Facebook, Inc. (FB) Stake Cut by Kayne Anderson Rudnick Investment Management LLC
Kayne Anderson Rudnick Investment Management LLC cut its stake in Facebook, Inc. (NASDAQ:FB) by 2.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 777,789 shares of the social networking company’s stock after selling 22,310 shares during the period. Facebook comprises 1.2% of Kayne Anderson Rudnick Investment Management LLC’s holdings, making the stock its 21st largest position. Kayne Anderson Rudnick Investment Management LLC’s holdings in Facebook were worth $110,485,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FB. Arcadia Investment Management Corp MI boosted its position in shares of Facebook by 20.0% in the first quarter. Arcadia Investment Management Corp MI now owns 721 shares of the social networking company’s stock valued at $102,000 after buying an additional 120 shares during the period. Cohen Capital Management Inc. purchased a new position in shares of Facebook during the first quarter valued at about $121,000. Cable Hill Partners LLC boosted its position in shares of Facebook by 9.5% in the first quarter. Cable Hill Partners LLC now owns 910 shares of the social networking company’s stock valued at $129,000 after buying an additional 79 shares during the period. Viking Fund Management LLC purchased a new position in shares of Facebook during the first quarter valued at about $142,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Facebook during the first quarter valued at about $180,000. 57.30% of the stock is owned by institutional investors and hedge funds.
Facebook, Inc. (NASDAQ FB) traded up 0.03% during trading on Friday, reaching $172.02. 11,677,589 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $167.98 and a 200-day moving average of $151.39. The stock has a market capitalization of $499.58 billion, a PE ratio of 38.50 and a beta of 0.76. Facebook, Inc. has a 52 week low of $113.55 and a 52 week high of $175.49.
Facebook (NASDAQ:FB) last posted its quarterly earnings data on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.19. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.19 billion. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The company’s revenue was up 44.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 earnings per share. On average, equities research analysts anticipate that Facebook, Inc. will post $5.33 EPS for the current year.
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Several research analysts have recently weighed in on FB shares. Royal Bank Of Canada reissued an “outperform” rating and set a $185.00 price objective on shares of Facebook in a report on Saturday, June 3rd. Barclays PLC reissued an “overweight” rating and set a $168.00 price objective (up from $160.00) on shares of Facebook in a report on Wednesday, July 12th. Vetr raised shares of Facebook from a “hold” rating to a “buy” rating and set a $159.91 price objective for the company in a report on Tuesday, June 6th. Jefferies Group LLC reissued a “buy” rating and set a $192.00 price objective (up from $175.00) on shares of Facebook in a report on Thursday, July 27th. Finally, Atlantic Securities set a $200.00 price objective on shares of Facebook and gave the company a “buy” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $183.74.
In other news, Director Jan Koum sold 3,600,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $160.06, for a total transaction of $576,216,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Colin Stretch sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $153.74, for a total value of $115,305.00. Following the sale, the vice president now owns 89,156 shares of the company’s stock, valued at approximately $13,706,843.44. The disclosure for this sale can be found here. Insiders sold 13,109,977 shares of company stock valued at $2,135,308,136 over the last three months. Corporate insiders own 19.08% of the company’s stock.
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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