FARMERS & MERCHANTS TRUST Co OF LONG BEACH raised its stake in Facebook, Inc. (NASDAQ:FB) by 44.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,325 shares of the social networking company’s stock after buying an additional 1,647 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Facebook were worth $1,807,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of FB. Amundi acquired a new position in shares of Facebook during the second quarter worth $1,797,555,000. Macquarie Group Ltd. lifted its holdings in shares of Facebook by 664.2% during the second quarter. Macquarie Group Ltd. now owns 4,442,933 shares of the social networking company’s stock worth $1,544,853,000 after purchasing an additional 3,861,530 shares during the period. FMR LLC lifted its holdings in shares of Facebook by 1.7% during the second quarter. FMR LLC now owns 127,113,861 shares of the social networking company’s stock worth $44,198,761,000 after purchasing an additional 2,129,463 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of Facebook by 621.6% during the second quarter. Lord Abbett & CO. LLC now owns 1,598,599 shares of the social networking company’s stock worth $555,849,000 after purchasing an additional 1,377,049 shares during the period. Finally, Marshall Wace North America L.P. lifted its holdings in shares of Facebook by 146.5% during the second quarter. Marshall Wace North America L.P. now owns 2,284,360 shares of the social networking company’s stock worth $794,294,000 after purchasing an additional 1,357,667 shares during the period. Hedge funds and other institutional investors own 65.74% of the company’s stock.
FB has been the topic of a number of recent research reports. Piper Sandler reiterated a “neutral” rating and set a $385.00 price target (up previously from $335.00) on shares of Facebook in a report on Thursday, July 29th. UBS Group set a $416.00 target price on shares of Facebook in a report on Tuesday, October 26th. Rosenblatt Securities upgraded shares of Facebook from a “neutral” rating to a “buy” rating and set a $400.00 target price on the stock in a report on Tuesday, October 26th. Credit Suisse Group dropped their target price on shares of Facebook from $500.00 to $430.00 and set an “outperform” rating on the stock in a report on Tuesday, October 26th. Finally, Barclays dropped their target price on shares of Facebook from $430.00 to $420.00 and set an “overweight” rating on the stock in a report on Tuesday, October 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Facebook currently has an average rating of “Buy” and an average target price of $398.00.
Facebook (NASDAQ:FB) last issued its quarterly earnings data on Sunday, October 24th. The social networking company reported $3.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.19 by $0.03. Facebook had a net margin of 35.88% and a return on equity of 30.22%. The business had revenue of $29.01 billion during the quarter, compared to the consensus estimate of $29.52 billion. During the same period in the prior year, the firm posted $2.71 EPS. The firm’s quarterly revenue was up 35.1% compared to the same quarter last year. Equities research analysts anticipate that Facebook, Inc. will post 13.96 EPS for the current year.
In other Facebook news, insider Jennifer Newstead sold 121 shares of the business’s stock in a transaction dated Tuesday, November 9th. The shares were sold at an average price of $339.87, for a total value of $41,124.27. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David M. Wehner sold 8,176 shares of the business’s stock in a transaction dated Wednesday, November 17th. The shares were sold at an average price of $344.22, for a total transaction of $2,814,342.72. The disclosure for this sale can be found here. Insiders sold a total of 1,893,113 shares of company stock valued at $660,001,361 over the last ninety days. 14.01% of the stock is currently owned by insiders.
Facebook Company Profile
Meta Platforms, Inc, (formerly known as Facebook, Inc) operates as a global social technology company. The company engages in the development of social media applications as well as virtual and augmented reality products allowing users to connect through mobile devices, personal computers and other platforms.
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