[at Wall St. Cheat Sheet] – According to a recent Securities and Exchange Commission filing, Facebook (NASDAQ:FB) directorMarc Andreessen’s venture-capital firm, Andreessen Horowitz, sold a third of its Facebook shares last week.
The filing, shows that Andreessen Horowitz sold 2.28 million Facebook sharesat between $49 and $50 per share on November 6. The firm still owns 4.57 million shares in the social networking site.
A spokeswoman for the firm told AllThingsD that Andreessen Horowitz believes its investment in Facebook is a successful one, which is why the company is holding onto a good portion of its shares. Selling some of the Facebook shares allowed Andreessen Horowitz to return money to its investors. “Venture investing involves a lot of experimentation,” Margaret Wennmachers said. “Not all of them work. This one worked. … We’re still feeling very good about Facebook.”
Marc Andreessen was a Facebook director before he co-founded Andreessen Horowitz; AllThingsD said the firm was a relatively late investor in Facebook. Even so, the firm is apparently still profiting from its investment in the site.
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Facebook, Inc. (FB), valued at $115.48B, opened this morning at $47.00.
Today’s price range has been between $46.69 and $47.53 per share with the price of the stock fluctuating between $18.87 to $54.83 over the last 52 weeks.
FB shares are currently priced at 59.18x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -12.91x earnings multiple.
According to a consensus of 38 analysts, the earnings estimate of $0.27 per share would be $0.10 better than the year-ago quarter and a $0.05 sequential increase. The full-year EPS estimate is $0.83 which would be a $0.30 better than last year’s full-year earnings.
The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.33 Billion. If realized, that would be a 47.47% increase over the year-ago quarter.
Recently, Argus upgraded FB from Hold to Buy (Nov 1, 2013). Previously, BTIG Research upgraded FB from Neutral to Buy.
The average price target for FB shares is $58.48, which is 24.43% above where the stock opened this morning.
Facebook Inc.(NASDAQ:FB), Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. As of December 31, 2012, it had 1.06 billion monthly active users and 618 million daily active users.
Tag Helper ~ Stock Code: FB | Common Company name: Facebook | Full Company name: Facebook Inc. (NASDAQ:FB) .