Zacks Investment Research upgraded shares of SINA (NASDAQ:SINA) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “SINA’s third-quarter results benefited from ad revenue growth. However, higher marketing costs related to Weibo, SINA news and finance applications negatively impacted bottom-line. Management stated that the continuing decline in macroeconomic conditions in China will hurt advertising revenues in the near term. The company’s social media platform Weibo is facing strict regulation that is hurting growth prospects. Additionally, stricter regulation in the micro-lending sector is an overhang. Moreover, stiff competition in Chinese online advertising market is a big threat. Shares have underperformed the industry on a year-to-date basis. Nevertheless, the company’s effort to add consumer-centric features to the growing Weibo platform is noteworthy for investors. Moreover, SINA’s partnerships with professional agencies in verticals like e-commerce, video IP and live broadcasting will help it to expand mobile market share.”
A number of other research firms have also recently weighed in on SINA. BidaskClub cut SINA from a sell rating to a strong sell rating in a report on Tuesday, October 9th. Jefferies Financial Group restated a buy rating and issued a $89.00 price target on shares of SINA in a report on Tuesday, November 20th. JPMorgan Chase & Co. initiated coverage on SINA in a report on Wednesday, August 29th. They issued an overweight rating and a $150.00 price target for the company. ValuEngine cut SINA from a sell rating to a strong sell rating in a report on Tuesday, August 7th. Finally, Benchmark decreased their price target on SINA from $119.00 to $96.00 and set a buy rating for the company in a report on Monday, November 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $111.40.
SINA (NASDAQ:SINA) last issued its earnings results on Wednesday, November 28th. The technology company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.16. The business had revenue of $557.20 million during the quarter, compared to analysts’ expectations of $561.76 million. SINA had a return on equity of 4.22% and a net margin of 7.58%. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, sell-side analysts forecast that SINA will post 2.27 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in SINA by 27.4% in the 2nd quarter. BlackRock Inc. now owns 5,439,514 shares of the technology company’s stock worth $460,674,000 after acquiring an additional 1,169,725 shares during the period. Macquarie Group Ltd. boosted its stake in shares of SINA by 5.5% during the 3rd quarter. Macquarie Group Ltd. now owns 3,493,769 shares of the technology company’s stock valued at $242,747,000 after buying an additional 183,000 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of SINA by 1.6% during the 3rd quarter. Wells Fargo & Company MN now owns 2,382,628 shares of the technology company’s stock valued at $165,546,000 after buying an additional 38,673 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of SINA by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,166,221 shares of the technology company’s stock valued at $150,509,000 after buying an additional 22,730 shares during the last quarter. Finally, Fosun International Ltd boosted its stake in shares of SINA by 10.5% during the 3rd quarter. Fosun International Ltd now owns 1,853,291 shares of the technology company’s stock valued at $128,766,000 after buying an additional 176,516 shares during the last quarter. Hedge funds and other institutional investors own 64.83% of the company’s stock.
SINA Corporation, through its subsidiaries, operates as an online media company in the People's Republic of China. It operates SINA.com, an online brand advertising portal that provides region-focused format and content, including multimedia news; business news coverage and personal finance columns; sporting events news; automobile-related news; entertainment news and events; technology updates; interactive video products, such as news, sports, and entertainment; and education, digital, fashion, luxury, health, collectibles, travel, and other interest-based channels.
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