Berkshire Asset Management LLC PA Reduces Position in Facebook, Inc. (FB)

Berkshire Asset Management LLC PA reduced its position in Facebook, Inc. (NASDAQ:FB) by 7.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,664 shares of the social networking company’s stock after selling 275 shares during the period. Berkshire Asset Management LLC PA’s holdings in Facebook were worth $553,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of FB. First Financial Corp IN raised its stake in Facebook by 0.5% during the 1st quarter. First Financial Corp IN now owns 2,436 shares of the social networking company’s stock valued at $346,000 after acquiring an additional 11 shares during the last quarter. Enterprise Financial Services Corp raised its stake in Facebook by 1.0% during the 1st quarter. Enterprise Financial Services Corp now owns 2,124 shares of the social networking company’s stock valued at $302,000 after acquiring an additional 21 shares during the last quarter. Wagner Bowman Management Corp raised its stake in Facebook by 0.5% during the 2nd quarter. Wagner Bowman Management Corp now owns 4,997 shares of the social networking company’s stock valued at $754,000 after acquiring an additional 25 shares during the last quarter. Cordasco Financial Network raised its stake in Facebook by 1.5% during the 1st quarter. Cordasco Financial Network now owns 2,029 shares of the social networking company’s stock valued at $288,000 after acquiring an additional 29 shares during the last quarter. Finally, Keel Point LLC raised its stake in Facebook by 1.5% during the 1st quarter. Keel Point LLC now owns 2,289 shares of the social networking company’s stock valued at $325,000 after acquiring an additional 34 shares during the last quarter. 57.26% of the stock is owned by institutional investors and hedge funds.

Facebook, Inc. (NASDAQ:FB) opened at 170.54 on Friday. The firm has a 50-day moving average of $170.12 and a 200 day moving average of $154.54. Facebook, Inc. has a 52-week low of $113.55 and a 52-week high of $175.49. The firm has a market cap of $495.28 billion, a price-to-earnings ratio of 38.17 and a beta of 0.76.

Facebook (NASDAQ:FB) last announced its quarterly earnings data on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.19. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The business had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.19 billion. During the same period in the prior year, the business posted $0.97 earnings per share. Facebook’s revenue was up 44.8% compared to the same quarter last year. On average, equities research analysts forecast that Facebook, Inc. will post $5.33 earnings per share for the current year.

In other Facebook news, CFO David M. Wehner sold 15,470 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $167.16, for a total value of $2,585,965.20. Following the completion of the sale, the chief financial officer now owns 62,375 shares of the company’s stock, valued at $10,426,605. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 281,436 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $151.01, for a total transaction of $42,499,650.36. The disclosure for this sale can be found here. Insiders sold 12,948,842 shares of company stock worth $2,121,156,283 over the last 90 days. 19.08% of the stock is currently owned by company insiders.

FB has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $180.00 price objective on shares of Facebook in a research note on Sunday, May 28th. Vetr raised Facebook from a “hold” rating to a “buy” rating and set a $157.52 price objective for the company in a research note on Wednesday, May 31st. Instinet reaffirmed a “buy” rating on shares of Facebook in a research note on Friday, June 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $185.00 price objective on shares of Facebook in a research note on Saturday, June 3rd. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $165.00 price objective on shares of Facebook in a research note on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have given a buy rating and three have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $185.53.

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About Facebook

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.

Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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