Wall Street brokerages expect Facebook, Inc. (NASDAQ:FB) to report $13.83 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Fourteen analysts have issued estimates for Facebook’s earnings. The lowest sales estimate is $13.73 billion and the highest is $13.93 billion. Facebook reported sales of $10.33 billion during the same quarter last year, which indicates a positive year over year growth rate of 33.9%. The business is expected to announce its next earnings report after the market closes on Tuesday, October 30th.
According to Zacks, analysts expect that Facebook will report full year sales of $55.46 billion for the current fiscal year, with estimates ranging from $55.16 billion to $55.86 billion. For the next fiscal year, analysts forecast that the business will report sales of $69.06 billion, with estimates ranging from $66.32 billion to $71.45 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Facebook.
Facebook (NASDAQ:FB) last issued its earnings results on Wednesday, July 25th. The social networking company reported $1.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.75 by ($0.01). The company had revenue of $13.23 billion during the quarter, compared to analysts’ expectations of $13.35 billion. Facebook had a net margin of 39.31% and a return on equity of 28.16%. The firm’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.32 earnings per share.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research cut Facebook from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 11th. ValuEngine upgraded Facebook from a “hold” rating to a “buy” rating in a report on Friday, July 6th. BidaskClub upgraded Facebook from a “hold” rating to a “buy” rating in a report on Saturday, June 23rd. Barclays reiterated a “buy” rating and set a $190.00 price target on shares of Facebook in a report on Wednesday, June 27th. Finally, Macquarie reiterated a “buy” rating and set a $200.00 price target on shares of Facebook in a report on Wednesday, June 27th. Five analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $205.68.
NASDAQ:FB traded down $0.08 during trading hours on Wednesday, hitting $157.25. The company had a trading volume of 23,879,800 shares, compared to its average volume of 27,892,795. The stock has a market cap of $477.76 billion, a P/E ratio of 25.49, a PEG ratio of 1.05 and a beta of 0.42. Facebook has a 1 year low of $149.02 and a 1 year high of $218.62.
In other Facebook news, VP Colin Stretch sold 750 shares of the stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $160.00, for a total value of $120,000.00. Following the sale, the vice president now owns 93,894 shares of the company’s stock, valued at approximately $15,023,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Sheryl Sandberg sold 55,000 shares of the stock in a transaction dated Thursday, July 19th. The shares were sold at an average price of $208.53, for a total value of $11,469,150.00. The disclosure for this sale can be found here. Insiders sold a total of 6,734,023 shares of company stock worth $1,280,747,059 in the last ninety days. 16.25% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Cribstone Capital Management LLC grew its stake in Facebook by 186.2% during the 2nd quarter. Cribstone Capital Management LLC now owns 624 shares of the social networking company’s stock worth $121,000 after buying an additional 406 shares during the last quarter. IMA Wealth Inc. purchased a new position in Facebook during the 2nd quarter worth approximately $122,000. Trust Department MB Financial Bank N A purchased a new position in Facebook during the 2nd quarter worth approximately $134,000. Aviance Capital Management LLC purchased a new position in Facebook during the 2nd quarter worth approximately $151,000. Finally, Wagner Wealth Management LLC purchased a new position in Facebook during the 4th quarter worth approximately $183,000. 60.43% of the stock is currently owned by institutional investors and hedge funds.
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application.
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