Frontier Wealth Management LLC reduced its position in shares of Facebook, Inc. (NASDAQ:FB) by 8.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,308 shares of the social networking company’s stock after selling 2,702 shares during the period. Facebook comprises approximately 0.8% of Frontier Wealth Management LLC’s holdings, making the stock its 29th largest holding. Frontier Wealth Management LLC’s holdings in Facebook were worth $5,463,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. Clear Creek Financial Management LLC bought a new position in Facebook during the second quarter valued at about $754,000. Prestige Wealth Management Group LLC bought a new position in Facebook during the second quarter valued at about $509,000. Mutual Advisors LLC boosted its stake in Facebook by 4.7% during the second quarter. Mutual Advisors LLC now owns 24,311 shares of the social networking company’s stock valued at $4,692,000 after buying an additional 1,085 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Facebook by 2.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 235,318 shares of the social networking company’s stock valued at $45,416,000 after buying an additional 4,901 shares in the last quarter. Finally, Covington Capital Management boosted its stake in Facebook by 6.0% during the second quarter. Covington Capital Management now owns 59,220 shares of the social networking company’s stock valued at $11,429,000 after buying an additional 3,337 shares in the last quarter. 63.18% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Mark Zuckerberg sold 125,600 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $190.62, for a total transaction of $23,941,872.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Susan J.S. Taylor sold 1,134 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $185.45, for a total value of $210,300.30. Following the transaction, the chief accounting officer now directly owns 1,037 shares of the company’s stock, valued at $192,311.65. The disclosure for this sale can be found here. Insiders have sold 2,691,472 shares of company stock valued at $500,472,871 over the last 90 days. Corporate insiders own 14.53% of the company’s stock.
Facebook (NASDAQ:FB) last announced its quarterly earnings results on Wednesday, July 24th. The social networking company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.09. The firm had revenue of $16.89 billion for the quarter, compared to the consensus estimate of $16.49 billion. Facebook had a return on equity of 20.09% and a net margin of 27.26%. The business’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.74 earnings per share. On average, equities analysts forecast that Facebook, Inc. will post 8.03 EPS for the current fiscal year.
Several brokerages have recently commented on FB. ValuEngine downgraded Facebook from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Robert W. Baird upped their target price on Facebook from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. upped their target price on Facebook from $245.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. KeyCorp upped their target price on Facebook from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, SunTrust Banks reissued a “buy” rating and issued a $215.00 price objective on shares of Facebook in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and forty-one have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $220.92.
Facebook Company Profile
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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