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Craig Saldanha, the Chief Product Officer of Yelp Inc. (NYSE:YELP), recently sold 1,000 shares of the company's common stock. The transaction, which took place on December 23, 2024, was executed at a price of $37.99 per share, amounting to a total sale of $37,990. Yelp, currently valued at $2.6 billion, maintains impressive financial health with a perfect Piotroski Score of 9 and holds more cash than debt on its balance sheet, according to InvestingPro data. Following this transaction, Saldanha retains ownership of 183,558 shares in the company.
The sale was conducted under a pre-established 10b5-1 trading plan, which Saldanha adopted on August 30, 2024. Such plans allow company insiders to set up a predetermined schedule for selling shares, providing a measure of protection against potential accusations of insider trading.
In other recent news, Yelp Inc. has finalized its acquisition of auto service platform RepairPal for $80 million, marking a significant expansion into the auto services market. This development comes amid Yelp's recent announcement of mixed third quarter results for 2024, with a record net revenue of $360 million, a 4% increase year-over-year. Despite declines in restaurant, retail, and other categories, the company experienced growth in its Services revenue, which increased by 11%, and the Home services segment revenue, which grew by 15%.
The company's net income margin stood at 11%, with a 28% adjusted EBITDA margin. Yelp also continued its share repurchases, with $62.5 million worth of shares bought back in the third quarter. For the full year, Yelp projects net revenue between $1.397 billion and $1.402 billion, with adjusted EBITDA expected to be between $341 million to $346 million.
These recent developments underscore Yelp's strategic approach to growth and investment. The acquisition of RepairPal, advised by TD Securities and Fenwick & West LLP, is anticipated to enhance Yelp's range of services by integrating a trustworthy auto repair component into its local business platform. As Yelp navigates these recent developments, the company remains committed to disciplined expense management, optimizing marketing spend, and leveraging AI to enhance customer interaction and ad matching.
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