Facebook Inc (FB) Trades Down as Company Shuts Down Several Apps & Creative Labs Page


Facebook Inc (NASDAQ:FB) shares have traded down slightly today, as news that the company has officially given up on some of the applications. Those apps include Riff, Rooms and Slingshot, as well as the official “Creative Labs” website. This may not come as much of a surprise to those familiar with the apps, as they had not been updated for quite some time.

Facebook Inc (NASDAQ:FB) explained, “Since their launches, we’ve incorporated elements of Slingshot, Riff and Rooms into the Facebook for iOS and Android apps.”

Unfortunately these applications were not all that popular and did not garner enough attention for the company to continue maintaining them. Creative Labs was meant as a way for developers to team up and create unique applications for the social network site. It never really gained the momentum that the company had hope for. Facebook will still contiue to experiment and develop new apps though.

The stock is down 1.14% or $1.21 following the news, hitting $104.97 per share. Approximately 12.34 million shares traded hands. FB shares have risen 34.73% since May 4, 2015 and are currently uptrending. It has outperformed the S&P500 by 35.81%.

From a total of 33 analysts covering Facebook (NASDAQ:FB) stock, 32 rate it a “Buy”, 1 a “Sell”, and 0 a “Hold”. This means that 97% of the ratings are positive. The highest target price is $155.0 while the lowest target price is $88. The mean of all analyst targets is $122.65 which is 16.84% above today’s ($104.97) stock price. Facebook was the topic of 58 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on November 6 with a “Buy” rating. Morgan Stanley maintained shares with a”Overweight” rating and a $120 target share price in their report from a November 5. Canaccord Genuity maintained FB stock in a recent report from November 5 with a “Buy” rating. Credit Suisse maintained the rating on November 5. Credit Suisse has a “Outperform” rating and a $135 price target on shares. Finally, Jefferies maintained the stock with a “Buy” rating in a report they issued on a November 5.

The institutional sentiment increased to 1.72 in Q2 2015. It’s up 0.19, from 1.53 in 2015Q1. The ratio is positive, as 63 funds sold all their Facebook Inc shares they owned while 356 reduced their positions. 143 funds bought stakes while 579 increased their total positions. Institutions now own 1.51 billion shares which is 2.84% less than the previous share count of 1.56 billion in 2015Q1.

Millennium Tvp Management Co. Llc holds 63.75% of its total portfolio in Facebook Inc, equating to 776,552 shares. Sc Us (Ttgp) Ltd. owns 1.04 million shares representing 42.21% of their total US portfolio. Moreover, Parametric Risk Advisors Llc has 40.65% of their total portfolio invested in the company, equating to 7.15 million shares. The California-based Technology Crossover Management Vi L.L.C. has a total of 37.88% of their portfolio invested in the stock. Meritech Capital Associates Iii L.L.C., a California-based fund reported 1.07 million shares owned.

Since February 25, 2015, the stock had 0 insider purchases, and 57 sales for a total of $211.45 million in net activity. Athwal Jas sold 30,000 shares worth $3.06M. Stretch Colin sold 1,000 shares worth $98,710. Cox Christopher K sold 5,778 shares worth $561,622. Schroepfer Michael Todd sold 31,283 shares worth $3.00 million. The insider Fischer David B. sold 15,000 shares worth $1.43 million.

Facebook, Inc. is a social networking company. The company has a market cap of $300.15 billion. The Firm is engaged in developing products that enables users to connect and share through mobile devices and personal computers. It has 105.45 P/E ratio. It offers various services focused on people, marketers and developers.