State of Michigan Retirement System lowered its position in shares of Facebook, Inc. (NASDAQ:FB) by 35.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 734,157 shares of the social networking company’s stock after selling 409,417 shares during the period. Facebook comprises approximately 1.5% of State of Michigan Retirement System’s holdings, making the stock its 8th largest holding. State of Michigan Retirement System’s holdings in Facebook were worth $166,705,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Capital International Investors lifted its holdings in Facebook by 14.1% during the first quarter. Capital International Investors now owns 51,583,155 shares of the social networking company’s stock worth $8,604,068,000 after buying an additional 6,394,036 shares during the period. Wellington Management Group LLP lifted its stake in shares of Facebook by 36.9% during the 1st quarter. Wellington Management Group LLP now owns 15,704,846 shares of the social networking company’s stock worth $2,619,569,000 after purchasing an additional 4,236,566 shares during the last quarter. Copper Rock Capital Partners LLC boosted its position in Facebook by 6,224.9% during the second quarter. Copper Rock Capital Partners LLC now owns 3,959,790 shares of the social networking company’s stock valued at $821,695,000 after purchasing an additional 3,897,184 shares in the last quarter. Fisher Asset Management LLC grew its stake in Facebook by 1,141.8% in the first quarter. Fisher Asset Management LLC now owns 3,852,395 shares of the social networking company’s stock valued at $642,580,000 after purchasing an additional 3,542,165 shares during the last quarter. Finally, Public Investment Fund bought a new position in Facebook in the first quarter worth about $521,859,000. Hedge funds and other institutional investors own 65.12% of the company’s stock.
FB has been the topic of a number of analyst reports. Susquehanna Bancshares lifted their price objective on shares of Facebook from $285.00 to $310.00 and gave the stock a “positive” rating in a research report on Friday. Wedbush reaffirmed an “outperform” rating and set a $300.00 price target (up from $250.00) on shares of Facebook in a research report on Monday, July 27th. Needham & Company LLC began coverage on Facebook in a research note on Thursday, July 2nd. They set a “hold” rating on the stock. Robert W. Baird upped their target price on Facebook from $240.00 to $300.00 in a research report on Thursday, June 25th. Finally, TheStreet upgraded Facebook from a “c+” rating to a “b” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $273.37.
Shares of FB opened at $253.67 on Friday. The firm has a market cap of $722.73 billion, a P/E ratio of 30.97, a PEG ratio of 1.81 and a beta of 1.19. Facebook, Inc. has a 12 month low of $137.10 and a 12 month high of $255.85. The stock’s 50 day moving average is $235.27 and its two-hundred day moving average is $207.59. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.09.
Facebook (NASDAQ:FB) last announced its earnings results on Thursday, July 30th. The social networking company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.36. The firm had revenue of $18.69 billion for the quarter, compared to analyst estimates of $17.29 billion. Facebook had a return on equity of 23.49% and a net margin of 31.29%. Equities research analysts forecast that Facebook, Inc. will post 7.4 EPS for the current year.
In other Facebook news, CRO David B. Fischer sold 22,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $205.29, for a total value of $4,516,380.00. Following the transaction, the executive now owns 57,503 shares in the company, valued at approximately $11,804,790.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David M. Wehner sold 8,000 shares of Facebook stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $209.90, for a total transaction of $1,679,200.00. Following the sale, the chief financial officer now directly owns 24,484 shares in the company, valued at approximately $5,139,191.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,591 shares of company stock worth $14,894,825. Company insiders own 14.14% of the company’s stock.
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces 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 messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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