NJ State Employees Deferred Compensation Plan increased its stake in shares of Facebook, Inc. (NASDAQ:FB) by 400.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the social networking company’s stock after buying an additional 20,000 shares during the quarter. Facebook accounts for 0.9% of NJ State Employees Deferred Compensation Plan’s investment portfolio, making the stock its 15th largest holding. NJ State Employees Deferred Compensation Plan’s holdings in Facebook were worth $4,858,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the stock. Summit Trail Advisors LLC boosted its position in Facebook by 4,170.3% in the first quarter. Summit Trail Advisors LLC now owns 9,070,939 shares of the social networking company’s stock worth $9,071,000 after purchasing an additional 8,858,520 shares during the last quarter. Cornerstone Wealth Management LLC boosted its position in Facebook by 21,254.2% in the second quarter. Cornerstone Wealth Management LLC now owns 3,612,283 shares of the social networking company’s stock worth $18,303,000 after purchasing an additional 3,595,367 shares during the last quarter. BlackRock Inc. boosted its position in Facebook by 2.0% in the first quarter. BlackRock Inc. now owns 149,137,226 shares of the social networking company’s stock worth $23,830,637,000 after purchasing an additional 2,966,437 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in Facebook in the first quarter worth $430,727,000. Finally, DnB Asset Management AS purchased a new position in Facebook in the second quarter worth $428,119,000. Institutional investors and hedge funds own 60.25% of the company’s stock.
Shares of NASDAQ FB opened at $148.68 on Tuesday. The stock has a market capitalization of $436.77 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 0.92 and a beta of 0.55. Facebook, Inc. has a twelve month low of $139.03 and a twelve month high of $218.62.
Facebook (NASDAQ:FB) last announced its earnings results on Tuesday, October 30th. The social networking company reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.30. The business had revenue of $13.73 billion for the quarter, compared to analyst estimates of $13.82 billion. Facebook had a return on equity of 27.89% and a net margin of 37.57%. The company’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.59 EPS. On average, equities analysts predict that Facebook, Inc. will post 7.3 earnings per share for the current fiscal year.
Several research firms have weighed in on FB. Piper Jaffray Companies boosted their price objective on Facebook to $250.00 and gave the stock an “in-line” rating in a research report on Friday, July 20th. Nomura began coverage on Facebook in a research report on Tuesday, July 10th. They issued a “buy” rating and a $228.00 price objective on the stock. UBS Group cut Facebook from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $212.00 to $180.00 in a research report on Thursday, July 26th. Raymond James cut Facebook from a “strong-buy” rating to an “outperform” rating and set a $210.00 price target on the stock. in a research report on Thursday, July 26th. Finally, Cowen dropped their price target on Facebook from $235.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, July 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $194.54.
In other news, VP David B. Fischer sold 2,648 shares of the stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $148.39, for a total transaction of $392,936.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Colin Stretch sold 750 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $184.98, for a total value of $138,735.00. Following the transaction, the vice president now owns 86,365 shares in the company, valued at $15,975,797.70. The disclosure for this sale can be found here. Insiders sold a total of 3,201,582 shares of company stock worth $564,369,020 over the last 90 days. Corporate insiders own 16.25% of the company’s stock.
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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