Principal Financial Group Inc. Sells 186,497 Shares of Weibo Corporation (WB)

Principal Financial Group Inc. cut its holdings in Weibo Corporation (NASDAQ:WB) by 36.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,308 shares of the information services provider’s stock after selling 186,497 shares during the quarter. Principal Financial Group Inc. owned approximately 0.15% of Weibo Corporation worth $21,158,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in WB. Alta Advisers Ltd grew its position in shares of Weibo Corporation by 5.0% in the 1st quarter. Alta Advisers Ltd now owns 2,100 shares of the information services provider’s stock worth $110,000 after buying an additional 100 shares during the period. Catamount Wealth Management purchased a new stake in shares of Weibo Corporation in the 2nd quarter worth about $113,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Weibo Corporation in the 1st quarter worth about $162,000. Victory Capital Management Inc. grew its position in shares of Weibo Corporation by 16.0% in the 1st quarter. Victory Capital Management Inc. now owns 3,894 shares of the information services provider’s stock worth $203,000 after buying an additional 537 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Weibo Corporation by 41.7% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,400 shares of the information services provider’s stock worth $226,000 after buying an additional 1,000 shares during the period. 19.58% of the stock is currently owned by hedge funds and other institutional investors.

Weibo Corporation (NASDAQ:WB) opened at 106.61 on Wednesday. The company has a 50-day moving average of $89.30 and a 200-day moving average of $69.01. Weibo Corporation has a 52 week low of $40.12 and a 52 week high of $107.86. The company has a market cap of $22.10 billion, a PE ratio of 122.82 and a beta of 2.61.

Weibo Corporation (NASDAQ:WB) last posted its earnings results 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. Weibo Corporation had a return on equity of 24.45% and a net margin of 23.22%. The company had revenue of $253.37 million for the quarter, compared to analyst estimates of $246.78 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The firm’s quarterly revenue was up 72.5% compared to the same quarter last year. On average, equities analysts expect that Weibo Corporation will post $1.63 EPS for the current year.

WB has been the topic of a number of recent research reports. Instinet reaffirmed a “buy” rating and issued a $102.00 target price (up from $91.00) on shares of Weibo Corporation in a research report on Friday, August 11th. BidaskClub downgraded shares of Weibo Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Weibo Corporation in a research report on Monday, June 26th. Zacks Investment Research downgraded shares of Weibo Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $85.00 target price (up from $66.00) on shares of Weibo Corporation in a research report on Wednesday, May 17th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Weibo Corporation has an average rating of “Buy” and an average price target of $80.19.

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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.

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

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