Citigroup Inc. Increases Yelp Inc. (YELP) Price Target to $50.00
Yelp Inc. (NYSE:YELP) had its price target boosted by equities research analysts at Citigroup Inc. from $42.00 to $50.00 in a research report issued on Monday. The firm currently has a “buy” rating on the local business review company’s stock. Citigroup Inc.’s price target points to a potential upside of 9.17% from the stock’s previous close.
Other equities analysts also recently issued research reports about the stock. Morgan Stanley reissued an “equal weight” rating and set a $26.00 price objective (down previously from $28.00) on shares of Yelp in a research note on Thursday, July 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $37.00 target price on shares of Yelp in a research note on Friday, June 23rd. BidaskClub upgraded Yelp from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded Yelp from a “hold” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Bank of America Corporation raised Yelp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $35.00 to $37.00 in a research note on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $39.78.
Shares of Yelp (NYSE:YELP) opened at 45.80 on Monday. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of 289.87 and a beta of 1.34. The stock’s 50 day moving average is $42.87 and its 200-day moving average is $34.89. Yelp has a 12-month low of $26.93 and a 12-month high of $45.89.
Yelp (NYSE:YELP) last posted its earnings results on Thursday, August 3rd. The local business review company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.12. The company had revenue of $209.90 million for the quarter, compared to the consensus estimate of $204.89 million. Yelp had a return on equity of 1.60% and a net margin of 1.67%. Yelp’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share. Equities analysts anticipate that Yelp will post $0.07 EPS for the current fiscal year.
Yelp declared that its Board of Directors has initiated a share repurchase plan on Thursday, August 3rd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the local business review company to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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In other news, COO Joseph R. Nachman sold 6,500 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $38.28, for a total transaction of $248,820.00. Following the completion of the transaction, the chief operating officer now owns 131,115 shares in the company, valued at approximately $5,019,082.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jeremy Stoppelman sold 13,000 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $42.20, for a total transaction of $548,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 208,240 shares of company stock valued at $8,648,899. 10.10% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of YELP. Vanguard Group Inc. grew its position in Yelp by 4.1% in 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 buying an additional 231,754 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Yelp by 84.9% in the second quarter. BlackRock Inc. now owns 5,232,684 shares of the local business review company’s stock valued at $157,084,000 after buying an additional 2,403,240 shares in the last quarter. Prescott General Partners LLC increased its holdings in shares of Yelp by 21.3% in the second quarter. Prescott General Partners LLC now owns 3,851,774 shares of the local business review company’s stock valued at $115,630,000 after buying an additional 676,251 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its holdings in shares of Yelp by 38.7% in 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 buying an additional 868,890 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings 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 valued at $87,169,000 after buying an additional 2,437,744 shares in the last quarter. Hedge funds and other institutional investors own 90.85% of the company’s stock.
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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