Traynor Capital Management Inc. Decreases Stake in Facebook Inc. (FB)
Traynor Capital Management Inc. cut its position in shares of Facebook Inc. (NASDAQ:FB) by 17.6% during the second quarter, Holdings Channel reports. The fund owned 2,720 shares of the social networking company’s stock after selling 580 shares during the period. Traynor Capital Management Inc.’s holdings in Facebook were worth $310,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FB. State Street Corp raised its position in shares of Facebook by 2.3% in the first quarter. State Street Corp now owns 85,825,821 shares of the social networking company’s stock valued at $9,792,722,000 after buying an additional 1,950,433 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Facebook during the second quarter valued at about $206,083,000. Prudential Financial Inc. raised its position in shares of Facebook by 44.3% in the first quarter. Prudential Financial Inc. now owns 5,346,954 shares of the social networking company’s stock valued at $610,087,000 after buying an additional 1,642,535 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Facebook by 2.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 58,452,390 shares of the social networking company’s stock valued at $6,669,418,000 after buying an additional 1,308,609 shares in the last quarter. Finally, Credit Agricole S A raised its position in shares of Facebook by 89.8% in the first quarter. Credit Agricole S A now owns 2,413,768 shares of the social networking company’s stock valued at $275,411,000 after buying an additional 1,141,775 shares in the last quarter. Institutional investors own 56.61% of the company’s stock.
Shares of Facebook Inc. (NASDAQ:FB) traded up 0.97% during mid-day trading on Monday, reaching $130.24. 15,113,925 shares of the company’s stock were exchanged. Facebook Inc. has a 1-year low of $89.37 and a 1-year high of $131.98. The company’s 50 day moving average is $127.57 and its 200 day moving average is $119.71. The stock has a market capitalization of $374.01 billion, a PE ratio of 62.26 and a beta of 0.77.
Facebook (NASDAQ:FB) last released its quarterly earnings data on Wednesday, July 27th. The social networking company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.82 by $0.15. The business had revenue of $6.44 billion for the quarter, compared to the consensus estimate of $6 billion. Facebook had a net margin of 27.07% and a return on equity of 14.38%. The business’s revenue for the quarter was up 59.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. Equities research analysts anticipate that Facebook Inc. will post $3.94 EPS for the current fiscal year.
FB has been the subject of several analyst reports. Royal Bank Of Canada reaffirmed a “buy” rating and set a $165.00 target price on shares of Facebook in a research report on Tuesday, June 21st. Bank of America Corp. reissued a “buy” rating and issued a $153.07 price objective (up from $123.94) on shares of Facebook in a research report on Monday, August 1st. Vetr raised Facebook from a “hold” rating to a “buy” rating and set a $121.02 price objective for the company in a research report on Monday, June 13th. Goldman Sachs Group Inc. lifted their price objective on Facebook from $142.00 to $162.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Finally, William Blair reissued an “outperform” rating on shares of Facebook in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, forty-four have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $149.99.
In related news, CTO Michael Todd Schroepfer sold 51,283 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $117.30, for a total transaction of $6,015,495.90. Following the sale, the chief technology officer now directly owns 579,862 shares of the company’s stock, valued at $68,017,812.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jan Koum sold 1,721,436 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $118.13, for a total transaction of $203,353,234.68. The disclosure for this sale can be found here. 19.08% of the stock is currently owned by insiders.
Facebook Company Profile
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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