Pinnacle Associates Ltd. reduced its holdings in Facebook Inc (NASDAQ:FB) by 2.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,476 shares of the social networking company’s stock after selling 2,405 shares during the period. Pinnacle Associates Ltd.’s holdings in Facebook were worth $13,751,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Moisand Fitzgerald Tamayo LLC acquired a new stake in Facebook in the third quarter worth $111,000. Stelac Advisory Services LLC acquired a new stake in Facebook in the third quarter worth $152,000. Mountain Capital Investment Advisors Inc acquired a new stake in Facebook in the second quarter worth $138,000. Odey Holdings AG raised its holdings in Facebook by 5.4% in the second quarter. Odey Holdings AG now owns 1,060 shares of the social networking company’s stock worth $160,000 after purchasing an additional 54 shares during the period. Finally, Almanack Investment Partners LLC. acquired a new stake in Facebook in the second quarter worth $165,000. Institutional investors and hedge funds own 57.32% of the company’s stock.
Shares of Facebook Inc (NASDAQ FB) opened at $177.36 on Tuesday. The stock has a market cap of $515,230.81, a PE ratio of 28.84, a PEG ratio of 0.92 and a beta of 0.59. Facebook Inc has a 12 month low of $132.90 and a 12 month high of $195.32.
Several research firms have weighed in on FB. BidaskClub upgraded shares of Facebook from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 10th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $225.00 target price on shares of Facebook in a report on Thursday, November 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $240.00 target price (up from $230.00) on shares of Facebook in a report on Thursday, February 1st. JMP Securities set a $235.00 target price on shares of Facebook and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $210.00 price objective on shares of Facebook in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, forty-two have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $214.70.
In other news, COO Sheryl Sandberg sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $177.25, for a total transaction of $9,748,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Michael Todd Schroepfer sold 38,042 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $177.86, for a total transaction of $6,766,150.12. Following the sale, the chief technology officer now owns 402,534 shares of the company’s stock, valued at approximately $71,594,697.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,016,284 shares of company stock valued at $182,010,071. 17.23% of the stock is currently owned by corporate insiders.
COPYRIGHT VIOLATION WARNING: “Pinnacle Associates Ltd. Has $13.75 Million Position in Facebook Inc (FB)” was originally published by BBNS and is the sole property of of BBNS. If you are accessing this news story on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The original version of this news story can be read at https://baseballnewssource.com/markets/pinnacle-associates-ltd-has-13-75-million-position-in-facebook-inc-fb/1892713.html.
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.
Want to see what other hedge funds are holding FB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Facebook Inc (NASDAQ:FB).
Receive News & Ratings for Facebook Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Facebook and related companies with MarketBeat.com's FREE daily email newsletter.