Facebook, Inc. (FB) Shares Sold by Cordasco Financial Network
Cordasco Financial Network cut its position in Facebook, Inc. (NASDAQ:FB) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,000 shares of the social networking company’s stock after selling 29 shares during the quarter. Cordasco Financial Network’s holdings in Facebook were worth $302,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Arcadia Investment Management Corp MI lifted its position in Facebook by 20.0% during the 1st quarter. Arcadia Investment Management Corp MI now owns 721 shares of the social networking company’s stock worth $102,000 after acquiring an additional 120 shares during the period. Cohen Capital Management Inc. purchased a new position in shares of Facebook during the 1st quarter worth approximately $121,000. Pacific Center for Financial Services raised its stake in shares of Facebook by 10.7% during the 1st quarter. Pacific Center for Financial Services now owns 910 shares of the social networking company’s stock worth $129,000 after buying an additional 88 shares in the last quarter. Watermark Asset Management Inc. purchased a new position in shares of Facebook during the 1st quarter worth approximately $141,000. Finally, Viking Fund Management LLC purchased a new position in shares of Facebook during the 1st quarter worth approximately $142,000. 57.26% of the stock is owned by hedge funds and other institutional investors.
In other Facebook news, insider Michael Todd Schroepfer sold 38,055 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $172.60, for a total transaction of $6,568,293.00. Following the sale, the insider now directly owns 533,937 shares of the company’s stock, valued at $92,157,526.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher K. Cox sold 16,000 shares of the company’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $152.35, for a total transaction of $2,437,600.00. Following the sale, the insider now directly owns 194,765 shares in the company, valued at $29,672,447.75. The disclosure for this sale can be found here. Insiders sold 12,977,658 shares of company stock valued at $2,120,734,193 in the last three months. Company insiders own 19.08% of the company’s stock.
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A number of equities analysts have recently issued reports on the company. Cowen and Company reissued an “outperform” rating and set a $195.00 target price on shares of Facebook in a research note on Thursday, August 10th. Pivotal Research downgraded Facebook from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Robert W. Baird reissued an “outperform” rating and set a $185.00 target price (up from $163.00) on shares of Facebook in a research note on Thursday, July 27th. Zacks Investment Research downgraded Facebook from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, Mizuho reissued a “buy” rating on shares of Facebook in a research note on Monday, August 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have issued a buy rating and three have issued a strong buy rating to the stock. Facebook presently has a consensus rating of “Buy” and an average target price of $183.74.
Shares of Facebook, Inc. (FB) traded up 1.1025% during trading on Tuesday, reaching $171.8844. The company’s stock had a trading volume of 7,331,519 shares. The company’s 50-day moving average price is $170.03 and its 200 day moving average price is $154.29. Facebook, Inc. has a 1-year low of $113.55 and a 1-year high of $175.49. The stock has a market capitalization of $499.19 billion, a price-to-earnings ratio of 38.4701 and a beta of 0.76.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Wednesday, July 26th. The social networking company reported $1.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.19. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The firm had revenue of $9.32 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same quarter in the prior year, the business posted $0.97 earnings per share. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. Analysts anticipate that Facebook, Inc. will post $5.33 EPS for the current year.
Facebook Company Profile
Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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