State Treasurer State of Michigan decreased its stake in Facebook, Inc. (NASDAQ:FB) by 9.1% during the second quarter, Holdings Channel reports. The firm owned 1,507,316 shares of the social networking company’s stock after selling 151,800 shares during the period. Facebook comprises 1.7% of State Treasurer State of Michigan’s holdings, making the stock its 7th largest position. State Treasurer State of Michigan’s holdings in Facebook were worth $227,575,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of FB. Arcadia Investment Management Corp MI increased its position in 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. D. Scott Neal Inc. boosted its position in shares of Facebook by 1,358.0% in the second quarter. D. Scott Neal Inc. now owns 729 shares of the social networking company’s stock valued at $110,000 after buying an additional 679 shares in the last quarter. 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 in the last quarter. Finally, Pacific Center for Financial Services boosted its position in shares of Facebook by 10.7% in the first quarter. Pacific Center for Financial Services now owns 910 shares of the social networking company’s stock valued at $129,000 after buying an additional 88 shares in the last quarter. 57.60% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Facebook, Inc. (NASDAQ:FB) traded up 0.5643% during mid-day trading on Friday, reaching $168.3447. The company’s stock had a trading volume of 8,363,768 shares. The company has a market capitalization of $488.91 billion, a price-to-earnings ratio of 37.6779 and a beta of 0.70. The company’s 50 day moving average price is $161.08 and its 200-day moving average price is $147.16. Facebook, Inc. has a 1-year low of $113.55 and a 1-year high of $175.49.

Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, July 26th. The social networking company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.19. The firm had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.19 billion. Facebook had a return on equity of 21.73% and a net margin of 38.84%. Facebook’s quarterly revenue was up 44.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. Analysts predict that Facebook, Inc. will post $5.33 earnings per share for the current fiscal year.

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Several research firms recently weighed in on FB. Cowen and Company reiterated an “outperform” rating and issued a $195.00 price target on shares of Facebook in a report on Thursday. Zacks Investment Research lowered Facebook from a “buy” rating to a “hold” rating in a research report on Wednesday. Pivotal Research lowered Facebook from a “hold” rating to a “sell” rating in a research report on Tuesday. MKM Partners reissued a “buy” rating and set a $200.00 price objective (up previously from $180.00) on shares of Facebook in a research report on Monday. Finally, Mizuho reissued a “buy” rating on shares of Facebook in a research report on Monday. Two analysts have rated the stock with a sell rating, four have given a hold rating, forty-two have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $182.00.

In related news, insider Christopher K. Cox sold 16,000 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $148.03, for a total value of $2,368,480.00. Following the transaction, the insider now directly owns 221,328 shares of the company’s stock, valued at approximately $32,763,183.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jan Koum sold 3,600,000 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $160.06, for a total value of $576,216,000.00. The disclosure for this sale can be found here. Insiders have sold 10,221,076 shares of company stock worth $1,613,683,519 in the last 90 days. Insiders own 19.08% of the company’s stock.

About Facebook

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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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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