Yelp’s (YELP) “Buy” Rating Reaffirmed at KeyCorp
Other equities analysts have also recently issued reports about the company. Credit Suisse Group set a $40.00 price objective on Yelp and gave the company a buy rating in a research note on Friday, August 4th. Needham & Company LLC restated a buy rating and set a $43.00 price objective (up from $30.00) on shares of Yelp in a research note on Friday, August 4th. Jefferies Group LLC raised their price objective on Yelp from $37.00 to $43.00 and gave the company a buy rating in a research note on Friday, August 4th. MKM Partners upgraded Yelp from a neutral rating to a buy rating and raised their price objective for the company from $27.00 to $31.31 in a research note on Friday, August 4th. Finally, Deutsche Bank AG restated a buy rating and set a $45.00 price objective (up from $36.00) on shares of Yelp in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating and eighteen have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $40.58.
Shares of Yelp (YELP) opened at 43.20 on Tuesday. Yelp has a 12 month low of $26.93 and a 12 month high of $46.76. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 273.42 and a beta of 1.34. The stock has a 50 day moving average of $43.67 and a 200-day moving average of $35.59.
Yelp (NYSE:YELP) last posted its quarterly earnings results on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.12. Yelp had a net margin of 1.67% and a return on equity of 1.60%. The business had revenue of $209.90 million during the quarter, compared to the consensus estimate of $204.89 million. During the same quarter last year, the firm posted $0.16 EPS. Yelp’s revenue was up 21.0% compared to the same quarter last year. On average, analysts forecast that Yelp will post $0.07 EPS for the current year.
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Yelp announced that its Board of Directors 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 purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership 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 stock was sold at an average price of $40.00, for a total value of $520,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Charles Baker sold 3,921 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $41.45, for a total value of $162,525.45. Following the completion of the sale, the chief financial officer now directly owns 112,941 shares in the company, valued at $4,681,404.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,610 shares of company stock worth $10,326,010. 10.10% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in YELP. BlackRock Inc. grew its stake 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 acquiring an additional 2,756,955 shares during the last quarter. Point72 Asset Management L.P. grew its stake 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 acquiring an additional 2,437,744 shares during the last quarter. Southpoint Capital Advisors LP purchased a new stake in shares of Yelp in the second quarter worth $66,044,000. Fisher Asset Management LLC grew its stake 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 acquiring an additional 2,134,942 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Yelp by 794.9% in the second quarter. First Trust Advisors LP now owns 1,930,508 shares of the local business review company’s stock worth $57,954,000 after acquiring an additional 1,714,785 shares during the last quarter. 90.85% of the stock is currently owned by hedge funds and other institutional investors.
Yelp Company Profile
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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