State of Michigan Retirement System reduced its holdings in shares of Facebook, Inc. (NASDAQ:FB) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 728,057 shares of the social networking company’s stock after selling 6,100 shares during the quarter. Facebook accounts for 1.5% of State of Michigan Retirement System’s portfolio, making the stock its 7th biggest holding. State of Michigan Retirement System’s holdings in Facebook were worth $190,678,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Watson Rebecca bought a new position in shares of Facebook in the second quarter worth about $25,000. Rocky Mountain Advisers LLC bought a new position in shares of Facebook in the third quarter worth about $26,000. JJJ Advisors Inc. raised its stake in shares of Facebook by 262.5% in the second quarter. JJJ Advisors Inc. now owns 145 shares of the social networking company’s stock worth $33,000 after buying an additional 105 shares during the period. Carolina Wealth Advisors LLC raised its stake in shares of Facebook by 58.2% in the third quarter. Carolina Wealth Advisors LLC now owns 144 shares of the social networking company’s stock worth $38,000 after buying an additional 53 shares during the period. Finally, Demars Financial Group LLC purchased a new stake in shares of Facebook during the second quarter worth about $39,000. 65.31% of the stock is currently owned by institutional investors.
FB has been the subject of several research analyst reports. Rosenblatt Securities increased their target price on Facebook from $315.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Oppenheimer raised their price target on Facebook from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Tuesday, September 22nd. KeyCorp raised their price objective on Facebook from $330.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Morgan Stanley raised their price objective on Facebook from $285.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday, September 18th. Finally, HSBC raised their price objective on Facebook from $190.00 to $195.00 and gave the company a “reduce” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Facebook presently has a consensus rating of “Buy” and a consensus price target of $284.28.
In related news, CRO David B. Fischer sold 13,110 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $293.95, for a total value of $3,853,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Susan J.S. Taylor sold 1,133 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $261.39, for a total value of $296,154.87. Following the completion of the transaction, the chief accounting officer now directly owns 4,182 shares of the company’s stock, valued at approximately $1,093,132.98. The disclosure for this sale can be found here. In the last three months, insiders sold 34,487 shares of company stock valued at $9,557,944. Insiders own 14.14% of the company’s stock.
Facebook stock opened at $280.83 on Friday. The business’s 50-day simple moving average is $264.88 and its two-hundred day simple moving average is $241.45. The company has a market cap of $800.03 billion, a PE ratio of 34.29, a PEG ratio of 1.71 and a beta of 1.29. Facebook, Inc. has a fifty-two week low of $137.10 and a fifty-two week high of $304.67.
Facebook (NASDAQ:FB) last issued its quarterly earnings data on Thursday, October 29th. The social networking company reported $2.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.91 by $0.80. The business had revenue of $21.47 billion during the quarter, compared to analysts’ expectations of $19.78 billion. Facebook had a return on equity of 22.90% and a net margin of 31.29%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.12 EPS. Analysts expect that Facebook, Inc. will post 8.12 EPS for the current fiscal year.
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.
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