Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Weibo Corporation (NASDAQ:WB) by 350.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,592 shares of the information services provider’s stock after purchasing an additional 27,682 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Weibo Corporation were worth $3,521,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Castleark Management LLC purchased a new position in shares of Weibo Corporation during the 2nd quarter worth about $110,000. Catamount Wealth Management purchased a new position in shares of Weibo Corporation during the 2nd quarter worth about $113,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Weibo Corporation during the 1st quarter worth about $162,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Weibo Corporation during the 2nd quarter worth about $223,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Weibo Corporation by 41.7% during 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 purchasing an additional 1,000 shares during the period. 19.51% of the stock is owned by hedge funds and other institutional investors.

WB has been the subject of several research reports. BidaskClub cut shares of Weibo Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Zacks Investment Research cut shares of Weibo Corporation from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 12th. Citigroup Inc. reissued a “buy” rating and issued a $126.00 price objective (up from $102.00) on shares of Weibo Corporation in a research report on Thursday, September 14th. Instinet reissued a “buy” rating and issued a $102.00 price objective (up from $91.00) on shares of Weibo Corporation in a research report on Friday, August 11th. Finally, Barclays PLC set a $100.00 price objective on shares of Weibo Corporation and gave the company an “overweight” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Weibo Corporation currently has a consensus rating of “Buy” and a consensus price target of $85.28.

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Weibo Corporation (NASDAQ:WB) last announced its quarterly earnings results on Wednesday, August 9th. The information services provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Weibo Corporation had a net margin of 23.22% and a return on equity of 24.45%. The business had revenue of $253.37 million during the quarter, compared to analysts’ expectations of $246.78 million. During the same period last year, the business earned $0.16 earnings per share. The business’s revenue for the quarter was up 72.5% on a year-over-year basis.

Weibo Corporation 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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