Grisanti Capital Management LLC bought a new stake in Facebook, Inc. (NASDAQ:FB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 58,438 shares of the social networking company’s stock, valued at approximately $8,822,000. Facebook makes up approximately 3.8% of Grisanti Capital Management LLC’s holdings, making the stock its 8th biggest position.

A number of other hedge funds also recently bought and sold shares of the stock. Arcadia Investment Management Corp MI lifted its stake in shares of Facebook by 20.0% during the 1st quarter. Arcadia Investment Management Corp MI now owns 721 shares of the social networking company’s stock worth $102,000 after purchasing an additional 120 shares during the period. D. Scott Neal Inc. lifted its stake in shares of Facebook by 1,358.0% during the 2nd quarter. D. Scott Neal Inc. now owns 729 shares of the social networking company’s stock worth $110,000 after purchasing an additional 679 shares during the period. Farmers & Merchants Investments Inc. lifted its stake in shares of Facebook by 4.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 809 shares of the social networking company’s stock worth $122,000 after purchasing an additional 34 shares during the period. Pacific Center for Financial Services lifted its stake in shares of Facebook by 10.7% during the 1st quarter. Pacific Center for Financial Services now owns 910 shares of the social networking company’s stock worth $129,000 after purchasing an additional 88 shares during the period. Finally, Watermark Asset Management Inc. purchased a new position in shares of Facebook during the 1st quarter worth $141,000. 57.27% of the stock is currently owned by hedge funds and other institutional investors.

In other news, VP Colin Stretch sold 750 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $171.88, for a total value of $128,910.00. Following the transaction, the vice president now owns 82,406 shares in the company, valued at approximately $14,163,943.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher K. Cox sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $169.95, for a total transaction of $2,719,200.00. Following the completion of the transaction, the insider now owns 180,871 shares in the company, valued at approximately $30,739,026.45. The disclosure for this sale can be found here. Insiders have sold a total of 5,705,933 shares of company stock worth $972,931,125 over the last ninety days. 19.08% of the stock is currently owned by insiders.

A number of research analysts have weighed in on FB shares. Zacks Investment Research lowered Facebook from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reissued a “buy” rating and set a $200.00 price target (up previously from $170.00) on shares of Facebook in a research note on Thursday, July 27th. Wedbush reissued a “buy” rating on shares of Facebook in a research note on Thursday, July 27th. Credit Suisse Group reissued a “buy” rating on shares of Facebook in a research note on Wednesday, October 11th. Finally, Macquarie set a $175.00 price target on Facebook and gave the stock a “buy” rating in a research note on Monday, July 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, forty-five have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $186.72.

Facebook, Inc. (NASDAQ:FB) opened at 179.87 on Tuesday. The stock’s 50 day moving average is $171.82 and its 200-day moving average is $161.20. The firm has a market capitalization of $522.38 billion, a price-to-earnings ratio of 40.26 and a beta of 0.70. Facebook, Inc. has a 12 month low of $113.55 and a 12 month high of $180.69.

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Facebook Company Profile

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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