Edge Wealth Management LLC Increases Stake in Facebook, Inc. (FB)
Edge Wealth Management LLC lifted its position in Facebook, Inc. (NASDAQ:FB) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,758 shares of the social networking company’s stock after acquiring an additional 261 shares during the period. Edge Wealth Management LLC’s holdings in Facebook were worth $1,164,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. State Street Corp raised its position in shares of Facebook by 1.7% in the 1st quarter. State Street Corp now owns 93,365,713 shares of the social networking company’s stock worth $13,262,607,000 after acquiring an additional 1,536,158 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Facebook by 5.2% during the 1st 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Facebook by 1.1% during the 1st 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 in the last quarter. Canada Pension Plan Investment Board increased its position in Facebook by 17.8% during the 1st 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 in the last quarter. Finally, Rhumbline Advisers increased its position in Facebook by 1.5% during the 1st 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 in the last quarter. 57.26% of the stock is owned by hedge funds and other institutional investors.
Facebook, Inc. (NASDAQ FB) opened at 172.55 on Friday. The firm has a market capitalization of $501.12 billion, a P/E ratio of 38.62 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 stock’s 50 day moving average price is $170.39 and its 200-day moving average price is $158.07.
Facebook (NASDAQ:FB) last released its quarterly earnings data 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. The business had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.19 billion. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. Equities analysts forecast that Facebook, Inc. will post $5.34 earnings per share for the current year.
A number of research firms recently weighed in on FB. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Facebook in a research report on Wednesday. Credit Suisse Group reaffirmed a “buy” rating on shares of Facebook in a research report on Wednesday. Wells Fargo & Company set a $215.00 price objective on Facebook and gave the company a “buy” rating in a research report on Friday, October 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $185.00 price objective on shares of Facebook in a research report on Thursday, October 5th. Finally, KeyCorp reaffirmed a “buy” rating and set a $200.00 price objective on shares of Facebook in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have assigned a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $185.38.
In related news, Director Jan Koum sold 3,600,000 shares of Facebook stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $160.06, for a total transaction of $576,216,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Christopher K. Cox sold 16,000 shares of Facebook stock in a transaction on Friday, July 21st. The stock was sold at an average price of $164.28, for a total transaction of $2,628,480.00. Following the sale, the insider now owns 196,871 shares in the company, valued at $32,341,967.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,024,241 shares of company stock valued at $1,499,994,651. Corporate insiders own 19.08% of the company’s stock.
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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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