Yelp’s (YELP) Market Perform Rating Reiterated at Wells Fargo & Company
Wells Fargo & Company restated their market perform rating on shares of Yelp Inc. (NYSE:YELP) in a report issued on Thursday morning. Wells Fargo & Company currently has a $45.00 target price on the local business review company’s stock, up from their prior target price of $36.00.
“We See Limited Upside, 3/2/17, we believe a full transition to a dynamic lead generation monetization model (the ideal format, in our view) will require substantial changes to Yelp’s current RAQ model. Further, we question what we view as bullish investor assumptions that development of a lead generation model will necessarily be additive to Yelp’s ad revenue growth profile.”,” the firm’s analyst wrote.
A number of other equities analysts have also recently commented on YELP. BidaskClub raised Yelp from a sell rating to a hold rating in a report on Wednesday, July 12th. Morgan Stanley reaffirmed an equal weight rating and issued a $26.00 target price (down from $28.00) on shares of Yelp in a report on Thursday, July 20th. Roth Capital set a $21.00 target price on Yelp and gave the stock a sell rating in a report on Monday, July 31st. B. Riley reaffirmed a neutral rating and issued a $36.00 target price on shares of Yelp in a report on Friday, August 4th. Finally, Jefferies Group LLC raised their target price on Yelp from $37.00 to $43.00 and gave the stock a buy rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $43.37.
Yelp (YELP) opened at $46.07 on Thursday. The stock has a market capitalization of $3,768.66, a price-to-earnings ratio of 209.41, a PEG ratio of 12.07 and a beta of 1.29. Yelp has a 52 week low of $26.93 and a 52 week high of $48.17.
Yelp (NYSE:YELP) last announced its earnings results on Wednesday, November 1st. The local business review company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.30. Yelp had a return on equity of 2.26% and a net margin of 2.31%. The company had revenue of $222.40 million for the quarter, compared to analysts’ expectations of $220.75 million. During the same period last year, the firm earned $0.22 EPS. Yelp’s revenue for the quarter was up 19.4% compared to the same quarter last year. analysts forecast that Yelp will post 0.14 EPS for the current year.
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Yelp announced that its board has authorized a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the local business review company to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In other news, SVP Laurence Wilson sold 10,000 shares of Yelp stock in a transaction that occurred 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 sale, the senior vice president now owns 191,947 shares of the company’s stock, valued at $8,061,774. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles Baker sold 3,921 shares of Yelp stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $41.45, for a total transaction of $162,525.45. Following the sale, the chief financial officer now directly owns 112,941 shares of the company’s stock, valued at approximately $4,681,404.45. The disclosure for this sale can be found here. Insiders have sold 310,981 shares of company stock valued at $13,545,530 in the last ninety days. Insiders own 10.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of YELP. BlackRock Inc. raised its stake in shares of Yelp by 3,803.3% during the first quarter. BlackRock Inc. now owns 2,829,444 shares of the local business review company’s stock valued at $92,666,000 after acquiring an additional 2,756,955 shares in the last quarter. Southpoint Capital Advisors LP bought a new stake in shares of Yelp during the second quarter valued at approximately $66,044,000. Fisher Asset Management LLC raised its stake in shares of 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 valued at $73,828,000 after acquiring an additional 2,134,942 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Yelp by 794.9% during the second quarter. First Trust Advisors LP now owns 1,930,508 shares of the local business review company’s stock valued at $57,954,000 after acquiring an additional 1,714,785 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of 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 valued at $93,545,000 after acquiring an additional 868,890 shares in the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.
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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