Successful Portfolios LLC lifted its stake in Facebook, Inc. (NASDAQ:FB) by 7.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,413 shares of the social networking company’s stock after buying an additional 166 shares during the quarter. Successful Portfolios LLC’s holdings in Facebook were worth $430,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cordasco Financial Network grew its holdings in Facebook by 70.0% during the 2nd quarter. Cordasco Financial Network now owns 170 shares of the social networking company’s stock valued at $33,000 after buying an additional 70 shares in the last quarter. Shamrock Asset Management LLC purchased a new position in Facebook during the 2nd quarter valued at approximately $38,000. Clean Yield Group purchased a new position in Facebook during the 2nd quarter valued at approximately $39,000. Litman Gregory Asset Management LLC purchased a new position in Facebook during the 2nd quarter valued at approximately $41,000. Finally, Spectrum Management Group Inc. grew its holdings in Facebook by 135.3% during the 2nd quarter. Spectrum Management Group Inc. now owns 240 shares of the social networking company’s stock valued at $46,000 after buying an additional 138 shares in the last quarter. 63.18% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on FB. MKM Partners restated a “buy” rating and set a $245.00 price target (up previously from $190.00) on shares of Facebook in a report on Friday, August 2nd. Nomura raised their price target on Facebook from $226.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Pivotal Research restated a “buy” rating and set a $225.00 price target (up previously from $220.00) on shares of Facebook in a report on Thursday, July 25th. Summit Insights began coverage on Facebook in a report on Friday, September 27th. They set a “buy” rating for the company. Finally, KeyCorp raised their price target on Facebook from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and forty-three have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $220.81.
Facebook (NASDAQ:FB) last issued its earnings results on Wednesday, July 24th. The social networking company reported $1.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.09. The business had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.49 billion. Facebook had a return on equity of 20.09% and a net margin of 27.26%. Facebook’s revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.74 EPS. As a group, sell-side analysts predict that Facebook, Inc. will post 7.99 earnings per share for the current fiscal year.
In related news, CAO Susan J.S. Taylor sold 1,134 shares of Facebook stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $185.45, for a total value of $210,300.30. Following the completion of the sale, the chief accounting officer now directly owns 1,037 shares in the company, valued at $192,311.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 237,823 shares of Facebook stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $182.75, for a total value of $43,462,153.25. The disclosure for this sale can be found here. Insiders sold 3,604,556 shares of company stock valued at $664,101,293 over the last 90 days. 14.53% of the stock is currently owned by corporate insiders.
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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