Weibo Corporation (WB) Stake Lowered by Wells Fargo & Company MN
Wells Fargo & Company MN reduced its stake in Weibo Corporation (NASDAQ:WB) by 13.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,739,503 shares of the information services provider’s stock after selling 270,636 shares during the quarter. Wells Fargo & Company MN owned 0.79% of Weibo worth $172,106,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. NEXT Financial Group Inc lifted its holdings in shares of Weibo by 9,900.0% in the 3rd quarter. NEXT Financial Group Inc now owns 1,000 shares of the information services provider’s stock worth $100,000 after acquiring an additional 990 shares during the last quarter. YorkBridge Wealth Partners LLC acquired a new position in shares of Weibo in the 3rd quarter worth approximately $105,000. Risk Paradigm Group LLC acquired a new position in shares of Weibo in the 3rd quarter worth approximately $109,000. Castleark Management LLC acquired a new position in shares of Weibo in the 2nd quarter worth approximately $110,000. Finally, Catamount Wealth Management acquired a new stake in Weibo during the 2nd quarter worth approximately $113,000. Hedge funds and other institutional investors own 62.51% of the company’s stock.
Shares of Weibo Corporation (NASDAQ:WB) opened at $104.83 on Friday. The stock has a market cap of $24,015.32, a P/E ratio of 92.00 and a beta of 2.54. Weibo Corporation has a fifty-two week low of $40.12 and a fifty-two week high of $123.00.
A number of research firms have issued reports on WB. ValuEngine lowered shares of Weibo from a “hold” rating to a “sell” rating in a report on Friday. Zacks Investment Research upgraded shares of Weibo from a “hold” rating to a “strong-buy” rating and set a $95.00 target price on the stock in a report on Tuesday, August 15th. Barclays set a $100.00 target price on shares of Weibo and gave the stock an “overweight” rating in a report on Friday, August 11th. BidaskClub lowered shares of Weibo from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 7th. Finally, Instinet reiterated a “buy” rating and set a $102.00 target price (up from $91.00) on shares of Weibo in a report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Weibo has an average rating of “Buy” and a consensus price target of $93.39.
Weibo Corporation is a social media platform for people to create, distribute and discover Chinese-language content. The Company provides ways for people and organizations to publicly express themselves in real time, interact with others on a global platform and stay connected with the world. It operates in two segments: advertising and marketing services and other services.
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