Envestnet Asset Management Inc. Boosts Stock Holdings in Facebook, Inc. (NASDAQ:FB)
Envestnet Asset Management Inc. lifted its stake in shares of Facebook, Inc. (NASDAQ:FB) by 12.4% during the second quarter, Holdings Channel reports. The fund owned 952,899 shares of the social networking company’s stock after acquiring an additional 104,767 shares during the period. Envestnet Asset Management Inc.’s holdings in Facebook were worth $183,910,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Elite Wealth Management Inc. grew its position in shares of Facebook by 8.6% in the 4th quarter. Elite Wealth Management Inc. now owns 9,531 shares of the social networking company’s stock worth $1,249,000 after buying an additional 751 shares during the last quarter. Hemenway Trust Co LLC boosted its position in shares of Facebook by 3.7% during the fourth quarter. Hemenway Trust Co LLC now owns 2,485 shares of the social networking company’s stock valued at $326,000 after purchasing an additional 88 shares in the last quarter. Baystate Wealth Management LLC boosted its position in shares of Facebook by 10.2% during the fourth quarter. Baystate Wealth Management LLC now owns 3,621 shares of the social networking company’s stock valued at $543,000 after purchasing an additional 334 shares in the last quarter. NJ State Employees Deferred Compensation Plan boosted its holdings in Facebook by 17.6% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 40,000 shares of the social networking company’s stock worth $5,244,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Osborn Williams & Donohoe LLC boosted its holdings in Facebook by 21.3% in the fourth quarter. Osborn Williams & Donohoe LLC now owns 9,747 shares of the social networking company’s stock worth $1,278,000 after acquiring an additional 1,710 shares in the last quarter. 62.11% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the company. China Renaissance Securities assumed coverage on Facebook in a research note on Wednesday, May 29th. They issued a “buy” rating and a $245.00 price target for the company. JMP Securities boosted their price target on Facebook from $220.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Cowen restated an “outperform” rating and issued a $225.00 price target (up previously from $195.00) on shares of Facebook in a research note on Thursday, April 25th. Citigroup upped their price objective on Facebook from $212.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Wedbush reiterated an “outperform” rating and set a $220.00 price objective on shares of Facebook in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and forty-two have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $220.92.
Facebook (NASDAQ:FB) last issued its quarterly earnings results on Wednesday, July 24th. The social networking company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.09. The business had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.49 billion. Facebook had a return on equity of 20.09% and a net margin of 27.26%. The business’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.74 earnings per share. On average, equities research analysts predict that Facebook, Inc. will post 7.96 EPS for the current year.
In other news, CEO Mark Zuckerberg sold 133,100 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $188.66, for a total value of $25,110,646.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Susan J.S. Taylor sold 1,472 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $181.89, for a total value of $267,742.08. Following the completion of the transaction, the insider now directly owns 569 shares of the company’s stock, valued at approximately $103,495.41. The disclosure for this sale can be found here. In the last ninety days, insiders sold 863,283 shares of company stock valued at $160,819,836. Corporate insiders own 14.53% of the company’s stock.
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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