Princeton Alpha Management LP Reduces Stake in Facebook, Inc. (FB)
Princeton Alpha Management LP lowered its position in Facebook, Inc. (NASDAQ:FB) by 76.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,904 shares of the social networking company’s stock after selling 9,633 shares during the period. Princeton Alpha Management LP’s holdings in Facebook were worth $413,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Arcadia Investment Management Corp MI raised 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 worth $102,000 after buying an additional 120 shares during the period. Cohen Capital Management Inc. purchased a new position in Facebook during the first quarter worth $121,000. Cable Hill Partners LLC raised its position in Facebook by 9.5% in the first quarter. Cable Hill Partners LLC now owns 910 shares of the social networking company’s stock worth $129,000 after buying an additional 79 shares during the period. Viking Fund Management LLC purchased a new position in Facebook during the first quarter worth $142,000. Finally, State of Alaska Department of Revenue purchased a new position in Facebook during the first quarter worth $180,000. Institutional investors and hedge funds own 57.30% of the company’s stock.
Shares of Facebook, Inc. (NASDAQ:FB) traded up 0.29% on Wednesday, hitting $168.54. The stock had a trading volume of 2,882,936 shares. The stock has a market capitalization of $489.47 billion, a PE ratio of 37.72 and a beta of 0.70. Facebook, Inc. has a one year low of $113.55 and a one year high of $175.49. The firm’s 50 day moving average is $166.02 and its 200-day moving average is $150.10.
Facebook (NASDAQ:FB) last posted its earnings results on Wednesday, July 26th. The social networking company reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.19. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The firm had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.19 billion. During the same quarter last year, the firm earned $0.97 EPS. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. Equities research analysts expect that Facebook, Inc. will post $5.33 earnings per share for the current fiscal year.
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A number of equities analysts recently weighed in on the stock. Barclays PLC set a $200.00 price objective on shares of Facebook and gave the company a “buy” rating in a research report on Friday, July 28th. FBN Securities restated an “outperform” rating and set a $210.00 target price (up from $175.00) on shares of Facebook in a research report on Sunday, July 30th. Morgan Stanley set a $190.00 target price on shares of Facebook and gave the stock a “buy” rating in a research report on Monday, July 31st. Atlantic Securities set a $200.00 target price on shares of Facebook and gave the stock a “buy” rating in a research report on Monday, July 31st. Finally, Pivotal Research lowered shares of Facebook from a “hold” rating to a “sell” rating and decreased their target price for the stock from $172.45 to $140.00 in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, forty-three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $183.74.
In related news, Director Peter Thiel sold 60,316 shares of Facebook stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $172.25, for a total value of $10,389,431.00. Following the sale, the director now owns 6,311 shares of the company’s stock, valued at approximately $1,087,069.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher K. Cox sold 16,000 shares of Facebook stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $153.08, for a total transaction of $2,449,280.00. Following the completion of the sale, the insider now directly owns 206,428 shares in the company, valued at approximately $31,599,998.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,405,594 shares of company stock worth $2,014,792,849. 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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