Facebook (FB) Issues Earnings Results, Beats Estimates By $0.30 EPS

Facebook (NASDAQ:FB) announced its quarterly earnings results on Tuesday. The social networking company reported $1.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.30, MarketWatch Earnings reports. The firm had revenue of $13.73 billion during the quarter, compared to the consensus estimate of $13.82 billion. Facebook had a return on equity of 28.16% and a net margin of 39.31%. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.59 earnings per share.

Shares of NASDAQ:FB traded up $6.56 during mid-day trading on Wednesday, hitting $152.78. 49,348,534 shares of the company traded hands, compared to its average volume of 24,024,000. The company has a market cap of $422.30 billion, a P/E ratio of 24.80, a PEG ratio of 0.90 and a beta of 0.42. Facebook has a 52-week low of $139.03 and a 52-week high of $218.62.

In related news, VP Colin Stretch sold 750 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $184.98, for a total transaction of $138,735.00. Following the sale, the vice president now directly owns 86,365 shares in the company, valued at approximately $15,975,797.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark Zuckerberg sold 210,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $177.61, for a total value of $37,298,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,622,884 shares of company stock worth $640,571,897. Company insiders own 16.25% of the company’s stock.



A number of hedge funds have recently bought and sold shares of FB. Smith Asset Management Group LP increased its holdings in Facebook by 7.3% during the 2nd quarter. Smith Asset Management Group LP now owns 723,859 shares of the social networking company’s stock worth $140,754,000 after purchasing an additional 49,094 shares during the last quarter. United Bank acquired a new position in shares of Facebook in the 2nd quarter worth approximately $361,000. Cumberland Partners Ltd acquired a new position in shares of Facebook in the 2nd quarter worth approximately $546,000. CIBC Asset Management Inc grew its position in shares of Facebook by 7.4% in the 2nd quarter. CIBC Asset Management Inc now owns 407,390 shares of the social networking company’s stock worth $79,164,000 after acquiring an additional 27,900 shares in the last quarter. Finally, CORDA Investment Management LLC. acquired a new position in shares of Facebook in the 2nd quarter worth approximately $1,067,000. Institutional investors own 60.30% of the company’s stock.

FB has been the subject of several analyst reports. Nomura initiated coverage on Facebook in a research note on Tuesday, July 10th. They set a “buy” rating and a $228.00 price target for the company. BidaskClub cut Facebook from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Piper Jaffray Companies upped their price target on Facebook to $250.00 and gave the stock an “in-line” rating in a research note on Friday, July 20th. UBS Group cut Facebook from a “buy” rating to a “neutral” rating and cut their price target for the stock from $212.00 to $180.00 in a research note on Thursday, July 26th. Finally, Raymond James cut Facebook from a “strong-buy” rating to an “outperform” rating and set a $210.00 price target for the company. in a research note on Thursday, July 26th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, forty-one have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $195.65.

About Facebook

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application.

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Earnings History for Facebook (NASDAQ:FB)

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