Alps Advisors Inc. trimmed its holdings in shares of Facebook, Inc. (NASDAQ:FB) by 43.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 17,790 shares of the social networking company’s stock after selling 13,441 shares during the period. Alps Advisors Inc.’s holdings in Facebook were worth $3,139,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Cribstone Capital Management LLC grew its position in Facebook by 186.2% in the 2nd quarter. Cribstone Capital Management LLC now owns 624 shares of the social networking company’s stock worth $121,000 after purchasing an additional 406 shares during the period. Trust Department MB Financial Bank N A bought a new stake in Facebook in the 2nd quarter worth approximately $134,000. Wagner Wealth Management LLC bought a new stake in Facebook in the 4th quarter worth approximately $183,000. Northwest Wealth Management LLC bought a new stake in Facebook in the 2nd quarter worth approximately $194,000. Finally, GenWealth Group Inc. bought a new stake in Facebook in the 2nd quarter worth approximately $200,000. Hedge funds and other institutional investors own 60.43% of the company’s stock.
A number of brokerages have recently issued reports on FB. Wedbush reissued an “outperform” rating and set a $275.00 price objective on shares of Facebook in a research report on Friday, July 20th. Cleveland Research reissued a “buy” rating on shares of Facebook in a research report on Thursday, September 13th. Oppenheimer reissued a “buy” rating and set a $200.00 price objective on shares of Facebook in a research report on Thursday, July 26th. Citigroup downgraded shares of Facebook to a “buy” rating and cut their price objective for the company from $220.00 to $210.00 in a research report on Thursday, July 26th. They noted that the move was a valuation call. Finally, Deutsche Bank reissued a “buy” rating and set a $205.00 price objective on shares of Facebook in a research report on Thursday, July 26th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. Facebook has a consensus rating of “Buy” and a consensus target price of $205.00.
In other Facebook news, insider Christopher K. Cox sold 10,600 shares of the business’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $210.66, for a total value of $2,232,996.00. Following the sale, the insider now owns 115,882 shares in the company, valued at approximately $24,411,702.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Sheryl Sandberg sold 55,000 shares of the business’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $154.87, for a total transaction of $8,517,850.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,052,146 shares of company stock worth $1,136,174,749. Corporate insiders own 16.25% of the company’s stock.
FB opened at $153.74 on Friday. Facebook, Inc. has a fifty-two week low of $149.02 and a fifty-two week high of $218.62. The firm has a market cap of $477.76 billion, a P/E ratio of 24.59, a PEG ratio of 1.05 and a beta of 0.42.
Facebook (NASDAQ:FB) last announced its quarterly earnings results on Wednesday, July 25th. The social networking company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.01). The company had revenue of $13.23 billion during the quarter, compared to analysts’ expectations of $13.35 billion. Facebook had a return on equity of 28.16% and a net margin of 39.31%. The firm’s revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.32 EPS. As a group, research analysts expect that Facebook, Inc. will post 7.08 earnings per share for the current year.
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application.
See Also: What is a Call Option?
Receive News & Ratings for Facebook Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Facebook and related companies with MarketBeat.com's FREE daily email newsletter.