Southpoint Capital Advisors LP Buys Shares of 2,200,000 Yelp Inc. (YELP)
Southpoint Capital Advisors LP bought a new position in Yelp Inc. (NYSE:YELP) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,200,000 shares of the local business review company’s stock, valued at approximately $66,044,000. Yelp accounts for about 2.6% of Southpoint Capital Advisors LP’s holdings, making the stock its 17th largest holding. Southpoint Capital Advisors LP owned about 2.69% of Yelp at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of YELP. Strs Ohio bought a new position in Yelp in the 2nd quarter worth $108,000. FNY Partners Fund LP boosted its holdings in Yelp by 18,650.0% in the 1st quarter. FNY Partners Fund LP now owns 3,750 shares of the local business review company’s stock worth $122,000 after buying an additional 3,730 shares during the period. Russell Investments Group Ltd. boosted its holdings in Yelp by 98.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,091 shares of the local business review company’s stock worth $123,000 after buying an additional 2,033 shares during the period. FNY Managed Accounts LLC bought a new position in Yelp in the 1st quarter worth $163,000. Finally, Teacher Retirement System of Texas boosted its holdings in Yelp by 11.8% in the 1st quarter. Teacher Retirement System of Texas now owns 6,167 shares of the local business review company’s stock worth $202,000 after buying an additional 653 shares during the period. 90.85% of the stock is owned by institutional investors.
Yelp Inc. (NYSE YELP) traded up 0.41% during trading on Friday, hitting $46.58. 471,615 shares of the stock were exchanged. Yelp Inc. has a 12 month low of $26.93 and a 12 month high of $46.75. The stock has a market cap of $3.81 billion, a P/E ratio of 294.81 and a beta of 1.34. The stock’s 50 day moving average price is $43.12 and its 200 day moving average price is $35.05.
Yelp (NYSE:YELP) last announced its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 EPS for the quarter, beating the Zacks’ 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 company had revenue of $209.90 million for the quarter, compared to the consensus estimate of $204.89 million. During the same period in the prior year, the firm posted $0.16 EPS. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. Analysts forecast that Yelp Inc. will post $0.07 EPS for the current fiscal year.
Yelp declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the local business review company to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
Several research analysts recently weighed in on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $37.00 target price on shares of Yelp in a report on Friday, August 4th. Roth Capital raised shares of Yelp from a “sell” rating to a “neutral” rating and upped their target price for the stock from $21.00 to $35.00 in a report on Friday, August 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $26.00 target price (down previously from $28.00) on shares of Yelp in a report on Thursday, July 20th. MKM Partners raised shares of Yelp from a “neutral” rating to a “buy” rating and upped their target price for the stock from $27.00 to $31.31 in a report on Friday, August 4th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $46.00 target price on shares of Yelp in a report on Friday, August 4th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty-one have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $39.78.
In other Yelp news, Director Geoffrey L. Donaker sold 6,000 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $44.21, for a total value of $265,260.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Charles Baker sold 3,921 shares of the 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 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 three months, insiders sold 227,240 shares of company stock worth $9,504,099. Insiders own 10.10% of the company’s stock.
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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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