Surevest LLC lowered its stake in Facebook, Inc. (NASDAQ:FB) by 11.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,674 shares of the social networking company’s stock after selling 2,600 shares during the quarter. Facebook makes up about 2.1% of Surevest LLC’s holdings, making the stock its 5th biggest position. Surevest LLC’s holdings in Facebook were worth $5,415,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in FB. Biltmore Capital Advisors LLC lifted its position in Facebook by 1.2% during the second quarter. Biltmore Capital Advisors LLC now owns 3,366 shares of the social networking company’s stock valued at $764,000 after buying an additional 40 shares in the last quarter. Strategic Wealth Management Group LLC increased its position in shares of Facebook by 0.5% in the second quarter. Strategic Wealth Management Group LLC now owns 9,152 shares of the social networking company’s stock worth $2,078,000 after acquiring an additional 43 shares in the last quarter. Genesee Capital Advisors LLC lifted its holdings in shares of Facebook by 1.6% during the 2nd quarter. Genesee Capital Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $632,000 after acquiring an additional 44 shares in the last quarter. Parisi Gray Wealth Management boosted its position in Facebook by 0.5% during the 2nd quarter. Parisi Gray Wealth Management now owns 9,175 shares of the social networking company’s stock worth $2,087,000 after purchasing an additional 44 shares during the period. Finally, Cottage Street Advisors LLC increased its holdings in Facebook by 0.6% in the 2nd quarter. Cottage Street Advisors LLC now owns 8,488 shares of the social networking company’s stock valued at $1,927,000 after purchasing an additional 48 shares in the last quarter. 65.31% of the stock is owned by institutional investors.
FB stock traded down $0.79 during trading on Friday, hitting $265.93. The company had a trading volume of 16,622,702 shares, compared to its average volume of 23,501,252. Facebook, Inc. has a fifty-two week low of $137.10 and a fifty-two week high of $304.67. The business has a 50 day moving average of $268.73 and a 200 day moving average of $234.17. The firm has a market capitalization of $757.59 billion, a price-to-earnings ratio of 32.47, a P/E/G ratio of 1.80 and a beta of 1.29.
Facebook (NASDAQ:FB) last released its earnings results on Thursday, July 30th. The social networking company reported $1.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.36. The firm had revenue of $18.69 billion for the quarter, compared to analyst estimates of $17.29 billion. Facebook had a return on equity of 22.90% and a net margin of 31.29%. As a group, equities analysts predict that Facebook, Inc. will post 8.11 EPS for the current fiscal year.
In other Facebook news, CRO David B. Fischer sold 13,110 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $293.95, for a total transaction of $3,853,684.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jennifer Newstead sold 194 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $246.22, for a total transaction of $47,766.68. Following the completion of the transaction, the vice president now owns 2,112 shares in the company, valued at $520,016.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,023 shares of company stock valued at $9,420,337. Corporate insiders own 14.14% of the company’s stock.
A number of research analysts have commented on FB shares. Raymond James boosted their price objective on Facebook from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 31st. They noted that the move was a valuation call. Robert W. Baird upped their price target on Facebook from $240.00 to $300.00 in a report on Thursday, June 25th. BofA Securities lifted their price objective on shares of Facebook from $265.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Moffett Nathanson boosted their target price on shares of Facebook from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, September 29th. Finally, KeyCorp assumed coverage on shares of Facebook in a report on Monday, September 14th. They set an “overweight” rating and a $330.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $283.11.
Facebook Company Profile
Facebook, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices 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 private messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application that is used by people and businesses to communicate in a private way.
Further Reading: Mutual Funds
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