Yelp Inc. (YELP) Price Target Raised to $51.00
Yelp Inc. (NYSE:YELP) had its price target hoisted by equities researchers at Credit Suisse Group from $48.00 to $51.00 in a report released on Thursday. The brokerage currently has an “outperform” rating on the local business review company’s stock. Credit Suisse Group’s target price would suggest a potential upside of 9.16% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. B. Riley reiterated a “neutral” rating and issued a $36.00 price objective on shares of Yelp in a research report on Friday, August 4th. Barclays PLC reiterated an “equal weight” rating and issued a $36.00 price objective (up previously from $28.00) on shares of Yelp in a research report on Friday, August 4th. SunTrust Banks, Inc. set a $51.00 price objective on shares of Yelp and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank Of Canada upgraded shares of Yelp from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $36.00 to $55.00 in a research report on Thursday. Finally, J P Morgan Chase & Co reiterated a “buy” rating and issued a $52.00 price objective on shares of Yelp in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.15.
Yelp (NYSE:YELP) last posted its earnings results on Wednesday, November 1st. The local business review company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.30. The company had revenue of $222.40 million during the quarter, compared to the consensus estimate of $220.75 million. Yelp had a net margin of 1.67% and a return on equity of 1.60%. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share.
Yelp announced that its board has initiated a share buyback 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 purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Yelp news, insider Laurence Wilson sold 30,000 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 187,739 shares of the company’s stock, valued at approximately $8,669,787.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Geoffrey L. Donaker sold 6,000 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $47.00, for a total transaction of $282,000.00. Following the completion of the sale, the director now directly owns 9,590 shares in the company, valued at $450,730. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 372,481 shares of company stock worth $15,994,350. 10.10% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Strs Ohio purchased a new stake in shares of Yelp in the 2nd quarter valued at approximately $108,000. Russell Investments Group Ltd. increased its position in shares of 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 valued at $123,000 after purchasing an additional 2,033 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Yelp in the 2nd quarter valued at approximately $205,000. ProShare Advisors LLC purchased a new stake in shares of Yelp in the 2nd quarter valued at approximately $215,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Yelp in the 2nd quarter valued at approximately $249,000. 89.28% of the stock is currently owned by 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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