Top Stock in Focus: Facebook (NASDAQ FB) Witnesses Lots of Insider Selling

Technology Stocks News 1

Facebook (NASDAQ FB) is witnessing quite a few insider selling since past few weeks, with Vice president Fischer being the latest. Facebook Inc (NASDAQ FB) VP David B. Fischer has sold 36,000 shares of the company’s stock holding in a transaction completed on August 7th.

Fischer sold the shares at an average price of $73.19 totalling to $2,634,840.00. After the completion of the transaction, Fischer now directly owns 327,199 shares in the company, valued at approximately $23,947,695, according to a legal filing with the SEC.

Other insiders have also sold Facebook shares in the month of August. Chief technology officer Mike Schroepfer and Chief Product Officer Chris Cox unloaded their shares, according to the details filed in Form 4 with the Security and Exchange Commission (SEC).

Facebook Inc: Facebook Insider Selling

Mike Schroepfer converted 20,000 class-B shares to class-A common stock and unloaded class-A shares at $72.42 per piece. After the transaction, the CTO holds 228,997 shares of Facebook class-A common stock. Chris Cox sold 11371 restricted stock units (RSUs) that were due to expire on August 25th, 2019. Cox also unloaded 4050 class-A shares at $72.1685 per share, 1,884 at $72.7737 a piece and 5,437 at $72.42 each.

Several analysts have assigned rating and price target to the stock recently. Analysts at S&P Equity Research maintained an Average rating on the stock in a research note on July 25th. Nomura analysts have maintained a Buy rating on the stock, in their research note published to the investors on July 24, and assigned a price target of $82.00, an increase from $78.00.

Facebook Inc (NASDAQ FB), presently, has a consensus rating of Buy and an average price target of $79.67.

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Facebook Inc (NASDAQ FB) Business News

Recently, Facebook Inc (NASDAQ FB) garnered support of tech biggies like Google Inc (NASDAQ GOOG), Microsoft Corporation (NASDAQ MSFT) and Twitter Inc (NYSE TWTR) over the legal fracas with the New York County District Attorney’s office for the collection of user data for a probe into the fraud. The New York Civil Liberties Union and the American Civil Liberties Union came forward to file amicus curiae brief Friday in support of the Facebook plea.

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