Grisanti Capital Management LLC Purchases 19,332 Shares of Facebook, Inc. (FB)

Grisanti Capital Management LLC increased its position in shares of Facebook, Inc. (NASDAQ:FB) by 35.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,240 shares of the social networking company’s stock after buying an additional 19,332 shares during the quarter. Facebook accounts for about 6.3% of Grisanti Capital Management LLC’s portfolio, making the stock its 3rd biggest holding. Grisanti Capital Management LLC’s holdings in Facebook were worth $14,426,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of FB. Summit Trail Advisors LLC boosted its position in Facebook by 4,170.3% during the first quarter. Summit Trail Advisors LLC now owns 9,070,939 shares of the social networking company’s stock valued at $9,071,000 after purchasing an additional 8,858,520 shares during the last quarter. Cornerstone Wealth Management LLC boosted its position in Facebook by 21,254.2% during the second quarter. Cornerstone Wealth Management LLC now owns 3,612,283 shares of the social networking company’s stock valued at $18,303,000 after purchasing an additional 3,595,367 shares during the last quarter. BlackRock Inc. boosted its position in Facebook by 2.0% during the first quarter. BlackRock Inc. now owns 149,137,226 shares of the social networking company’s stock valued at $23,830,637,000 after purchasing an additional 2,966,437 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in Facebook during the first quarter valued at approximately $430,727,000. Finally, DnB Asset Management AS acquired a new position in Facebook during the second quarter valued at approximately $428,119,000. Institutional investors and hedge funds own 60.25% of the company’s stock.

FB has been the subject of a number of recent analyst reports. SunTrust Banks cut their price objective on Facebook to $200.00 and set a “buy” rating for the company in a research report on Thursday, July 26th. Wells Fargo & Co set a $220.00 price objective on Facebook and gave the company a “buy” rating in a research report on Monday, October 29th. Credit Suisse Group reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Facebook in a research report on Wednesday, October 31st. Raymond James cut Facebook from a “strong-buy” rating to an “outperform” rating and set a $210.00 price objective for the company. in a research report on Thursday, July 26th. Finally, Bank of America cut their price objective on Facebook from $205.00 to $190.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Facebook presently has a consensus rating of “Buy” and an average target price of $194.54.

Shares of FB opened at $144.96 on Friday. Facebook, Inc. has a 52-week low of $139.03 and a 52-week high of $218.62. The firm has a market capitalization of $440.19 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 0.92 and a beta of 0.55.

Facebook (NASDAQ:FB) last issued its quarterly earnings data on Tuesday, October 30th. The social networking company reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.30. The business had revenue of $13.73 billion for the quarter, compared to analyst estimates of $13.82 billion. Facebook had a return on equity of 27.89% and a net margin of 37.57%. Facebook’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.59 EPS. On average, sell-side analysts expect that Facebook, Inc. will post 7.35 earnings per share for the current year.

In other Facebook news, insider Christopher K. Cox sold 3,300 shares of Facebook stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $150.09, for a total transaction of $495,297.00. Following the transaction, the insider now directly owns 115,837 shares of the company’s stock, valued at approximately $17,385,975.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David B. Fischer sold 2,648 shares of Facebook stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $148.39, for a total value of $392,936.72. The disclosure for this sale can be found here. Insiders have sold a total of 2,571,582 shares of company stock worth $448,690,663 over the last ninety days. Company insiders own 17.23% of the company’s stock.

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Facebook Company Profile

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.

Further Reading: How Do You Calculate Return on Equity (ROE)?

Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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