Facebook, Inc. (FB) Releases Quarterly Earnings Results, Beats Estimates By $0.31 EPS
Facebook, Inc. (NASDAQ:FB) posted its earnings results on Tuesday. The social networking company reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.31, Bloomberg Earnings reports. The business had revenue of $10.33 billion during the quarter, compared to the consensus estimate of $9.84 billion. Facebook had a return on equity of 21.73% and a net margin of 38.84%. Facebook’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the company earned $1.09 EPS.
In related news, insider Michael Todd Schroepfer sold 37,963 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $171.98, for a total value of $6,528,876.74. Following the transaction, the insider now owns 882,427 shares of the company’s stock, valued at approximately $151,759,795.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Colin Stretch sold 750 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $171.88, for a total transaction of $128,910.00. Following the completion of the transaction, the vice president now directly owns 82,406 shares in the company, valued at approximately $14,163,943.28. The disclosure for this sale can be found here. Insiders have sold a total of 5,705,933 shares of company stock worth $972,931,125 in the last three months. Insiders own 19.08% of the company’s stock.
Several institutional investors have recently bought and sold shares of the business. Mountain Capital Investment Advisors Inc purchased a new stake in shares of Facebook during the 2nd quarter worth approximately $138,000. Wasatch Advisors Inc. purchased a new stake in shares of Facebook during the 2nd quarter worth approximately $608,000. Gofen & Glossberg LLC IL increased its stake in shares of Facebook by 3.5% during the 2nd quarter. Gofen & Glossberg LLC IL now owns 149,460 shares of the social networking company’s stock worth $22,565,000 after purchasing an additional 5,079 shares during the last quarter. Koch Industries Inc. increased its stake in shares of Facebook by 25,927.3% during the 2nd quarter. Koch Industries Inc. now owns 813,093 shares of the social networking company’s stock worth $808,000 after purchasing an additional 809,969 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Facebook during the 2nd quarter worth approximately $240,000. 57.27% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on FB. Cowen and Company restated an “outperform” rating and set a $195.00 target price on shares of Facebook in a research report on Thursday, August 10th. Citigroup Inc. restated a “buy” rating and set a $200.00 target price on shares of Facebook in a research report on Wednesday, September 27th. Pivotal Research downgraded Facebook from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Robert W. Baird restated an “outperform” rating and set a $185.00 target price (up previously from $163.00) on shares of Facebook in a research report on Thursday, July 27th. Finally, Zacks Investment Research downgraded Facebook from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, forty-five have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $188.91.
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Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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