Patriot Wealth Management Inc. Raises Position in Facebook Inc. (FB)
Patriot Wealth Management Inc. increased its stake in shares of Facebook Inc. (NASDAQ:FB) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 30,041 shares of the social networking company’s stock after buying an additional 482 shares during the period. Patriot Wealth Management Inc.’s holdings in Facebook were worth $3,433,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. National Pension Service raised its position in Facebook by 4.2% in the first quarter. National Pension Service now owns 1,063,800 shares of the social networking company’s stock valued at $121,380,000 after buying an additional 43,338 shares during the period. Geode Capital Management LLC raised its position in Facebook by 3.7% in the first quarter. Geode Capital Management LLC now owns 19,410,677 shares of the social networking company’s stock valued at $2,210,464,000 after buying an additional 690,650 shares during the period. Factory Mutual Insurance Co. raised its stake in Facebook by 3.1% in the second quarter. Factory Mutual Insurance Co. now owns 837,000 shares of the social networking company’s stock valued at $95,652,000 after buying an additional 25,000 shares during the period. Renaissance Technologies LLC raised its stake in Facebook by 36.9% in the first quarter. Renaissance Technologies LLC now owns 2,453,800 shares of the social networking company’s stock valued at $279,979,000 after buying an additional 661,600 shares during the period. Finally, Jackson Square Partners LLC raised its stake in Facebook by 21.4% in the first quarter. Jackson Square Partners LLC now owns 5,507,159 shares of the social networking company’s stock valued at $628,366,000 after buying an additional 969,198 shares during the period. 56.61% of the stock is owned by institutional investors.
Facebook Inc. (NASDAQ:FB) traded up 0.19% during midday trading on Friday, reaching $128.99. The company’s stock had a trading volume of 12,804,420 shares. Facebook Inc. has a 1-year low of $89.37 and a 1-year high of $131.98. The company has a market capitalization of $370.42 billion, a price-to-earnings ratio of 61.66 and a beta of 0.77. The company’s 50-day moving average price is $127.57 and its 200-day moving average price is $119.71.
Facebook (NASDAQ:FB) last issued its quarterly earnings results on Wednesday, July 27th. The social networking company reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.15. Facebook had a return on equity of 14.38% and a net margin of 27.07%. The business earned $6.44 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period in the previous year, the business earned $0.50 EPS. The business’s quarterly revenue was up 59.2% on a year-over-year basis. On average, analysts predict that Facebook Inc. will post $3.94 earnings per share for the current fiscal year.
FB has been the subject of several analyst reports. Vetr upgraded shares of Facebook from a “hold” rating to a “buy” rating and set a $136.45 target price for the company in a report on Monday, September 12th. Societe Generale set a $80.00 price objective on shares of Facebook and gave the company a “sell” rating in a report on Thursday, July 7th. Robert W. Baird upgraded shares of Facebook to a “buy” rating in a report on Monday, July 18th. Citigroup Inc. lifted their price objective on shares of Facebook from $148.00 to $158.00 and gave the company a “buy” rating in a report on Monday, September 19th. Finally, Jefferies Group set a $170.00 price objective on shares of Facebook and gave the company a “buy” rating in a report on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, forty-four have assigned a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $149.99.
In related news, insider Christopher K. Cox sold 15,600 shares of the company’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $117.71, for a total transaction of $1,836,276.00. Following the completion of the transaction, the insider now directly owns 365,986 shares in the company, valued at approximately $43,080,212.06. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jan Koum sold 1,721,436 shares of the company’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $118.13, for a total value of $203,353,234.68. The disclosure for this sale can be found here. 19.08% of the stock is owned by insiders.
Facebook, Inc builds products that enable people to connect and share through mobile devices and personal computers. The Company enables people to share their opinions, ideas, photos and videos, and other activities. Its products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook is a mobile application and Website that enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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