Sumway Development LTD. Has $11,811,000 Stake in Weibo Corporation (WB)
Sumway Development LTD. maintained its position in shares of Weibo Corporation (NASDAQ:WB) during the second quarter, Holdings Channel reports. The fund owned 177,695 shares of the information services provider’s stock at the end of the second quarter. Weibo Corporation makes up approximately 2.9% of Sumway Development LTD.’s portfolio, making the stock its 8th largest position. Sumway Development LTD.’s holdings in Weibo Corporation were worth $11,811,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new stake in Weibo Corporation during the first quarter valued at about $324,000. Alta Advisers Ltd raised its stake in Weibo Corporation by 5.0% in the first quarter. Alta Advisers Ltd now owns 2,100 shares of the information services provider’s stock valued at $110,000 after buying an additional 100 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Weibo Corporation during the first quarter valued at about $162,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Weibo Corporation by 41.7% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,400 shares of the information services provider’s stock valued at $226,000 after buying an additional 1,000 shares in the last quarter. Finally, Conning Inc. bought a new stake in Weibo Corporation during the second quarter valued at about $242,000. Hedge funds and other institutional investors own 16.58% of the company’s stock.
Shares of Weibo Corporation (NASDAQ WB) traded down 2.26% during trading on Friday, reaching $86.32. 473,169 shares of the company traded hands. Weibo Corporation has a 12 month low of $40.12 and a 12 month high of $89.95.
Weibo Corporation (NASDAQ:WB) last announced its quarterly earnings data on Wednesday, August 9th. The information services provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $253.37 million for the quarter, compared to the consensus estimate of $246.78 million. Weibo Corporation had a net margin of 23.22% and a return on equity of 24.45%. The business’s revenue for the quarter was up 72.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share. On average, analysts anticipate that Weibo Corporation will post $1.63 EPS for the current year.
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Several research firms have issued reports on WB. Instinet restated a “buy” rating and issued a $102.00 price target (up from $91.00) on shares of Weibo Corporation in a research report on Friday, August 11th. Jefferies Group LLC decreased their target price on shares of Weibo Corporation from $105.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th. Zacks Investment Research upgraded shares of Weibo Corporation from a “hold” rating to a “strong-buy” rating and set a $95.00 target price on the stock in a research report on Tuesday. Barclays PLC set a $100.00 target price on shares of Weibo Corporation and gave the company an “overweight” rating in a research report on Friday, August 11th. Finally, BidaskClub lowered shares of Weibo Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Eight investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price 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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