Pinnacle Associates Ltd. cut its stake in Facebook, Inc. (NASDAQ:FB) by 0.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,885 shares of the social networking company’s stock after selling 51 shares during the quarter. Facebook makes up 1.0% of Pinnacle Associates Ltd.’s portfolio, making the stock its 19th biggest holding. Pinnacle Associates Ltd.’s holdings in Facebook were worth $31,339,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also bought and sold shares of the business. Cornerstone Wealth Management LLC increased its position in Facebook by 9.7% during the first quarter. Cornerstone Wealth Management LLC now owns 12,053 shares of the social networking company’s stock worth $2,010,000 after buying an additional 1,062 shares during the last quarter. Pictet Asset Management Ltd. increased its position in Facebook by 0.4% during the first quarter. Pictet Asset Management Ltd. now owns 1,899,108 shares of the social networking company’s stock worth $316,771,000 after buying an additional 8,228 shares during the last quarter. Summit X LLC increased its position in Facebook by 6.7% during the first quarter. Summit X LLC now owns 19,310 shares of the social networking company’s stock worth $3,246,000 after buying an additional 1,208 shares during the last quarter. Edgewood Management LLC increased its position in Facebook by 12.7% during the first quarter. Edgewood Management LLC now owns 8,975,079 shares of the social networking company’s stock worth $1,497,043,000 after buying an additional 1,010,960 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Facebook by 10.9% during the first quarter. Franklin Resources Inc. now owns 3,375,279 shares of the social networking company’s stock worth $562,989,000 after buying an additional 331,135 shares during the last quarter. 65.14% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Facebook stock traded down $2.53 during trading on Wednesday, hitting $230.19. 11,184,323 shares of the stock were exchanged, compared to its average volume of 23,909,596. The stock has a market capitalization of $663.04 billion, a price-to-earnings ratio of 31.47, a price-to-earnings-growth ratio of 1.68 and a beta of 1.17. The company has a fifty day moving average price of $204.73 and a 200-day moving average price of $198.08. Facebook, Inc. has a 1-year low of $137.10 and a 1-year high of $240.90. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.09.

Facebook (NASDAQ:FB) last released its quarterly earnings data on Wednesday, April 29th. The social networking company reported $1.71 earnings per share for the quarter, missing the consensus estimate of $1.78 by ($0.07). Facebook had a return on equity of 21.54% and a net margin of 28.57%. The firm had revenue of $17.74 billion for the quarter, compared to analyst estimates of $17.25 billion. During the same quarter in the prior year, the firm earned $1.89 earnings per share. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis. Equities research analysts forecast that Facebook, Inc. will post 7.27 EPS for the current fiscal year.

Several equities research analysts have recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $250.00 price target on shares of Facebook in a research report on Thursday, April 16th. Morgan Stanley reaffirmed an “overweight” rating and issued a $230.00 price target (up from $185.00) on shares of Facebook in a research report on Thursday, April 30th. TheStreet upgraded shares of Facebook from a “c+” rating to a “b” rating in a research note on Thursday, April 30th. Guggenheim increased their target price on shares of Facebook from $235.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, Bank of America raised their price target on shares of Facebook from $200.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a sell rating, four have given a hold rating, forty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $242.74.

In related news, CFO David M. Wehner sold 11,764 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $231.66, for a total value of $2,725,248.24. Following the transaction, the chief financial officer now owns 19,412 shares in the company, valued at approximately $4,496,983.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Jennifer Newstead sold 970 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $207.75, for a total transaction of $201,517.50. Following the completion of the transaction, the vice president now owns 600 shares in the company, valued at approximately $124,650. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,591 shares of company stock worth $14,817,278. 14.14% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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