market folly

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Yelp (YELP).  Per the filing, Eminence now owns 5.1% of the company with over 3.32 million shares.

This is a newly disclosed equity position for the hedge fund as they did not own any YELP shares as of the end of the first quarter.  The filing was made due to portfolio activity on May 15th.

For more from this hedge fund, head to Eminence Capital's other recent activity.

Per Google Finance, Yelp "connects people with local businesses. The Company’s users have contributed a total of approximately 52.8 million cumulative reviews of almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics and plumbers. Its platform provides local businesses with a range of free and paid services, which help them to engage with consumers at moment when they are deciding where to spend their money."