Cim Investment Management Inc. cut its holdings in Facebook, Inc. (NASDAQ:FB) by 50.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and 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 makes up approximately 0.6% of Cim Investment Management Inc.’s portfolio, making the stock its 20th biggest position. Cim Investment Management Inc.’s holdings in Facebook were worth $2,055,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of FB. OLD Mission Capital LLC bought a new position in shares of Facebook in the 3rd quarter worth about $251,000. Y Intercept Hong Kong Ltd increased its position in Facebook by 7.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 2,212 shares of the social networking company’s stock valued at $637,000 after buying an additional 155 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in Facebook in the 1st quarter valued at about $5,944,000. Quilter Plc increased its position in Facebook by 4.2% in the 1st quarter. Quilter Plc now owns 191,665 shares of the social networking company’s stock valued at $56,451,000 after buying an additional 7,709 shares in the last quarter. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in Facebook in the 1st quarter valued at about $1,328,000. 65.72% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Mark Zuckerberg sold 52,700 shares of the business’s stock in a transaction dated Tuesday, October 12th. The shares were sold at an average price of $320.88, for a total value of $16,910,376.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David M. Wehner sold 1,545 shares of the business’s stock in a transaction dated Sunday, August 15th. The stock was sold at an average price of $363.18, for a total transaction of $561,113.10. Following the completion of the sale, the chief financial officer now owns 27,321 shares in the company, valued at $9,922,440.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,481,633 shares of company stock worth $890,771,287. 14.01% of the stock is currently owned by insiders.
Facebook (NASDAQ:FB) last released its earnings results on Wednesday, July 28th. The social networking company reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates of $3.03 by $0.58. Facebook had a net margin of 37.17% and a return on equity of 30.09%. The company had revenue of $29.08 billion for the quarter, compared to analysts’ expectations of $27.93 billion. Analysts anticipate that Facebook, Inc. will post 14.11 earnings per share for the current year.
A number of analysts recently commented on the company. KeyCorp boosted their target price on Facebook from $414.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, July 29th. Canaccord Genuity lifted their price target on Facebook from $380.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, July 29th. Raymond James lifted their price target on Facebook from $415.00 to $450.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 29th. JPMorgan Chase & Co. set a $450.00 price target on Facebook in a research note on Thursday, July 29th. Finally, Wells Fargo & Company lifted their price target on Facebook from $415.00 to $450.00 and gave the company an “overweight” rating in a research note on Thursday, July 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $406.31.
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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