Cim Investment Management Inc. decreased its holdings in shares of Facebook, Inc. (NASDAQ:FB) by 50.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,911 shares of the social networking company’s stock after selling 5,971 shares during the quarter. Facebook comprises approximately 0.6% of Cim Investment Management Inc.’s portfolio, making the stock its 20th biggest holding. Cim Investment Management Inc.’s holdings in Facebook were worth $2,055,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Cable Hill Partners LLC raised its holdings in Facebook by 65.0% during the 2nd quarter. Cable Hill Partners LLC now owns 1,711 shares of the social networking company’s stock valued at $595,000 after acquiring an additional 674 shares during the period. Coatue Management LLC grew its position in shares of Facebook by 34.1% during the 2nd quarter. Coatue Management LLC now owns 2,859,130 shares of the social networking company’s stock valued at $994,148,000 after purchasing an additional 726,559 shares in the last quarter. Capital Directions Investment Advisors LLC purchased a new position in shares of Facebook during the 2nd quarter valued at $31,000. GQG Partners LLC grew its position in shares of Facebook by 33.5% during the 2nd quarter. GQG Partners LLC now owns 4,597,101 shares of the social networking company’s stock valued at $1,597,927,000 after purchasing an additional 1,153,964 shares in the last quarter. Finally, Clear Perspective Advisors LLC grew its position in shares of Facebook by 68.2% during the 2nd quarter. Clear Perspective Advisors LLC now owns 6,031 shares of the social networking company’s stock valued at $2,097,000 after purchasing an additional 2,445 shares in the last quarter. 65.72% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO David M. Wehner sold 8,176 shares of the stock in a transaction that occurred on Wednesday, August 18th. The shares were sold at an average price of $356.10, for a total transaction of $2,911,473.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 52,700 shares of the stock in a transaction that occurred on Tuesday, October 12th. The shares were sold at an average price of $320.88, for a total transaction of $16,910,376.00. The disclosure for this sale can be found here. Insiders have sold 2,481,633 shares of company stock valued at $890,771,287 in the last ninety days. Insiders own 14.01% of the company’s stock.
Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, July 28th. The social networking company reported $3.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.03 by $0.58. Facebook had a net margin of 37.17% and a return on equity of 30.09%. The business had revenue of $29.08 billion during the quarter, compared to the consensus estimate of $27.93 billion. Analysts expect that Facebook, Inc. will post 14.11 earnings per share for the current year.
A number of research analysts have recently commented on FB shares. Robert W. Baird boosted their price target on shares of Facebook from $340.00 to $390.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Truist upped their target price on shares of Facebook from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. Morgan Stanley upped their target price on shares of Facebook from $375.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $385.00 target price (up from $335.00) on shares of Facebook in a research report on Thursday, July 29th. Finally, Rosenblatt Securities lowered shares of Facebook from a “buy” rating to a “neutral” rating and set a $400.00 target price for the company. in a research report on Wednesday, September 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $406.31.
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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