Harvey Capital Management Inc. Has $3.64 Million Position in Facebook, Inc. (NASDAQ:FB)

Share on StockTwits

Harvey Capital Management Inc. cut its holdings in Facebook, Inc. (NASDAQ:FB) by 33.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,890 shares of the social networking company’s stock after selling 6,895 shares during the period. Facebook accounts for approximately 1.6% of Harvey Capital Management Inc.’s portfolio, making the stock its 20th biggest holding. Harvey Capital Management Inc.’s holdings in Facebook were worth $3,637,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Watson Rebecca acquired a new position in Facebook during the 2nd quarter valued at $25,000. Rocky Mountain Advisers LLC acquired a new stake in Facebook in the 3rd quarter worth $26,000. JJJ Advisors Inc. increased its holdings in shares of Facebook by 262.5% during the 2nd quarter. JJJ Advisors Inc. now owns 145 shares of the social networking company’s stock worth $33,000 after purchasing an additional 105 shares during the period. Carolina Wealth Advisors LLC raised its position in shares of Facebook by 58.2% during the third quarter. Carolina Wealth Advisors LLC now owns 144 shares of the social networking company’s stock valued at $38,000 after buying an additional 53 shares during the last quarter. Finally, Demars Financial Group LLC bought a new stake in shares of Facebook in the second quarter valued at about $39,000. 65.31% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:FB opened at $276.66 on Thursday. The stock has a market cap of $762.54 billion, a price-to-earnings ratio of 32.68, a P/E/G ratio of 1.71 and a beta of 1.29. The company has a 50 day moving average of $264.95 and a 200-day moving average of $240.99. Facebook, Inc. has a one year low of $137.10 and a one year high of $304.67.

Facebook (NASDAQ:FB) last announced its quarterly earnings data on Thursday, July 30th. The social networking company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.36. The firm had revenue of $18.69 billion for the quarter, compared to analysts’ expectations of $17.29 billion. Facebook had a net margin of 31.29% and a return on equity of 22.90%. On average, sell-side analysts anticipate that Facebook, Inc. will post 8.12 EPS for the current year.

In other Facebook news, CRO David B. Fischer sold 13,110 shares of Facebook stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $293.95, for a total value of $3,853,684.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jennifer Newstead sold 426 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $263.06, for a total value of $112,063.56. Following the transaction, the vice president now directly owns 1,304 shares of the company’s stock, valued at approximately $343,030.24. The disclosure for this sale can be found here. In the last three months, insiders sold 34,061 shares of company stock worth $9,439,090. 14.14% of the stock is currently owned by company insiders.

Several research firms have commented on FB. Cfra cut Facebook from a “buy” rating to a “hold” rating in a report on Wednesday, July 15th. Oppenheimer boosted their price objective on Facebook from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Tuesday, September 22nd. Monness Crespi & Hardt raised their target price on Facebook from $230.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Tigress Financial reiterated a “buy” rating on shares of Facebook in a research note on Tuesday, September 1st. Finally, Canaccord Genuity restated a “buy” rating and issued a $290.00 price objective (up previously from $275.00) on shares of Facebook in a research note on Friday, July 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, forty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Facebook has a consensus rating of “Buy” and an average price target of $284.28.

About Facebook

Facebook, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices 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 private messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application that is used by people and businesses to communicate in a private way.

Read More: Green Investing

Want to see what other hedge funds are holding FB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Facebook, Inc. (NASDAQ:FB).

Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

Receive News & Ratings for Facebook Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Facebook and related companies with MarketBeat.com's FREE daily email newsletter.