Griffin Asset Management Inc. Increases Stake in Facebook, Inc. (FB)
Griffin Asset Management Inc. grew its stake in shares of Facebook, Inc. (NASDAQ:FB) by 10.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,642 shares of the social networking company’s stock after purchasing an additional 1,445 shares during the period. Griffin Asset Management Inc.’s holdings in Facebook were worth $2,408,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Auxier Asset Management raised its holdings in Facebook by 577.1% in the third quarter. Auxier Asset Management now owns 11,070 shares of the social networking company’s stock worth $1,821,000 after buying an additional 9,435 shares during the last quarter. Kentucky Retirement Systems purchased a new position in Facebook in the third quarter worth about $7,422,000. M Holdings Securities Inc. raised its holdings in Facebook by 42.7% in the third quarter. M Holdings Securities Inc. now owns 19,363 shares of the social networking company’s stock worth $3,184,000 after buying an additional 5,792 shares during the last quarter. Banco de Sabadell S.A raised its holdings in Facebook by 1.8% in the third quarter. Banco de Sabadell S.A now owns 22,989 shares of the social networking company’s stock worth $3,831,000 after buying an additional 415 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in Facebook by 6.5% in the third quarter. Advisors Asset Management Inc. now owns 414,051 shares of the social networking company’s stock worth $68,095,000 after buying an additional 25,326 shares during the last quarter. 59.63% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. Argus reissued a “buy” rating on shares of Facebook in a report on Wednesday, January 9th. Deutsche Bank reissued a “buy” rating and set a $195.00 price objective on shares of Facebook in a report on Friday, December 14th. Zacks Investment Research cut shares of Facebook from a “buy” rating to a “hold” rating in a report on Thursday, January 10th. Bank of America reissued a “buy” rating and set a $205.00 price objective (up from $190.00) on shares of Facebook in a report on Thursday, January 31st. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $210.00 target price on shares of Facebook in a research report on Thursday, January 31st. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and forty have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $191.58.
Facebook (NASDAQ:FB) last issued its earnings results on Wednesday, January 30th. The social networking company reported $2.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.18 by $0.20. Facebook had a net margin of 39.60% and a return on equity of 27.51%. The firm had revenue of $16.91 billion during the quarter, compared to analyst estimates of $16.40 billion. During the same quarter in the prior year, the business earned $1.44 earnings per share. Facebook’s revenue for the quarter was up 30.4% on a year-over-year basis. On average, analysts expect that Facebook, Inc. will post 7.55 EPS for the current year.
In related news, COO Sheryl Sandberg sold 55,000 shares of the company’s stock in a transaction on Thursday, December 27th. The shares were sold at an average price of $132.11, for a total transaction of $7,266,050.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher K. Cox sold 15,900 shares of the company’s stock in a transaction on Tuesday, January 15th. The shares were sold at an average price of $150.07, for a total transaction of $2,386,113.00. Following the sale, the insider now directly owns 279,684 shares in the company, valued at approximately $41,972,177.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 391,461 shares of company stock valued at $60,325,530. 16.25% of the stock is owned by company insiders.
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Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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