Allspring Global Investments Holdings LLC Sells 1,560,021 Shares of Weibo Co. (NASDAQ:WB)

Allspring Global Investments Holdings LLC decreased its holdings in Weibo Co. (NASDAQ:WB - Free Report) by 37.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,647,025 shares of the information services provider's stock after selling 1,560,021 shares during the period. Allspring Global Investments Holdings LLC owned 1.13% of Weibo worth $26,682,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Deltec Asset Management LLC purchased a new position in shares of Weibo in the second quarter worth about $82,000. Seven Eight Capital LP purchased a new position in Weibo during the second quarter valued at approximately $110,000. Creative Planning purchased a new position in Weibo during the third quarter valued at approximately $112,000. Bayesian Capital Management LP purchased a new position in Weibo during the first quarter valued at approximately $123,000. Finally, Diversified Trust Co purchased a new position in Weibo during the third quarter valued at approximately $194,000. Hedge funds and other institutional investors own 68.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Nomura Securities raised shares of Weibo to a "hold" rating in a research note on Monday, August 26th. StockNews.com cut shares of Weibo from a "buy" rating to a "hold" rating in a research note on Thursday, October 17th. Morgan Stanley reduced their price objective on shares of Weibo from $8.00 to $7.50 and set an "underweight" rating for the company in a research note on Friday, August 23rd. Finally, Citigroup lifted their target price on shares of Weibo from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Monday, September 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Weibo presently has an average rating of "Hold" and an average target price of $10.23.

Weibo Price Performance

Weibo stock traded down $0.07 during mid-day trading on Thursday, hitting $9.04. 701,682 shares of the company traded hands, compared to its average volume of 2,077,453. Weibo Co. has a one year low of $7.03 and a one year high of $12.65. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 7.06, a price-to-earnings-growth ratio of 1.56 and a beta of 0.23. The stock has a fifty day moving average price of $8.58 and a 200-day moving average price of $8.46. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.34 and a current ratio of 2.34.

Weibo (NASDAQ:WB - Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The information services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.10. Weibo had a net margin of 18.52% and a return on equity of 11.01%. The company had revenue of $437.90 million during the quarter, compared to analysts' expectations of $437.97 million. During the same quarter in the prior year, the company earned $0.42 EPS. The firm's revenue was down .5% on a year-over-year basis. On average, equities analysts predict that Weibo Co. will post 1.48 earnings per share for the current fiscal year.

Weibo Profile

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People's Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.