Bank of America Corporation Raises Yelp Inc. (YELP) Price Target to $52.00
Yelp Inc. (NYSE:YELP) had its price target increased by Bank of America Corporation from $43.00 to $52.00 in a report published on Tuesday, Marketbeat.com reports. Bank of America Corporation currently has a buy rating on the local business review company’s stock.
A number of other research firms have also recently issued reports on YELP. Roth Capital set a $21.00 price objective on Yelp and gave the company a sell rating in a report on Monday, July 31st. Robert W. Baird restated a neutral rating on shares of Yelp in a report on Monday, July 3rd. B. Riley reiterated a neutral rating and issued a $36.00 target price on shares of Yelp in a report on Friday, August 4th. Barclays PLC reiterated an equal weight rating and issued a $36.00 target price (up from $28.00) on shares of Yelp in a report on Friday, August 4th. Finally, BidaskClub upgraded Yelp from a sell rating to a hold rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and eighteen have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $40.58.
Shares of Yelp (NYSE YELP) opened at 43.75 on Tuesday. The company has a 50-day moving average price of $43.57 and a 200-day moving average price of $35.46. Yelp has a 52 week low of $26.93 and a 52 week high of $46.76. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 276.90 and a beta of 1.34.
Yelp (NYSE:YELP) last posted its quarterly earnings data on Thursday, August 3rd. The local business review company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.12. Yelp had a return on equity of 1.60% and a net margin of 1.67%. The company had revenue of $209.90 million during the quarter, compared to analysts’ expectations of $204.89 million. During the same quarter in the previous year, the business earned $0.16 EPS. Yelp’s revenue was up 21.0% compared to the same quarter last year. Equities analysts anticipate that Yelp will post $0.07 EPS for the current year.
Yelp declared that its Board of Directors has initiated a share repurchase program on Thursday, August 3rd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the local business review company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other Yelp news, COO Joseph R. Nachman sold 6,500 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $38.28, for a total transaction of $248,820.00. Following the transaction, the chief operating officer now owns 131,115 shares in the company, valued at $5,019,082.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Geoffrey L. Donaker sold 6,000 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $45.55, for a total value of $273,300.00. The disclosure for this sale can be found here. Insiders have sold 232,610 shares of company stock worth $9,758,430 in the last quarter. 10.10% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Dorsey Asset Management LLC purchased a new position in Yelp during the second quarter worth approximately $22,095,000. First Manhattan Co. purchased a new position in shares of Yelp in the second quarter valued at approximately $11,158,000. Capital Fund Management S.A. lifted its position in shares of Yelp by 113.2% in the second quarter. Capital Fund Management S.A. now owns 714,639 shares of the local business review company’s stock valued at $21,453,000 after acquiring an additional 379,367 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Yelp by 95.8% in the first quarter. California Public Employees Retirement System now owns 225,800 shares of the local business review company’s stock valued at $8,015,000 after acquiring an additional 110,500 shares in the last quarter. Finally, TB Alternative Assets Ltd. purchased a new position in shares of Yelp in the second quarter valued at approximately $3,050,000. Institutional investors own 90.85% 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.
Receive News & Stock Ratings for Yelp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Yelp Inc. and related stocks with our FREE daily email newsletter.