of $3.27 billion, a P/E ratio of 548.24 and a beta of 1.48. Yelp has a 12-month low of $26.93 and a 12-month high of $43.41.
Yelp (NYSE:YELP) last released its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.12. Yelp had a return on equity of 1.64% and a net margin of 1.67%. The business had revenue of $209.90 million for the quarter, compared to the consensus estimate of $204.89 million. During the same quarter in the previous year, the company posted $0.16 EPS. The company’s revenue was up 21.0% compared to the same quarter last year. On average, equities research analysts forecast that Yelp will post $0.06 earnings per share for the current fiscal year.
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Yelp declared that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the local business review company to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Geoffrey L. Donaker sold 4,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $27.65, for a total value of $110,600.00. Following the transaction, the director now directly owns 9,590 shares of the company’s stock, valued at $265,163.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Charles Baker sold 12,176 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $28.23, for a total value of $343,728.48. Following the completion of the transaction, the chief financial officer now directly owns 116,862 shares in the company, valued at $3,299,014.26. The disclosure for this sale can be found here. Insiders have sold a total of 52,251 shares of company stock worth $1,534,950 over the last ninety days. 10.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of 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 worth $186,793,000 after buying an additional 574,004 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of 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 worth $93,545,000 after buying an additional 868,890 shares in the last quarter. BlackRock Inc. raised its position in shares of 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 worth $92,666,000 after buying an additional 2,756,955 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of 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 worth $87,169,000 after buying an additional 2,437,744 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of 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 worth $73,828,000 after buying an additional 2,134,942 shares in the last quarter. 94.79% of the stock is currently owned by institutional investors and hedge funds.
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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