Cottage Street Advisors LLC Has $2.94 Million Holdings in Facebook, Inc. (FB)
Cottage Street Advisors LLC trimmed its stake in shares of Facebook, Inc. (NASDAQ:FB) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,500 shares of the social networking company’s stock after selling 290 shares during the quarter. Facebook comprises 2.0% of Cottage Street Advisors LLC’s holdings, making the stock its 14th biggest position. Cottage Street Advisors LLC’s holdings in Facebook were worth $2,944,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI raised its holdings in shares of Facebook by 20.0% in the 1st quarter. Arcadia Investment Management Corp MI now owns 721 shares of the social networking company’s stock worth $102,000 after purchasing an additional 120 shares in the last quarter. Cohen Capital Management Inc. bought a new stake in shares of Facebook in the 1st quarter worth approximately $121,000. Pacific Center for Financial Services raised its holdings in shares of Facebook by 10.7% in the 1st quarter. Pacific Center for Financial Services now owns 910 shares of the social networking company’s stock worth $129,000 after purchasing an additional 88 shares in the last quarter. Watermark Asset Management Inc. bought a new stake in shares of Facebook in the 1st quarter worth approximately $141,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Facebook in the 1st quarter worth approximately $180,000. Institutional investors own 57.26% of the company’s stock.
In related news, CEO Mark Zuckerberg sold 268,100 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $158.52, for a total value of $42,499,212.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Colin Stretch sold 750 shares of the stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $149.00, for a total value of $111,750.00. Following the completion of the transaction, the vice president now directly owns 86,156 shares in the company, valued at approximately $12,837,244. The disclosure for this sale can be found here. In the last three months, insiders sold 12,667,406 shares of company stock worth $2,078,665,122. 19.08% of the stock is owned by insiders.
Facebook, Inc. (NASDAQ:FB) traded up 1.27% during midday trading on Friday, hitting $170.87. The company had a trading volume of 15,340,366 shares. Facebook, Inc. has a 52 week low of $113.55 and a 52 week high of $175.49. The stock has a 50 day moving average price of $170.12 and a 200 day moving average price of $154.54. The company has a market capitalization of $496.24 billion, a P/E ratio of 38.24 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 (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.19. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The company had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.19 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. Facebook’s revenue was up 44.8% compared to the same quarter last year. Equities analysts forecast that Facebook, Inc. will post $5.33 earnings per share for the current fiscal year.
FB has been the topic of a number of research reports. Oppenheimer Holdings, Inc. boosted their target price on shares of Facebook from $170.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. JMP Securities reiterated an “outperform” rating and issued a $195.00 target price (up from $170.00) on shares of Facebook in a report on Thursday, July 27th. Vetr upgraded shares of Facebook from a “hold” rating to a “buy” rating and set a $174.15 price target on the stock in a report on Monday, August 28th. BidaskClub upgraded shares of Facebook from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Finally, Robert W. Baird restated a “buy” rating and set a $185.00 price target on shares of Facebook in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, forty-two have given a buy rating and three have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $184.95.
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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