Bank of New York Mellon Corp Cuts Holdings in Yelp Inc. (NYSE:YELP)

Bank of New York Mellon Corp lowered its stake in shares of Yelp Inc. (NYSE:YELP - Free Report) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 468,495 shares of the local business review company's stock after selling 23,449 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Yelp worth $17,348,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Ceera Investments LLC increased its position in shares of Yelp by 5.0% in the first quarter. Ceera Investments LLC now owns 224,590 shares of the local business review company's stock worth $8,317,000 after purchasing an additional 10,632 shares during the period. Principal Financial Group Inc. grew its position in Yelp by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 374,536 shares of the local business review company's stock worth $13,869,000 after acquiring an additional 8,239 shares during the last quarter. Elevate Capital Advisors LLC bought a new stake in shares of Yelp in the 1st quarter worth approximately $2,766,000. New York State Teachers Retirement System boosted its position in shares of Yelp by 2.1% during the first quarter. New York State Teachers Retirement System now owns 49,192 shares of the local business review company's stock valued at $1,822,000 after purchasing an additional 993 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Yelp by 272.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 56,595 shares of the local business review company's stock valued at $2,160,000 after buying an additional 41,400 shares during the last quarter. Institutional investors and hedge funds own 90.11% of the company's stock.

Insider Activity

In related news, CTO Sam Eaton sold 12,904 shares of Yelp stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $38.18, for a total value of $492,674.72. Following the completion of the sale, the chief technology officer directly owned 145,064 shares in the company, valued at $5,538,543.52. The trade was a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Craig Saldanha sold 1,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $34.34, for a total value of $34,340.00. Following the sale, the insider owned 213,720 shares of the company's stock, valued at $7,339,144.80. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,345 shares of company stock valued at $2,150,876. 8.00% of the stock is currently owned by insiders.

Yelp Price Performance

NYSE YELP traded down $0.18 on Friday, hitting $34.45. 709,478 shares of the stock were exchanged, compared to its average volume of 769,604. The company has a market capitalization of $2.20 billion, a PE ratio of 16.56, a P/E/G ratio of 0.81 and a beta of 0.98. The business's fifty day moving average is $36.32 and its 200 day moving average is $36.62. Yelp Inc. has a 52 week low of $32.29 and a 52 week high of $41.72.

Yelp (NYSE:YELP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The local business review company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The business had revenue of $358.53 million during the quarter, compared to analyst estimates of $353.48 million. Yelp had a net margin of 9.95% and a return on equity of 19.42%. The firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. Analysts predict that Yelp Inc. will post 2.22 EPS for the current fiscal year.

Analysts Set New Price Targets

YELP has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on Yelp from $35.00 to $30.00 and set an "underweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen upgraded Yelp from a "buy" rating to a "strong-buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their price target on Yelp from $36.00 to $35.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $34.00.

Yelp Company Profile

Yelp Inc operates a platform that connects consumers with local businesses in the United States and internationally. The company's platform covers various categories, including restaurants, shopping, beauty and fitness, health, and other categories, as well as home, local, auto, professional, pets, events, real estate, and financial services.