Klingenstein Fields & Co. LLC trimmed its holdings in shares of Facebook, Inc. (NASDAQ:FB) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 203,174 shares of the social networking company’s stock after selling 7,934 shares during the period. Facebook comprises 1.2% of Klingenstein Fields & Co. LLC’s holdings, making the stock its 25th largest position. Klingenstein Fields & Co. LLC’s holdings in Facebook were worth $30,675,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Harbour Capital Advisors LLC raised its holdings in Facebook by 15,047.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 2,540,691 shares of the social networking company’s stock valued at $16,828,000 after acquiring an additional 2,523,918 shares during the period. State Street Corp increased its holdings in shares of Facebook by 1.7% during the first quarter. State Street Corp now owns 93,365,713 shares of the social networking company’s stock worth $13,262,607,000 after purchasing an additional 1,536,158 shares during the period. HPM Partners LLC bought a new position in shares of Facebook during the first quarter worth approximately $195,602,000. Alecta Pensionsforsakring Omsesidigt increased its holdings in shares of Facebook by 131.8% during the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,970,000 shares of the social networking company’s stock worth $279,838,000 after purchasing an additional 1,120,000 shares during the period. Finally, Karp Capital Management Corp increased its holdings in shares of Facebook by 6,222.5% during the first quarter. Karp Capital Management Corp now owns 896,406 shares of the social networking company’s stock worth $127,334,000 after purchasing an additional 882,228 shares during the period. Institutional investors own 57.24% of the company’s stock.
Several research firms recently issued reports on FB. 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. Robert W. Baird reiterated an “outperform” rating on shares of Facebook in a research report on Monday, July 3rd. Credit Suisse Group restated an “outperform” rating and issued a $180.00 target price (up previously from $175.00) on shares of Facebook in a research report on Monday, July 10th. Royal Bank Of Canada restated a “buy” rating and issued a $185.00 target price on shares of Facebook in a research report on Tuesday, July 11th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $168.00 price target (up previously from $160.00) on shares of Facebook in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have assigned a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $185.38.
In related news, Director Jan Koum sold 2,953,492 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $170.17, for a total value of $502,595,733.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher K. Cox sold 16,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $164.28, for a total value of $2,628,480.00. Following the completion of the sale, the insider now owns 196,871 shares in the company, valued at $32,341,967.88. The disclosure for this sale can be found here. Insiders have sold a total of 5,762,300 shares of company stock worth $982,461,909 over the last quarter. Insiders own 19.08% of the company’s stock.
Facebook (NASDAQ:FB) last announced its quarterly earnings results on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.19. The business had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.19 billion. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The business’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS.
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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