Pinnacle Financial Partners Inc. boosted its stake in shares of Facebook, Inc. (NASDAQ:FB) by 45.7% during the 4th quarter, Holdings Channel reports. The fund owned 38,286 shares of the social networking company’s stock after purchasing an additional 12,013 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Facebook were worth $5,019,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC grew its stake in Facebook by 1.7% in the third quarter. FMR LLC now owns 124,255,610 shares of the social networking company’s stock worth $20,435,077,000 after purchasing an additional 2,132,804 shares in the last quarter. Morgan Stanley grew its stake in Facebook by 3.2% in the third quarter. Morgan Stanley now owns 25,517,710 shares of the social networking company’s stock worth $4,196,642,000 after purchasing an additional 799,081 shares in the last quarter. Jennison Associates LLC grew its stake in Facebook by 1.6% in the third quarter. Jennison Associates LLC now owns 15,389,527 shares of the social networking company’s stock worth $2,530,962,000 after purchasing an additional 242,474 shares in the last quarter. Magellan Asset Management Ltd grew its stake in Facebook by 13.8% in the third quarter. Magellan Asset Management Ltd now owns 15,168,591 shares of the social networking company’s stock worth $2,494,626,000 after purchasing an additional 1,835,941 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Facebook by 2.1% in the third quarter. Legal & General Group Plc now owns 10,176,516 shares of the social networking company’s stock worth $1,673,662,000 after purchasing an additional 205,746 shares in the last quarter. 60.22% of the stock is currently owned by institutional investors.
In other news, insider Christopher K. Cox sold 5,300 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $173.11, for a total transaction of $917,483.00. Following the sale, the insider now directly owns 92,794 shares in the company, valued at approximately $16,063,569.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 255,050 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $176.27, for a total value of $44,957,663.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,539,841 shares of company stock worth $272,123,915 over the last ninety days. 14.53% of the stock is owned by insiders.
Facebook (NASDAQ:FB) last released its earnings results on Wednesday, April 24th. The social networking company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.80). Facebook had a net margin of 33.17% and a return on equity of 23.67%. The firm had revenue of $15.08 billion during the quarter, compared to analyst estimates of $14.97 billion. During the same period in the previous year, the company earned $1.69 earnings per share. Facebook’s revenue was up 26.0% on a year-over-year basis. On average, analysts expect that Facebook, Inc. will post 8.05 earnings per share for the current fiscal year.
FB has been the subject of a number of analyst reports. BidaskClub lowered Facebook from a “buy” rating to a “hold” rating in a report on Friday, January 25th. JPMorgan Chase & Co. set a $195.00 target price on Facebook and gave the stock a “buy” rating in a report on Friday, January 25th. Royal Bank of Canada restated a “buy” rating and set a $190.00 target price on shares of Facebook in a report on Friday, January 25th. BMO Capital Markets lowered their target price on Facebook to $163.00 and set a “market perform” rating for the company in a report on Monday, January 28th. Finally, Goldman Sachs Group set a $195.00 target price on Facebook and gave the stock a “buy” rating in a report on Monday, January 28th. Three analysts have rated the stock with a sell rating, six have given a hold rating and forty-one have issued a buy rating to the company’s stock. Facebook has a consensus rating of “Buy” and an average target price of $206.58.
Facebook Company Profile
Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.
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