Westpac Banking Corp Sells 309,804 Shares of Facebook, Inc. (NASDAQ:FB)
Westpac Banking Corp decreased its stake in Facebook, Inc. (NASDAQ:FB) by 22.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,099,793 shares of the social networking company’s stock after selling 309,804 shares during the period. Facebook makes up approximately 1.6% of Westpac Banking Corp’s holdings, making the stock its 6th largest position. Westpac Banking Corp’s holdings in Facebook were worth $157,384,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. HCR Wealth Advisors acquired a new stake in shares of Facebook during the fourth quarter valued at about $3,091,000. Independent Advisor Alliance acquired a new stake in shares of Facebook during the fourth quarter valued at about $6,418,000. M Holdings Securities Inc. boosted its stake in shares of Facebook by 15.4% in the fourth quarter. M Holdings Securities Inc. now owns 14,088 shares of the social networking company’s stock valued at $1,621,000 after buying an additional 1,885 shares in the last quarter. Howard Capital Management boosted its stake in shares of Facebook by 2.8% in the first quarter. Howard Capital Management now owns 134,712 shares of the social networking company’s stock valued at $19,136,000 after buying an additional 3,726 shares in the last quarter. Finally, Patten & Patten Inc. TN boosted its stake in shares of Facebook by 14.0% in the first quarter. Patten & Patten Inc. TN now owns 9,785 shares of the social networking company’s stock valued at $1,390,000 after buying an additional 1,200 shares in the last quarter. 57.60% of the stock is currently owned by institutional investors and hedge funds.
Facebook, Inc. (NASDAQ FB) opened at 171.98 on Tuesday. The stock has a market capitalization of $499.46 billion, a price-to-earnings ratio of 38.49 and a beta of 0.70. The company has a 50-day moving average of $157.40 and a 200-day moving average of $145.43. Facebook, Inc. has a 52-week low of $113.55 and a 52-week high of $175.49.
Facebook (NASDAQ:FB) last issued its earnings results on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.19. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The firm had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.19 billion. During the same period last year, the company earned $0.97 earnings per share. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. Equities research analysts expect that Facebook, Inc. will post $5.33 EPS for the current year.
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FB has been the topic of several research reports. Canaccord Genuity reissued a “buy” rating and set a $175.00 price target on shares of Facebook in a research report on Friday, June 16th. Vetr cut shares of Facebook from a “buy” rating to a “hold” rating and set a $156.06 price target on the stock. in a research report on Thursday, May 25th. Cantor Fitzgerald set a $180.00 price target on shares of Facebook and gave the stock a “buy” rating in a research report on Tuesday, June 20th. Wedbush set a $185.00 price target on shares of Facebook and gave the stock a “buy” rating in a research report on Thursday, May 4th. Finally, Instinet reaffirmed a “buy” rating and issued a $165.00 target price on shares of Facebook in a report on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-two have assigned a buy rating and four have given a strong buy rating to the company. Facebook currently has a consensus rating of “Buy” and a consensus target price of $180.91.
In other Facebook news, CEO Mark Zuckerberg sold 286,387 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $148.40, for a total value of $42,499,830.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jan Koum sold 594,246 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $149.73, for a total value of $88,976,453.58. The disclosure for this sale can be found here. Insiders sold 10,166,363 shares of company stock worth $1,604,306,533 over the last ninety days. 19.08% of the stock is owned by corporate insiders.
Facebook Company Profile
Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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