Essex Financial Services Inc. Sells 2,547 Shares of Facebook, Inc. (NASDAQ:FB)

Essex Financial Services Inc. decreased its stake in Facebook, Inc. (NASDAQ:FB) by 17.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,809 shares of the social networking company’s stock after selling 2,547 shares during the period. Facebook accounts for about 0.8% of Essex Financial Services Inc.’s holdings, making the stock its 29th biggest position. Essex Financial Services Inc.’s holdings in Facebook were worth $2,681,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of FB. CLARET ASSET MANAGEMENT Corp grew its stake in Facebook by 75.3% during the second quarter. CLARET ASSET MANAGEMENT Corp now owns 72,962 shares of the social networking company’s stock valued at $16,567,000 after acquiring an additional 31,330 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its stake in Facebook by 14.1% during the second quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 305,905 shares of the social networking company’s stock valued at $69,462,000 after acquiring an additional 37,750 shares in the last quarter. Glassman Wealth Services grew its stake in Facebook by 14.3% during the second quarter. Glassman Wealth Services now owns 2,491 shares of the social networking company’s stock valued at $566,000 after acquiring an additional 311 shares in the last quarter. Miracle Mile Advisors LLC grew its stake in Facebook by 43.5% during the second quarter. Miracle Mile Advisors LLC now owns 33,272 shares of the social networking company’s stock valued at $7,555,000 after acquiring an additional 10,078 shares in the last quarter. Finally, Investment Partners LTD. purchased a new position in Facebook during the second quarter valued at approximately $237,000. Hedge funds and other institutional investors own 65.12% of the company’s stock.

In related news, CRO David B. Fischer sold 13,103 shares of Facebook stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $225.21, for a total value of $2,950,926.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer Newstead sold 194 shares of Facebook stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $240.00, for a total value of $46,560.00. Following the completion of the sale, the vice president now owns 3,664 shares of the company’s stock, valued at $879,360. The disclosure for this sale can be found here. Insiders sold 36,814 shares of company stock valued at $8,350,446 over the last 90 days. 14.14% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:FB traded down $0.82 on Friday, hitting $260.48. 636,465 shares of the company’s stock were exchanged, compared to its average volume of 23,723,109. Facebook, Inc. has a 12 month low of $137.10 and a 12 month high of $278.89. The stock has a market capitalization of $744.40 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 1.73 and a beta of 1.20. The business’s 50 day simple moving average is $241.03 and its two-hundred day simple moving average is $209.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 6.02 and a quick ratio of 6.02.

Facebook (NASDAQ:FB) last released its earnings results on Thursday, July 30th. The social networking company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.36. Facebook had a return on equity of 22.90% and a net margin of 31.29%. The business had revenue of $18.69 billion during the quarter, compared to the consensus estimate of $17.29 billion. Equities analysts forecast that Facebook, Inc. will post 8.21 EPS for the current fiscal year.

Several equities research analysts have issued reports on FB shares. Rosenblatt Securities lifted their target price on shares of Facebook from $315.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Robert W. Baird lifted their target price on shares of Facebook from $240.00 to $300.00 in a research report on Thursday, June 25th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $300.00 target price (up from $290.00) on shares of Facebook in a research report on Friday, July 31st. Susquehanna Bancshares lifted their target price on shares of Facebook from $285.00 to $310.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Finally, Zacks Investment Research upgraded shares of Facebook from a “hold” rating to a “buy” rating and set a $236.00 target price for the company in a research report on Friday, June 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty-three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $276.21.

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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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