Harvard Management Co. Inc. bought a new position in shares of Facebook, Inc. (NASDAQ:FB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,860 shares of the social networking company’s stock, valued at approximately $2,693,000. Facebook comprises 0.6% of Harvard Management Co. Inc.’s portfolio, making the stock its 17th biggest holding.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in Facebook by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 22,102,171 shares of the social networking company’s stock worth $4,294,895,000 after acquiring an additional 184,595 shares during the last quarter. Jennison Associates LLC raised its stake in Facebook by 9.9% during the second quarter. Jennison Associates LLC now owns 15,147,053 shares of the social networking company’s stock worth $2,943,375,000 after purchasing an additional 1,360,607 shares during the period. Loomis Sayles & Co. L P raised its stake in Facebook by 0.5% during the first quarter. Loomis Sayles & Co. L P now owns 12,937,287 shares of the social networking company’s stock worth $2,067,249,000 after purchasing an additional 58,561 shares during the period. Summit Trail Advisors LLC raised its stake 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 worth $9,071,000 after purchasing an additional 8,858,520 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Facebook by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 8,774,424 shares of the social networking company’s stock worth $1,705,047,000 after purchasing an additional 337,909 shares during the period. Hedge funds and other institutional investors own 58.42% of the company’s stock.
A number of research firms have weighed in on FB. Wells Fargo & Co set a $220.00 price target on shares of Facebook and gave the stock a “buy” rating in a research note on Monday, October 29th. Credit Suisse Group reaffirmed a “buy” rating and set a $210.00 price target on shares of Facebook in a research note on Wednesday, October 31st. Bank of America cut their price target on shares of Facebook from $205.00 to $190.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Nomura cut their price target on shares of Facebook from $183.00 to $161.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 31st. Finally, Cleveland Research reaffirmed a “buy” rating on shares of Facebook in a research note on Thursday, September 13th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Facebook currently has a consensus rating of “Buy” and a consensus price target of $191.80.
FB opened at $137.42 on Friday. The firm has a market cap of $400.69 billion, a P/E ratio of 22.31, a PEG ratio of 0.87 and a beta of 0.57. Facebook, Inc. has a twelve month low of $126.85 and a twelve month high of $218.62.
Facebook (NASDAQ:FB) last released its quarterly earnings results on Tuesday, October 30th. The social networking company reported $1.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.30. The business had revenue of $13.73 billion during the quarter, compared to analyst estimates of $13.82 billion. Facebook had a net margin of 37.57% and a return on equity of 27.89%. The business’s revenue was up 32.9% on a year-over-year basis. During the same period last year, the business earned $1.59 EPS. Equities analysts anticipate that Facebook, Inc. will post 7.36 earnings per share for the current year.
In other Facebook news, insider Susan J.S. Taylor sold 2,112 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were sold at an average price of $137.50, for a total transaction of $290,400.00. Following the completion of the transaction, the insider now directly owns 6,927 shares of the company’s stock, valued at approximately $952,462.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Colin Stretch sold 750 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $163.25, for a total transaction of $122,437.50. Following the transaction, the vice president now directly owns 96,144 shares of the company’s stock, valued at $15,695,508. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 518,103 shares of company stock valued at $79,159,534. Company insiders own 17.23% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: This story was published by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another publication, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this story can be accessed at https://www.americanbankingnews.com/2018/12/08/13860-shares-in-facebook-inc-fb-purchased-by-harvard-management-co-inc.html.
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.
Recommended Story: Outstanding Shares, Buying and Selling Stocks
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.