Spinnaker Trust Decreases Position in Facebook, Inc. (FB)

Spinnaker Trust trimmed its holdings in Facebook, Inc. (NASDAQ:FB) by 21.5% during the second quarter, HoldingsChannel reports. The firm owned 3,254 shares of the social networking company’s stock after selling 893 shares during the period. Spinnaker Trust’s holdings in Facebook were worth $632,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Facebook by 2.0% in the 1st quarter. BlackRock Inc. now owns 149,137,226 shares of the social networking company’s stock valued at $23,830,637,000 after purchasing an additional 2,966,437 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in Facebook by 0.5% in the 1st quarter. Loomis Sayles & Co. L P now owns 12,937,287 shares of the social networking company’s stock valued at $2,067,249,000 after purchasing an additional 58,561 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in Facebook by 4,170.3% in the 1st quarter. Summit Trail Advisors LLC now owns 9,070,939 shares of the social networking company’s stock valued at $9,071,000 after purchasing an additional 8,858,520 shares during the last quarter. Edgewood Management LLC increased its holdings in Facebook by 14.7% in the 1st quarter. Edgewood Management LLC now owns 8,443,014 shares of the social networking company’s stock valued at $1,349,109,000 after purchasing an additional 1,083,036 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Facebook by 3.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 8,436,515 shares of the social networking company’s stock valued at $1,348,071,000 after purchasing an additional 310,835 shares during the last quarter. 60.25% of the stock is currently owned by institutional investors and hedge funds.

In other Facebook news, VP Colin Stretch sold 750 shares of Facebook stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $184.98, for a total value of $138,735.00. Following the transaction, the vice president now directly owns 86,365 shares in the company, valued at $15,975,797.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher K. Cox sold 10,600 shares of Facebook stock in a transaction on Monday, August 13th. The shares were sold at an average price of $180.98, for a total transaction of $1,918,388.00. Following the completion of the transaction, the insider now owns 99,573 shares in the company, valued at $18,020,721.54. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,201,582 shares of company stock valued at $564,369,020. 16.25% of the stock is owned by corporate insiders.

Shares of FB opened at $148.68 on Tuesday. Facebook, Inc. has a 1-year low of $139.03 and a 1-year high of $218.62. The firm has a market capitalization of $436.77 billion, a P/E ratio of 24.14, a P/E/G ratio of 0.92 and a beta of 0.55.

Facebook (NASDAQ:FB) last announced its quarterly earnings results on Tuesday, October 30th. The social networking company reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.30. Facebook had a net margin of 37.57% and a return on equity of 27.89%. The firm had revenue of $13.73 billion during the quarter, compared to analysts’ expectations of $13.82 billion. During the same period in the previous year, the company earned $1.59 earnings per share. Facebook’s quarterly revenue was up 32.9% compared to the same quarter last year. As a group, equities analysts predict that Facebook, Inc. will post 7.3 EPS for the current year.

Several analysts recently weighed in on FB shares. Wedbush reiterated an “outperform” rating and issued a $275.00 target price on shares of Facebook in a report on Friday, July 20th. Wells Fargo & Co set a $220.00 target price on shares of Facebook and gave the company a “buy” rating in a report on Monday, October 29th. Cleveland Research reiterated a “buy” rating on shares of Facebook in a report on Thursday, September 13th. UBS Group dropped their target price on shares of Facebook from $180.00 to $160.00 and set a “neutral” rating for the company in a report on Wednesday, October 31st. Finally, Oppenheimer reiterated a “buy” rating and issued a $200.00 target price on shares of Facebook in a report on Thursday, July 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $194.54.

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Facebook Profile

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application.

Further Reading: Outstanding Shares and The Effect on Share Price

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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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