Yelp Inc. (YELP) Given a $51.00 Price Target at SunTrust Banks, Inc.
Yelp Inc. (NYSE:YELP) has been assigned a $51.00 price objective by research analysts at SunTrust Banks, Inc. in a note issued to investors on Friday. The brokerage currently has a “buy” rating on the local business review company’s stock. SunTrust Banks, Inc.’s target price suggests a potential upside of 9.16% from the stock’s previous close.
Several other research firms have also commented on YELP. Roth Capital set a $21.00 target price on shares of Yelp and gave the company a “sell” rating in a report on Monday, July 31st. Robert W. Baird reissued a “neutral” rating on shares of Yelp in a research report on Monday, July 3rd. B. Riley reissued a “neutral” rating and set a $36.00 price target on shares of Yelp in a research report on Friday, August 4th. Barclays PLC reissued an “equal weight” rating and set a $36.00 price target (up previously from $28.00) on shares of Yelp in a research report on Friday, August 4th. Finally, BidaskClub raised shares of Yelp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Yelp currently has a consensus rating of “Hold” and an average target price of $41.26.
Yelp (NYSE:YELP) last released its earnings results on Thursday, August 3rd. The local business review company reported $0.09 EPS for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $204.89 million. During the same quarter last year, the firm earned $0.16 EPS. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year.
Yelp declared that its board has approved a stock repurchase program on Thursday, August 3rd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the local business review company to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, insider Laurence Wilson sold 30,000 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $46.18, for a total value of $1,385,400.00. Following the transaction, the insider now owns 187,739 shares of the company’s stock, valued at $8,669,787.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Geoffrey L. Donaker sold 42,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $40.00, for a total transaction of $1,680,000.00. Following the completion of the transaction, the director now directly owns 47,590 shares in the company, valued at approximately $1,903,600. The disclosure for this sale can be found here. Insiders sold 366,481 shares of company stock worth $15,712,350 in the last three months. Insiders own 10.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Dorsey Asset Management LLC purchased a new position in shares of Yelp in the second quarter worth $22,095,000. First Manhattan Co. bought a new stake in Yelp in the second quarter worth $11,158,000. Capital Fund Management S.A. increased its position in 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 worth $21,453,000 after purchasing an additional 379,367 shares during the last quarter. Ingalls & Snyder LLC increased its position in Yelp by 17.0% in the third quarter. Ingalls & Snyder LLC now owns 97,521 shares of the local business review company’s stock worth $4,223,000 after purchasing an additional 14,171 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in 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 worth $8,015,000 after purchasing an additional 110,500 shares during the last quarter. 89.28% of the stock is currently owned by hedge funds and other institutional investors.
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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