Wells Fargo & Company restated their market perform rating on shares of Yelp Inc. (NYSE:YELP) in a research note issued to investors on Thursday, November 2nd. Wells Fargo & Company currently has a $45.00 price objective on the local business review company’s stock, up from their prior price objective 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 commented.
YELP has been the topic of a number of other research reports. Roth Capital upgraded shares of Yelp from a sell rating to a neutral rating and lifted their price objective for the company from $21.00 to $35.00 in a research note on Friday, August 4th. Cantor Fitzgerald lowered shares of Yelp from an overweight rating to a neutral rating and dropped their price objective for the company from $46.73 to $44.00 in a research note on Monday, October 9th. Credit Suisse Group set a $40.00 price objective on shares of Yelp and gave the company a buy rating in a research note on Friday, August 4th. Robert W. Baird reiterated a neutral rating and set a $37.00 price objective (up previously from $26.00) on shares of Yelp in a research note on Thursday, August 10th. Finally, BidaskClub upgraded shares of Yelp from a sell rating to a hold rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $43.31.
Shares of Yelp (YELP) traded down $0.21 during mid-day trading on Thursday, reaching $46.97. 1,231,792 shares of the company’s stock were exchanged, compared to its average volume of 2,533,289. The firm has a market capitalization of $3,890.00, a PE ratio of 212.82, a price-to-earnings-growth ratio of 10.52 and a beta of 1.29. Yelp has a 1 year low of $26.93 and a 1 year high of $48.17.
Yelp (NYSE:YELP) last announced its quarterly earnings results on Wednesday, November 1st. The local business review company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.30. The firm had revenue of $222.40 million for the quarter, compared to analysts’ expectations of $220.75 million. Yelp had a net margin of 2.31% and a return on equity of 2.20%. Yelp’s revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 earnings per share. sell-side analysts expect that Yelp will post 0.17 EPS for the current year.
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Yelp declared that its board has initiated a stock repurchase program 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 repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, CEO Jeremy Stoppelman sold 13,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $41.94, for a total transaction of $545,220.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Laurence Wilson sold 25,000 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $44.08, for a total value of $1,102,000.00. Following the sale, the insider now owns 195,610 shares in the company, valued at approximately $8,622,488.80. The disclosure for this sale can be found here. Insiders have sold 305,871 shares of company stock valued at $13,553,190 over the last quarter. Corporate insiders own 10.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Yelp by 4.1% during the second quarter. Vanguard Group Inc. now owns 5,935,362 shares of the local business review company’s stock worth $178,180,000 after purchasing an additional 231,754 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Yelp by 84.9% during the second quarter. BlackRock Inc. now owns 5,232,684 shares of the local business review company’s stock worth $157,084,000 after purchasing an additional 2,403,240 shares during the last quarter. Prescott General Partners LLC grew its holdings in shares of Yelp by 21.3% during the second quarter. Prescott General Partners LLC now owns 3,851,774 shares of the local business review company’s stock worth $115,630,000 after purchasing an additional 676,251 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its holdings 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 worth $93,545,000 after purchasing an additional 868,890 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Yelp by 17.7% during the third quarter. Fisher Asset Management LLC now owns 2,893,867 shares of the local business review company’s stock worth $125,304,000 after purchasing an additional 434,574 shares during the last quarter. Institutional investors own 85.66% of the company’s stock.
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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