DNB Asset Management AS lowered its position in Facebook, Inc. (NASDAQ:FB) by 27.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,698,421 shares of the social networking company’s stock after selling 627,968 shares during the period. Facebook accounts for approximately 4.7% of DNB Asset Management AS’s portfolio, making the stock its 3rd largest position. DNB Asset Management AS owned 0.06% of Facebook worth $444,816,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Biltmore Capital Advisors LLC raised its stake in Facebook by 1.2% during the 2nd quarter. Biltmore Capital Advisors LLC now owns 3,366 shares of the social networking company’s stock worth $764,000 after buying an additional 40 shares during the period. Strategic Wealth Management Group LLC increased its holdings in shares of Facebook by 0.5% during the second quarter. Strategic Wealth Management Group LLC now owns 9,152 shares of the social networking company’s stock valued at $2,078,000 after acquiring an additional 43 shares in the last quarter. Genesee Capital Advisors LLC increased its holdings in shares of Facebook by 1.6% during the second 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 raised its position in shares of Facebook by 0.5% during the second 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 lifted its holdings in shares of Facebook by 0.6% in the 2nd quarter. Cottage Street Advisors LLC now owns 8,488 shares of the social networking company’s stock worth $1,927,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 65.31% of the company’s stock.
Shares of NASDAQ:FB opened at $265.93 on Friday. The firm has a market capitalization of $757.59 billion, a PE ratio of 32.47, a P/E/G ratio of 1.80 and a beta of 1.29. Facebook, Inc. has a twelve month low of $137.10 and a twelve month high of $304.67. The company has a 50-day moving average price of $268.73 and a two-hundred day moving average price of $234.17.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Thursday, July 30th. The social networking company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.36. The company had revenue of $18.69 billion for the quarter, compared to analyst estimates of $17.29 billion. Facebook had a net margin of 31.29% and a return on equity of 22.90%. Sell-side analysts expect that Facebook, Inc. will post 8.11 EPS for the current year.
In other news, CRO David B. Fischer sold 13,110 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $293.95, for a total value of $3,853,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Newstead sold 194 shares of the business’s 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 transaction, the vice president now directly owns 2,112 shares of the company’s stock, valued at approximately $520,016.64. The disclosure for this sale can be found here. Insiders have sold a total of 34,023 shares of company stock worth $9,420,337 in the last three months. Insiders own 14.14% of the company’s stock.
FB has been the topic of several research reports. Wedbush upped their price objective on shares of Facebook from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Cfra lowered shares of Facebook from a “buy” rating to a “hold” rating in a report on Wednesday, July 15th. JMP Securities lifted their price target on Facebook from $250.00 to $305.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Barclays increased their price objective on Facebook from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Finally, Raymond James raised their target price on Facebook from $240.00 to $280.00 and gave the company a “strong-buy” rating in a report on Friday, July 31st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the company. Facebook presently has an average rating of “Buy” and an average 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.
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