Korea Investment CORP Increases Stake in Weibo Corporation (WB)
Korea Investment CORP raised its stake in Weibo Corporation (NASDAQ:WB) by 6,135.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,470 shares of the information services provider’s stock after buying an additional 12,270 shares during the period. Korea Investment CORP’s holdings in Weibo Corporation were worth $829,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of WB. First Manhattan Co. purchased a new position in shares of Weibo Corporation during the second quarter worth approximately $741,000. Essex Investment Management Co. LLC purchased a new position in shares of Weibo Corporation during the second quarter worth approximately $289,000. World Asset Management Inc increased its position in shares of Weibo Corporation by 10.6% in the second quarter. World Asset Management Inc now owns 6,870 shares of the information services provider’s stock worth $457,000 after buying an additional 661 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Weibo Corporation by 213.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 33,332 shares of the information services provider’s stock worth $2,216,000 after buying an additional 22,710 shares during the last quarter. Finally, Lockheed Martin Investment Management Co. purchased a new position in shares of Weibo Corporation during the second quarter worth approximately $757,000. Institutional investors and hedge funds own 16.58% of the company’s stock.
Weibo Corporation (WB) opened at 85.46 on Wednesday. Weibo Corporation has a 1-year low of $40.12 and a 1-year high of $88.88.
Weibo Corporation (NASDAQ:WB) last announced its quarterly earnings data on Wednesday, August 9th. The information services provider reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The company had revenue of $253.37 million during the quarter, compared to analyst estimates of $246.78 million. Weibo Corporation had a net margin of 23.22% and a return on equity of 25.65%. The firm’s revenue for the quarter was up 72.5% compared to the same quarter last year. During the same period last year, the business earned $0.16 EPS. Equities analysts forecast that Weibo Corporation will post $1.60 earnings per share for the current year.
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A number of equities analysts recently commented on the stock. BidaskClub downgraded shares of Weibo Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research upgraded shares of Weibo Corporation from a “hold” rating to a “strong-buy” rating and set a $95.00 target price for the company in a research note on Tuesday. Benchmark Co. assumed coverage on shares of Weibo Corporation in a research note on Tuesday, April 18th. They set a “buy” rating and a $65.00 target price for the company. Jefferies Group LLC reiterated a “buy” rating and set a $82.00 target price on shares of Weibo Corporation in a research note on Tuesday, May 16th. Finally, Instinet reiterated a “buy” rating and set a $102.00 target price (up previously from $91.00) on shares of Weibo Corporation in a research note on Friday, August 11th. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Weibo Corporation presently has an average rating of “Buy” and an average price target of $79.06.
Weibo Corporation Company Profile
Weibo Corporation is a social media platform for people to create, distribute and discover Chinese-language content. The Company provides ways for people and organizations to publicly express themselves in real time, interact with others on a global platform and stay connected with the world. It operates in two segments: advertising and marketing services and other services.
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