Triangle Securities Wealth Management increased its stake in Facebook, Inc. (NASDAQ:FB) by 0.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,863 shares of the social networking company’s stock after purchasing an additional 54 shares during the quarter. Triangle Securities Wealth Management’s holdings in Facebook were worth $1,990,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of FB. Asset Management Corp IL ADV grew its stake in Facebook by 3.1% during the 3rd quarter. Asset Management Corp IL ADV now owns 11,688 shares of the social networking company’s stock valued at $3,967,000 after purchasing an additional 354 shares in the last quarter. Oribel Capital Management LP grew its stake in Facebook by 20.4% during the 2nd quarter. Oribel Capital Management LP now owns 81,600 shares of the social networking company’s stock valued at $28,374,000 after purchasing an additional 13,800 shares in the last quarter. Woodward Diversified Capital LLC acquired a new stake in Facebook during the 2nd quarter valued at approximately $2,215,000. NEXT Financial Group Inc grew its stake in Facebook by 2.6% during the 2nd quarter. NEXT Financial Group Inc now owns 19,296 shares of the social networking company’s stock valued at $6,710,000 after purchasing an additional 491 shares in the last quarter. Finally, WBI Investments Inc. acquired a new stake in Facebook during the 2nd quarter valued at approximately $7,399,000. Institutional investors and hedge funds own 65.74% of the company’s stock.
In related news, CEO Mark Zuckerberg sold 77,300 shares of Facebook stock in a transaction on Friday, August 27th. The stock was sold at an average price of $370.69, for a total value of $28,654,337.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David M. Wehner sold 1,545 shares of Facebook stock in a transaction on Monday, November 15th. The stock was sold at an average price of $340.89, for a total value of $526,675.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,893,113 shares of company stock worth $660,001,361. 14.01% of the stock is owned by insiders.
Facebook (NASDAQ:FB) last announced its earnings results on Sunday, October 24th. The social networking company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.03. Facebook had a return on equity of 30.22% and a net margin of 35.88%. The firm had revenue of $29.01 billion for the quarter, compared to the consensus estimate of $29.52 billion. During the same quarter in the previous year, the business earned $2.71 EPS. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. Equities research analysts predict that Facebook, Inc. will post 13.96 earnings per share for the current year.
A number of equities research analysts have weighed in on the company. Monness Crespi & Hardt lowered their price objective on Facebook from $500.00 to $460.00 and set a “buy” rating for the company in a research note on Tuesday, October 26th. Wedbush lowered their price objective on Facebook from $355.00 to $325.00 and set a “neutral” rating for the company in a research note on Tuesday, October 26th. JMP Securities restated an “outperform” rating and set a $400.00 price objective (down previously from $425.00) on shares of Facebook in a research note on Tuesday, October 26th. Morgan Stanley decreased their target price on Facebook from $400.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, October 26th. Finally, Canaccord Genuity lifted their target price on Facebook from $380.00 to $420.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Facebook presently has a consensus rating of “Buy” and a consensus target price of $398.00.
Meta Platforms, Inc, (formerly known as Facebook, Inc) operates as a global social technology company. The company engages in the development of social media applications as well as virtual and augmented reality products allowing users to connect through mobile devices, personal computers and other platforms.
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