Essex Financial Services Inc. reduced its stake in Facebook, Inc. (NASDAQ:FB) by 7.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,126 shares of the social networking company’s stock after selling 913 shares during the period. Essex Financial Services Inc.’s holdings in Facebook were worth $2,159,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boltwood Capital Management increased its position in Facebook by 1.0% during the 2nd quarter. Boltwood Capital Management now owns 6,758 shares of the social networking company’s stock valued at $1,304,000 after buying an additional 65 shares in the last quarter. Park National Corp OH increased its holdings in shares of Facebook by 0.7% in the second quarter. Park National Corp OH now owns 202,943 shares of the social networking company’s stock valued at $39,168,000 after purchasing an additional 1,427 shares during the period. Private Trust Co. NA increased its holdings in shares of Facebook by 2.1% in the second quarter. Private Trust Co. NA now owns 19,146 shares of the social networking company’s stock valued at $3,695,000 after purchasing an additional 387 shares during the period. Baystate Wealth Management LLC increased its holdings in shares of Facebook by 19.8% in the second quarter. Baystate Wealth Management LLC now owns 4,432 shares of the social networking company’s stock valued at $855,000 after purchasing an additional 734 shares during the period. Finally, Private Asset Management Inc. acquired a new position in shares of Facebook in the second quarter valued at about $212,000. Hedge funds and other institutional investors own 63.17% of the company’s stock.
Shares of NASDAQ:FB traded up $0.42 during midday trading on Friday, hitting $190.84. The company had a trading volume of 10,760,700 shares, compared to its average volume of 16,776,678. Facebook, Inc. has a twelve month low of $123.02 and a twelve month high of $208.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.66 and a quick ratio of 4.66. The stock has a market cap of $554.39 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 1.10 and a beta of 1.05. The business’s 50-day simple moving average is $185.37 and its 200-day simple moving average is $187.27.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Wednesday, October 30th. The social networking company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.91 by $0.21. Facebook had a return on equity of 20.39% and a net margin of 27.08%. The firm had revenue of $17.65 billion during the quarter, compared to analysts’ expectations of $17.35 billion. During the same quarter last year, the firm earned $1.76 earnings per share. The business’s revenue for the quarter was up 28.6% on a year-over-year basis. As a group, sell-side analysts forecast that Facebook, Inc. will post 8.57 EPS for the current year.
FB has been the topic of a number of research reports. ValuEngine lowered Facebook from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Royal Bank of Canada increased their price objective on Facebook from $260.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. MKM Partners reissued a “buy” rating and issued a $245.00 price objective (up from $190.00) on shares of Facebook in a report on Friday, August 2nd. Goldman Sachs Group set a $231.00 target price on Facebook and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Bank of America set a $224.00 target price on Facebook and gave the stock a “buy” rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and forty-one have issued a buy rating to the company’s stock. Facebook has a consensus rating of “Buy” and an average price target of $228.33.
In other Facebook news, CEO Mark Zuckerberg sold 7,500 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $181.95, for a total transaction of $1,364,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Susan J.S. Taylor sold 1,134 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $185.45, for a total value of $210,300.30. Following the sale, the chief accounting officer now directly owns 1,037 shares of the company’s stock, valued at approximately $192,311.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,681,364 shares of company stock valued at $867,172,511. Insiders own 14.53% of the company’s stock.
Facebook Company Profile
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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