W.G. Shaheen & Associates DBA Whitney & Co grew its stake in shares of Facebook, Inc. (NASDAQ:FB) by 0.4% in the second quarter, HoldingsChannel reports. The fund owned 60,663 shares of the social networking company’s stock after buying an additional 263 shares during the quarter. Facebook makes up about 2.6% of W.G. Shaheen & Associates DBA Whitney & Co’s portfolio, making the stock its 7th largest position. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Facebook were worth $11,708,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cordasco Financial Network increased its stake in shares of Facebook by 70.0% during the second quarter. Cordasco Financial Network now owns 170 shares of the social networking company’s stock valued at $33,000 after purchasing an additional 70 shares in the last quarter. Whitnell & Co. bought a new position in shares of Facebook in the 4th quarter worth about $26,000. Clean Yield Group bought a new position in shares of Facebook in the 2nd quarter worth about $39,000. Litman Gregory Asset Management LLC bought a new position in shares of Facebook in the 2nd quarter worth about $41,000. Finally, Spectrum Management Group Inc. increased its position in Facebook by 135.3% in 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. 62.44% of the stock is owned by institutional investors.
A number of research firms have issued reports on FB. Oppenheimer lifted their price target on Facebook from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. upped their price objective on Facebook from $245.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. MKM Partners reiterated a “buy” rating and issued a $245.00 price objective (up previously from $190.00) on shares of Facebook in a research note on Friday, August 2nd. JMP Securities upped their price target on shares of Facebook from $220.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Credit Suisse Group increased their target price on Facebook from $235.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and forty-two have given a buy rating to the stock. Facebook has an average rating of “Buy” and a consensus price target of $220.92.
In other news, CRO David B. Fischer sold 5,501 shares of Facebook stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $196.84, for a total value of $1,082,816.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Susan J.S. Taylor sold 1,134 shares of Facebook stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $185.45, for a total transaction of $210,300.30. Following the completion of the transaction, the chief accounting officer now directly owns 1,037 shares in the company, valued at $192,311.65. The disclosure for this sale can be found here. Insiders have sold a total of 1,337,995 shares of company stock valued at $248,254,692 in the last 90 days. Insiders own 14.53% of the company’s stock.
Facebook stock traded down $4.56 during trading on Friday, reaching $177.48. The stock had a trading volume of 7,837,881 shares, compared to its average volume of 17,249,236. Facebook, Inc. has a 52-week low of $123.02 and a 52-week high of $208.66. The business has a 50 day moving average price of $193.79 and a 200 day moving average price of $180.88. The company has a quick ratio of 4.47, a current ratio of 4.47 and a debt-to-equity ratio of 0.08. The stock has a market cap of $524.40 billion, a PE ratio of 23.45, a P/E/G ratio of 1.08 and a beta of 0.99.
Facebook (NASDAQ:FB) last issued its quarterly earnings data on Wednesday, July 24th. The social networking company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.09. The business had revenue of $16.89 billion during the quarter, compared to the consensus estimate of $16.49 billion. Facebook had a net margin of 27.26% and a return on equity of 20.09%. The company’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.74 EPS. On average, equities analysts predict that Facebook, Inc. will post 7.96 EPS for the current fiscal year.
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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