Formula Growth Ltd. Lowers Position in Weibo Corporation (WB)

Formula Growth Ltd. lowered its stake in shares of Weibo Corporation (NASDAQ:WB) by 24.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,875 shares of the information services provider’s stock after selling 8,695 shares during the quarter. Formula Growth Ltd.’s holdings in Weibo Corporation were worth $1,786,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Weibo Corporation by 40.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,645 shares of the information services provider’s stock valued at $708,000 after purchasing an additional 3,045 shares in the last quarter. Lockheed Martin Investment Management Co. purchased a new stake in Weibo Corporation in the 2nd quarter valued at approximately $757,000. First Manhattan Co. purchased a new stake in Weibo Corporation in the 2nd quarter valued at approximately $741,000. BT Investment Management Ltd purchased a new stake in Weibo Corporation in the 2nd quarter valued at approximately $63,749,000. Finally, Vanguard Group Inc. boosted its holdings in Weibo Corporation by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 165,119 shares of the information services provider’s stock valued at $8,616,000 after purchasing an additional 4,195 shares in the last quarter. 19.56% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Weibo Corporation (WB) opened at 100.04 on Friday. Weibo Corporation has a 52-week low of $40.12 and a 52-week high of $108.30.

Weibo Corporation (NASDAQ:WB) last posted its quarterly earnings data on Wednesday, August 9th. The information services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $253.37 million during the quarter, compared to analysts’ expectations of $246.78 million. Weibo Corporation had a net margin of 23.22% and a return on equity of 24.45%. The business’s revenue was up 72.5% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. On average, equities analysts predict that Weibo Corporation will post $1.63 earnings per share for the current year.

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WB has been the topic of a number of analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Weibo Corporation in a report on Thursday, July 27th. Barclays PLC set a $100.00 price objective on Weibo Corporation and gave the company an “overweight” rating in a report on Friday, August 11th. Citigroup Inc. reaffirmed a “buy” rating and issued a $126.00 price objective (up previously from $102.00) on shares of Weibo Corporation in a report on Thursday, September 14th. Zacks Investment Research lowered Weibo Corporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, BidaskClub raised Weibo Corporation from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Weibo Corporation has an average rating of “Buy” and a consensus price target of $85.28.

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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