Sina Corp. (NASDAQ:SINA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “SINA Corp. posted third-quarter 2016 results wherein non-GAAP earnings of $0.56 per share and net revenue of $274.9 million grew 43.6% and 21.5% year over year, respectively. The upside was driven by a 21% rise in advertising revenues, primarily due to continued strength in Weibo offerings. The company is taking a number of initiatives to further increase monetization on Weibo. It has already initiated live video streaming on the platform, which is expected to be an important growth factor as mobile users in China are on the rise. Recently, to unlock more value for SINA shareholders, the company announced that it will give away its Weibo stock on a pro rata basis. Apart from Weibo, other key growth drivers include a strong product pipeline and a robust user base for its e-commerce offerings. However, the company’s business is likely to be impacted by soft macroeconomic conditions in the region.”
A number of other brokerages have also weighed in on SINA. Jefferies Group set a $95.00 price target on shares of Sina Corp. and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Sina Corp. in a research note on Wednesday, August 31st. Brean Capital reaffirmed a “buy” rating on shares of Sina Corp. in a research note on Tuesday, August 16th. TheStreet raised shares of Sina Corp. to a “buy” rating in a research note on Friday, August 19th. Finally, Citigroup Inc. began coverage on shares of Sina Corp. in a research note on Friday, August 5th. They issued a “buy” rating and a $69.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.37.
Sina Corp. (NASDAQ:SINA) traded up 2.74% during mid-day trading on Monday, reaching $79.60. 1,887,225 shares of the company’s stock traded hands. Sina Corp. has a 52-week low of $39.58 and a 52-week high of $85.24. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of 27.22 and a beta of 1.40. The company has a 50-day moving average of $73.29 and a 200-day moving average of $64.02.
Sina Corp. (NASDAQ:SINA) last issued its quarterly earnings results on Monday, November 21st. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.21. The company earned $272.30 million during the quarter, compared to analyst estimates of $265.30 million. Sina Corp. had a net margin of 22.57% and a return on equity of 5.05%. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. Equities research analysts expect that Sina Corp. will post $1.21 EPS for the current year.
Large investors have recently modified their holdings of the stock. LPL Financial LLC purchased a new stake in shares of Sina Corp. during the third quarter valued at approximately $205,000. Pioneer Investment Management Inc. purchased a new stake in shares of Sina Corp. during the third quarter valued at approximately $664,000. Verition Fund Management LLC purchased a new stake in shares of Sina Corp. during the third quarter valued at approximately $523,000. Bamco Inc. NY purchased a new stake in shares of Sina Corp. during the third quarter valued at approximately $6,278,000. Finally, Panagora Asset Management Inc. increased its stake in shares of Sina Corp. by 1,703.5% in the third quarter. Panagora Asset Management Inc. now owns 7,268 shares of the company’s stock valued at $537,000 after buying an additional 6,865 shares during the period. Institutional investors and hedge funds own 60.52% of the company’s stock.
About Sina Corp.
Sina Corporation is an online media company serving China and the global Chinese communities. The Company’s digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile applications) and Weibo (social media) enables Internet users to access professional media and user generated content (UGCs) in multi-media formats from personal computers and mobile devices, and share their interests with friends and acquaintances.