Sumitomo Mitsui Asset Management Company LTD Buys Shares of 7,910 Weibo Corporation (NASDAQ:WB)

Sumitomo Mitsui Asset Management Company LTD bought a new position in Weibo Corporation (NASDAQ:WB) during the second quarter, Holdings Channel reports. The firm bought 7,910 shares of the information services provider’s stock, valued at approximately $525,000.

Several other institutional investors have also made changes to their positions in WB. UBS Asset Management Americas Inc. acquired a new position in shares of Weibo Corporation during the fourth quarter worth about $2,453,000. Teachers Advisors LLC raised its position in shares of Weibo Corporation by 162.6% in the fourth quarter. Teachers Advisors LLC now owns 12,700 shares of the information services provider’s stock worth $516,000 after buying an additional 7,864 shares during the period. Gradient Investments LLC acquired a new position in shares of Weibo Corporation during the first quarter worth about $313,000. TB Alternative Assets Ltd. acquired a new position in shares of Weibo Corporation during the first quarter worth about $1,967,000. Finally, Navellier & Associates Inc raised its position in shares of Weibo Corporation by 41.9% in the first quarter. Navellier & Associates Inc now owns 93,269 shares of the information services provider’s stock worth $4,867,000 after buying an additional 27,526 shares during the period. Institutional investors and hedge funds own 16.79% of the company’s stock.

Weibo Corporation (NASDAQ:WB) opened at 87.23 on Thursday. The stock has a market capitalization of $18.08 billion, a price-to-earnings ratio of 132.57 and a beta of 2.66. The company has a 50-day moving average of $74.09 and a 200-day moving average of $61.93. Weibo Corporation has a 52-week low of $40.12 and a 52-week high of $88.88.

Weibo Corporation (NASDAQ:WB) last released its quarterly earnings results on Wednesday, August 9th. The information services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Weibo Corporation had a return on equity of 20.00% and a net margin of 20.10%. The company had revenue of $253.37 million during the quarter, compared to analysts’ expectations of $246.78 million. During the same quarter in the prior year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 72.5% compared to the same quarter last year. Equities research analysts expect that Weibo Corporation will post $1.50 EPS for the current year.

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A number of equities analysts have recently issued reports on WB shares. Benchmark Co. started coverage on shares of Weibo Corporation in a research report on Tuesday, April 18th. They set a “buy” rating and a $65.00 target price on the stock. TheStreet upgraded shares of Weibo Corporation from a “c” rating to a “b-” rating in a research report on Monday, April 17th. Zacks Investment Research upgraded shares of Weibo Corporation from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Thursday, April 27th. Vetr lowered shares of Weibo Corporation from a “strong-buy” rating to a “buy” rating and set a $65.50 target price on the stock. in a research report on Monday, May 8th. Finally, T.H. Capital restated a “buy” rating and set a $70.00 target price (up from $60.00) on shares of Weibo Corporation in a research report on Tuesday, May 9th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Weibo Corporation has an average rating of “Buy” and an average target price of $66.95.

Weibo Corporation Company Profile

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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Institutional Ownership by Quarter for Weibo Corporation (NASDAQ:WB)

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