Eminence Capital, led by Ricky Sandler, has initiated a new position in Yelp Inc (NYSE:YELP). In a new filing with the U.S. Securities and Exchange Commission, the hedge fund disclosed owning 3.33 million Class A shares. The stake is passive by nature and represents 5.1% of the company’s outstanding common stock.
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New York-based hedge fund Eminence Capital was founded by Ricky Sandler in 1998. The hedge fund has around $3.6 billion assets under management (AUM). In its latest 13F, Eminence Capital reported holding positions in 60 companies. The portfolio, valued at $6.46 billion, mainly consists of consumer, information technology, and industrial stocks. The investor’s top holding, in terms of value, are represented by Fossil Group Inc (NASDAQ:FOSL), GNC Holdings Inc (NYSE:GNC), and Men’s Wearhouse Inc (NYSE:MW).
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Let’s talk about Yelp Inc (NYSE:YELP), a $3.50 billion online review company, which operates a consumer-review website. For the first quarter of 2015, the company reported revenue of $118.5 million, up by 55% compared to the same quarter last year. Yelp Inc (NYSE:YELP) narrowed its net loss for the quarter to $1.3 million, or $0.02 per share, from $2.6 million, or $0.04 per share a year earlier. Yelp Inc (NYSE:YELP) expects revenue for the second quarter to be in the range of $131 million to $134 million, an increase of around 49%on the year. On a full-year basis, the revenue is expected to be in the range of $574 million to $579 million, which represents a 53% increase compared to last year.
Moreover, during the first quarter, Yelp Inc. (NYSE: YELP) acquired Eat24, a web and app-based online food ordering service based in San Bruno, California. Eat24 is currently offering online delivery and takeout services to about 20,000 restaurants in over 1,500 cities in the United States. Following the purchase, valued at $134 million, Yelp Inc. (NYSE: YELP) is planning to expand Eat24’s services to the one million U.S. restaurants listed on its website.