Bank of New York Mellon Corp Trims Stock Position in Facebook, Inc. (NASDAQ:FB)

Bank of New York Mellon Corp trimmed its position in Facebook, Inc. (NASDAQ:FB) by 1.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,052,362 shares of the social networking company’s stock after selling 371,196 shares during the quarter. Facebook makes up approximately 1.3% of Bank of New York Mellon Corp’s holdings, making the stock its 6th largest position. Bank of New York Mellon Corp owned 0.71% of Facebook worth $6,972,407,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Baldrige Asset Management LLC acquired a new stake in Facebook during the second quarter worth about $31,000. Baron Financial Group LLC raised its position in shares of Facebook by 71.4% during the 1st quarter. Baron Financial Group LLC now owns 120 shares of the social networking company’s stock worth $35,000 after purchasing an additional 50 shares during the period. Paragon Wealth Strategies LLC acquired a new stake in shares of Facebook during the 2nd quarter worth approximately $46,000. Horan Securities Inc. lifted its holdings in shares of Facebook by 309.1% in the 2nd quarter. Horan Securities Inc. now owns 135 shares of the social networking company’s stock worth $47,000 after purchasing an additional 102 shares during the last quarter. Finally, University of Texas Texas AM Investment Managment Co. boosted its position in Facebook by 800.0% during the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 180 shares of the social networking company’s stock valued at $53,000 after purchasing an additional 160 shares during the period. 65.72% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have issued reports on FB shares. Truist Securities boosted their target price on shares of Facebook from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Thursday, July 29th. KeyCorp increased their price objective on Facebook from $414.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, July 29th. JMP Securities raised their target price on Facebook from $395.00 to $425.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Morgan Stanley increased their price target on Facebook from $375.00 to $400.00 and gave the stock an “overweight” rating in a research note on Thursday, July 29th. Finally, Rosenblatt Securities lowered Facebook from a “buy” rating to a “neutral” rating and set a $400.00 price target on the stock. in a report on Wednesday, September 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $404.35.

In other news, insider Jennifer Newstead sold 250 shares of the stock in a transaction that occurred on Tuesday, September 14th. The stock was sold at an average price of $377.29, for a total value of $94,322.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Zuckerberg sold 77,300 shares of the stock in a transaction that occurred on Wednesday, June 23rd. The shares were sold at an average price of $341.07, for a total value of $26,364,711.00. The disclosure for this sale can be found here. Insiders have sold 2,583,890 shares of company stock valued at $930,547,100 in the last ninety days. Company insiders own 14.01% of the company’s stock.

NASDAQ:FB traded up $1.28 during mid-day trading on Tuesday, reaching $356.98. The stock had a trading volume of 267,363 shares, compared to its average volume of 17,350,570. The business’s 50 day moving average is $363.85 and its 200 day moving average is $332.02. Facebook, Inc. has a fifty-two week low of $244.13 and a fifty-two week high of $384.33. The stock has a market cap of $1.01 trillion, a P/E ratio of 26.35, a PEG ratio of 1.17 and a beta of 1.29.

Facebook (NASDAQ:FB) last released its quarterly earnings data on Wednesday, July 28th. The social networking company reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.03 by $0.58. Facebook had a return on equity of 30.09% and a net margin of 37.17%. The firm had revenue of $29.08 billion for the quarter, compared to the consensus estimate of $27.93 billion. Research analysts predict that Facebook, Inc. will post 14.1 earnings per share for the current fiscal year.

Facebook Company Profile

Facebook, Inc operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online.

See Also: Outperform Rating

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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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