Public Sector Pension investment Board acquired a new stake in Yelp Inc. (NYSE:YELP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,000 shares of the local business review company’s stock, valued at approximately $1,201,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in YELP. Vanguard Group Inc. boosted its stake in shares of Yelp by 11.2% during 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 during the period. BlackRock Inc. raised its holdings in Yelp by 84.9% during the second quarter. BlackRock Inc. now owns 5,232,684 shares of the local business review company’s stock worth $157,084,000 after purchasing an additional 2,403,240 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its holdings in Yelp by 38.7% during 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 purchasing an additional 868,890 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Yelp by 1,088.8% during 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 purchasing an additional 2,437,744 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Yelp by 658.2% during 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 purchasing an additional 2,134,942 shares in the last quarter. Institutional investors own 90.85% of the company’s stock.
Yelp Inc. (NYSE:YELP) opened at 43.30 on Friday. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 274.05 and a beta of 1.41. Yelp Inc. has a 12-month low of $26.93 and a 12-month high of $44.25. The stock has a 50 day moving average of $41.55 and a 200 day moving average of $34.22.
Yelp (NYSE:YELP) last announced its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. Yelp had a net margin of 1.67% and a return on equity of 1.60%. The company had revenue of $209.90 million during the quarter, compared to analysts’ expectations of $204.89 million. During the same quarter in the prior year, the company posted $0.16 EPS. The business’s revenue was up 21.0% on a year-over-year basis. Equities research analysts anticipate that Yelp Inc. will post $0.07 earnings per share for the current year.
Yelp announced that its board has authorized a stock buyback program on Thursday, August 3rd that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the local business review company to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other news, CEO Jeremy Stoppelman sold 13,000 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $40.00, for a total value of $520,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Laurence Wilson sold 10,000 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $42.00, for a total transaction of $420,000.00. Following the completion of the transaction, the senior vice president now owns 191,947 shares of the company’s stock, valued at approximately $8,061,774. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,240 shares of company stock valued at $8,768,859. Corporate insiders own 10.10% of the company’s stock.
A number of research analysts have issued reports on YELP shares. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $37.00 target price on shares of Yelp in a report on Friday, August 4th. Roth Capital upgraded shares of Yelp from a “sell” rating to a “neutral” rating and increased their price target for the company from $21.00 to $35.00 in a research report on Friday, August 4th. Morgan Stanley restated 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. MKM Partners upgraded shares of Yelp from a “neutral” rating to a “buy” rating and raised their target price for the stock from $27.00 to $31.31 in a research report on Friday, August 4th. Finally, J P Morgan Chase & Co restated an “overweight” rating and set a $46.00 target price on shares of Yelp in a research report on Friday, August 4th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $38.95.
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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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