Municipal Employees Retirement System of Michigan increased its stake in Facebook, Inc. (NASDAQ:FB) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,800 shares of the social networking company’s stock after purchasing an additional 1,650 shares during the period. Facebook accounts for about 0.7% of Municipal Employees Retirement System of Michigan’s portfolio, making the stock its 4th largest position. Municipal Employees Retirement System of Michigan’s holdings in Facebook were worth $14,615,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Facebook by 1.7% during the 1st quarter. State Street Corp now owns 93,365,713 shares of the social networking company’s stock valued at $13,262,607,000 after purchasing an additional 1,536,158 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Facebook by 5.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 7,126,937 shares of the social networking company’s stock valued at $1,012,382,000 after buying an additional 349,947 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Facebook by 1.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,721,199 shares of the social networking company’s stock valued at $954,746,000 after buying an additional 71,206 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Facebook by 17.8% in the first quarter. Canada Pension Plan Investment Board now owns 4,100,250 shares of the social networking company’s stock valued at $582,441,000 after buying an additional 620,686 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Facebook by 1.5% in the first quarter. Rhumbline Advisers now owns 3,741,605 shares of the social networking company’s stock valued at $531,495,000 after buying an additional 54,953 shares during the last quarter. Institutional investors own 57.26% of the company’s stock.

Facebook, Inc. (NASDAQ:FB) opened at 169.96 on Wednesday. The firm has a market cap of $493.60 billion, a PE ratio of 38.04 and a beta of 0.70. Facebook, Inc. has a 12 month low of $113.55 and a 12 month high of $175.49. The company has a 50-day moving average price of $169.83 and a 200 day moving average price of $156.72.

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, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.19. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The business had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.19 billion. During the same period in the prior year, the company posted $0.97 EPS. The business’s revenue was up 44.8% compared to the same quarter last year. Equities research analysts anticipate that Facebook, Inc. will post $5.36 EPS for the current year.

FB has been the topic of several research reports. FBN Securities reiterated an “outperform” rating and issued a $120.00 price target on shares of Facebook in a report on Wednesday, September 27th. Citigroup Inc. restated a “buy” rating and set a $200.00 price objective on shares of Facebook in a research note on Wednesday, September 27th. Cowen and Company restated an “outperform” rating and set a $195.00 price objective on shares of Facebook in a research note on Thursday, August 10th. Pivotal Research downgraded shares of Facebook from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $185.00 price objective (up from $163.00) on shares of Facebook in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-two have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $185.06.

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In other Facebook news, insider Michael Todd Schroepfer sold 38,055 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $172.60, for a total value of $6,568,293.00. Following the sale, the insider now directly owns 533,937 shares in the company, valued at $92,157,526.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Colin Stretch sold 750 shares of the business’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $153.36, for a total transaction of $115,020.00. Following the transaction, the vice president now directly owns 85,406 shares of the company’s stock, valued at approximately $13,097,864.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,916,933 shares of company stock valued at $2,121,180,386. 19.08% of the stock is currently owned by corporate insiders.

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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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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