Cim Investment Management Inc. cut its holdings in Facebook, Inc. (NASDAQ:FB) by 50.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,911 shares of the social networking company’s stock after selling 5,971 shares during the period. Facebook comprises about 0.6% of Cim Investment Management Inc.’s holdings, making the stock its 20th largest position. Cim Investment Management Inc.’s holdings in Facebook were worth $2,055,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Bessemer Securities LLC increased its stake in shares of Facebook by 30.4% during the 1st quarter. Bessemer Securities LLC now owns 12,916 shares of the social networking company’s stock valued at $3,804,000 after acquiring an additional 3,010 shares during the last quarter. Woodward Diversified Capital LLC acquired a new position in shares of Facebook during the 2nd quarter valued at about $2,215,000. One Capital Management LLC increased its position in Facebook by 4.2% during the 1st quarter. One Capital Management LLC now owns 27,200 shares of the social networking company’s stock worth $8,011,000 after purchasing an additional 1,089 shares in the last quarter. NEXT Financial Group Inc increased its position in Facebook by 2.6% during the 2nd quarter. NEXT Financial Group Inc now owns 19,296 shares of the social networking company’s stock worth $6,710,000 after purchasing an additional 491 shares in the last quarter. Finally, WBI Investments Inc. acquired a new stake in Facebook in the second quarter valued at approximately $7,399,000. Institutional investors and hedge funds own 65.72% of the company’s stock.
Several brokerages recently issued reports on FB. Tigress Financial raised their price objective on Facebook from $430.00 to $466.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. The Goldman Sachs Group initiated coverage on Facebook in a report on Monday, September 13th. They set a “buy” rating and a $455.00 price target on the stock. Robert W. Baird lifted their target price on Facebook from $340.00 to $390.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. JMP Securities increased their price target on Facebook from $395.00 to $425.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Finally, Rosenblatt Securities lowered Facebook from a “buy” rating to a “neutral” rating and set a $400.00 price objective for the company. in a research report on Wednesday, September 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $406.31.
Facebook (NASDAQ:FB) last posted its quarterly earnings data on Wednesday, July 28th. The social networking company reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.03 by $0.58. The company had revenue of $29.08 billion for the quarter, compared to analyst estimates of $27.93 billion. Facebook had a return on equity of 30.09% and a net margin of 37.17%. As a group, equities research analysts forecast that Facebook, Inc. will post 14.11 earnings per share for the current year.
In other Facebook news, CFO David M. Wehner sold 8,176 shares of the company’s stock in a transaction that occurred on Wednesday, August 18th. The stock was sold at an average price of $356.10, for a total value of $2,911,473.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO David M. Wehner sold 1,545 shares of the company’s stock in a transaction that occurred on Sunday, August 15th. The shares were sold at an average price of $363.18, for a total value of $561,113.10. Following the completion of the sale, the chief financial officer now owns 27,321 shares in the company, valued at approximately $9,922,440.78. The disclosure for this sale can be found here. Insiders sold 2,481,633 shares of company stock valued at $890,771,287 over the last 90 days. Corporate insiders own 14.01% of the company’s stock.
Facebook Company Profile
Facebook, Inc operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online.
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