Patriot Wealth Management Inc. boosted its position in Facebook, Inc. (NASDAQ:FB) by 2.6% during the first quarter, Holdings Channel reports. The fund owned 47,513 shares of the social networking company’s stock after buying an additional 1,208 shares during the period. Patriot Wealth Management Inc.’s holdings in Facebook were worth $6,749,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in FB. State Street Corp increased its stake in Facebook by 2.8% in the fourth quarter. State Street Corp now owns 91,829,555 shares of the social networking company’s stock worth $10,564,984,000 after buying an additional 2,523,083 shares in the last quarter. Viking Global Investors LP increased its stake in Facebook by 1.2% in the fourth quarter. Viking Global Investors LP now owns 18,978,163 shares of the social networking company’s stock worth $2,183,438,000 after buying an additional 228,753 shares in the last quarter. Norges Bank bought a new stake in Facebook during the fourth quarter worth approximately $2,046,500,000. Loomis Sayles & Co. L P increased its stake in Facebook by 4.0% in the fourth quarter. Loomis Sayles & Co. L P now owns 12,789,217 shares of the social networking company’s stock worth $1,471,399,000 after buying an additional 493,666 shares in the last quarter. Finally, Edgewood Management LLC increased its stake in Facebook by 1.2% in the fourth quarter. Edgewood Management LLC now owns 6,565,273 shares of the social networking company’s stock worth $755,335,000 after buying an additional 77,253 shares in the last quarter. Institutional investors own 57.66% of the company’s stock.
Shares of Facebook, Inc. (NASDAQ FB) opened at 152.87 on Tuesday. Facebook, Inc. has a 12 month low of $108.23 and a 12 month high of $155.59. The company has a market capitalization of $443.04 billion, a price-to-earnings ratio of 38.87 and a beta of 0.66. The company has a 50-day moving average price of $150.77 and a 200-day moving average price of $137.08.
Facebook (NASDAQ:FB) last posted its earnings results on Wednesday, May 3rd. The social networking company reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.16. The company had revenue of $8.03 billion during the quarter, compared to analyst estimates of $7.83 billion. Facebook had a net margin of 36.45% and a return on equity of 20.27%. Facebook’s revenue for the quarter was up 49.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. On average, equities analysts anticipate that Facebook, Inc. will post $4.85 EPS for the current year.
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FB has been the subject of a number of research analyst reports. Robert W. Baird reissued an “outperform” rating on shares of Facebook in a research note on Tuesday, March 7th. Wells Fargo & Company reissued an “overweight” rating on shares of Facebook in a research note on Wednesday, April 19th. J P Morgan Chase & Co boosted their target price on Facebook from $170.00 to $182.00 and gave the company an “overweight” rating in a research note on Thursday, May 4th. Aegis reissued a “buy” rating on shares of Facebook in a research note on Monday, May 22nd. Finally, Instinet reissued a “buy” rating on shares of Facebook in a research note on Saturday, March 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating, forty have issued a buy rating and three have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $164.40.
In related news, Director Jan Koum sold 3,200,000 shares of the stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $150.27, for a total value of $480,864,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 122,521 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $153.03, for a total transaction of $18,749,388.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,569,744 shares of company stock valued at $973,945,236. 19.08% of the stock is currently owned by company 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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