Needham & Company Reiterates Buy Rating on Taboola.com with $5.00 Price Objective

In a recent research report, Needham & Company LLC reaffirmed their buy rating on shares of Taboola.com (NASDAQ:TBLA) with a $5.00 price objective. This comes after Benchmark also reiterated a “buy” rating and set a $5.00 target price on the stock earlier this month. With four investment analysts giving the stock a buy rating, Taboola.com currently holds an average rating of “Buy” and a consensus price target of $5.31, according to MarketBeat.com.

Taboola.com, an artificial intelligence-based algorithmic engine platform, operates globally, partnering with websites, devices, and mobile apps to recommend editorial content and advertisements on the open web to users. The company recently released its quarterly earnings data, reporting earnings per share (EPS) of ($0.01) for the quarter, surpassing analysts’ consensus estimates of ($0.05) by $0.04. The company’s revenue for the quarter was $428.00 million, slightly below analysts’ expectations of $428.67 million. However, Taboola.com’s quarterly revenue showed a 28.9% increase year-over-year.

In terms of insider trading, Director Lynda M. Clarizio sold 29,606 shares of Taboola.com’s stock in a transaction on August 29th. The shares were sold at an average price of $3.61, resulting in a total value of $106,877.66. Following the sale, Clarizio now holds 176,158 shares in the company, valued at approximately $635,930.38. This transaction represented a 0.00% decrease in her position. Corporate insiders currently own 22.40% of the company’s stock.

Institutional trading activity has also been observed in Taboola.com. Hedge funds such as Millennium Management LLC, Tidal Investments LLC, Algert Global LLC, Wellington Management Group LLP, and Tredje AP fonden have recently modified their holdings of TBLA. Millennium Management LLC increased its position in Taboola.com by 32.3% during the second quarter, now owning 1,339,987 shares of the company’s stock worth $4,610,000. Tidal Investments LLC and Algert Global LLC both acquired new positions in the first and second quarters, respectively, with a combined value of approximately $1,826,000. Wellington Management Group LLP also increased its position by 22.2% during the fourth quarter, now holding 15,767,681 shares worth $68,274,000. Tredje AP fonden acquired a new stake in Taboola.com during the second quarter, valued at approximately $1,376,000. Overall, institutional investors and hedge funds own 42.89% of the company’s stock.