Townsend & Associates Inc cut its stake in Facebook, Inc. (NASDAQ:FB) by 18.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,573 shares of the social networking company’s stock after selling 1,488 shares during the quarter. Facebook comprises approximately 1.4% of Townsend & Associates Inc’s holdings, making the stock its 23rd largest holding. Townsend & Associates Inc’s holdings in Facebook were worth $1,738,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of FB. Watson Rebecca bought a new stake in shares of Facebook during the second quarter worth $25,000. JJJ Advisors Inc. lifted its position in shares of Facebook by 262.5% during the second quarter. JJJ Advisors Inc. now owns 145 shares of the social networking company’s stock worth $33,000 after purchasing an additional 105 shares during the last quarter. Demars Financial Group LLC bought a new stake in shares of Facebook during the second quarter worth $39,000. Virtus Alternative Investment Advisers Inc. bought a new stake in shares of Facebook during the second quarter worth $47,000. Finally, Center for Financial Planning Inc. lifted its position in shares of Facebook by 33.9% during the second quarter. Center for Financial Planning Inc. now owns 257 shares of the social networking company’s stock worth $58,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 65.31% of the company’s stock.
In other Facebook news, VP Jennifer Newstead sold 426 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $262.00, for a total value of $111,612.00. Following the completion of the transaction, the vice president now directly owns 2,156 shares of the company’s stock, valued at $564,872. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO David B. Fischer sold 13,110 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $293.95, for a total value of $3,853,684.50. The disclosure for this sale can be found here. Insiders have sold 33,597 shares of company stock valued at $9,302,058 in the last ninety days. Corporate insiders own 14.14% of the company’s stock.
Several analysts recently weighed in on FB shares. Raymond James lifted their price objective on Facebook from $240.00 to $280.00 and gave the company a “strong-buy” rating in a report on Friday, July 31st. They noted that the move was a valuation call. Cfra downgraded Facebook from a “buy” rating to a “hold” rating in a report on Wednesday, July 15th. SunTrust Banks restated a “buy” rating and issued a $285.00 price objective (up from $245.00) on shares of Facebook in a report on Friday, July 31st. Monness Crespi & Hardt lifted their price objective on Facebook from $230.00 to $290.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, UBS Group lifted their price objective on Facebook from $242.00 to $330.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, forty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $283.11.
Facebook stock opened at $271.82 on Thursday. Facebook, Inc. has a 52 week low of $137.10 and a 52 week high of $304.67. The company has a market capitalization of $774.37 billion, a price-to-earnings ratio of 33.19, a price-to-earnings-growth ratio of 1.74 and a beta of 1.29. The stock has a 50-day moving average price of $269.65 and a 200 day moving average price of $233.08.
Facebook (NASDAQ:FB) last released its earnings results on Thursday, July 30th. The social networking company reported $1.80 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.36. Facebook had a return on equity of 22.90% and a net margin of 31.29%. The firm had revenue of $18.69 billion during the quarter, compared to the consensus estimate of $17.29 billion. On average, analysts expect that Facebook, Inc. will post 8.1 EPS for the current fiscal year.
Facebook Company Profile
Facebook, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices 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 private messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application that is used by people and businesses to communicate in a private way.
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