Facebook Inc (NASDAQ:FB)’s two senior executives sold shares of the company on March 17. That comes only a few days after Facebook VP for business and marketing partnership David Fischer sold 36,000 class-A shares of the company at around $70 apiece. Many other senior executives at the social networking giant have been disposing of their holdings as the stock continues to trade near the all-time high. Earlier this month, chief operating officer Sheryl Sandberg offloaded 283,334 shares of the company.
Facebook executives turning their paper money into cash
Facebook Inc (NASDAQ:FB)’s chief technology officer Michael Schroepfer disclosed in his SEC filing that he sold 9,787 shares of the social networking giant on Monday, March 17. He offloaded those shares at an average selling price of $68.14 for $666,886. Now Schroepfer directly owns 250,892 shares of Facebook that have a current market value of approximately $17,095,781.
Chief financial officer David Ebersman said in his filing with the Securities and Exchange Commission that he sold 58,714 shares of Facebook Inc (NASDAQ:FB). It was an open market transaction. He sold shares at an average selling price of $68.12, valuing the transaction at $3,999,597. Ebersman still holds 347,117 shares of the company that have an estimated value of $23,645,610.
Facebook awards more RSUs to senior executives
Facebook Inc (NASDAQ:FB) has awarded restricted stock units to six senior executives, reports All Facebook. Chief operating officer Sheryl Sandberg received 208,470 RSUs that will expire on March 16, 2024. CFO David Ebersman was awarded 128,290 RSUs that will expire on March 16, 2024. The social networking giant awarded CTO Michael Schroepfer with 160,360 restricted stock units that are set to expire on March 16, 2024. General counsel Colin Stretch received 160,360 RSUs. David Fischer, VP of business and marketing partnerships, received 104,240 RSUs, while chief accounting officer Jas Athwal received 40,090 RSUs. All the restricted stock units are set to expire on March 16, 2024.
Investors and analysts optimistic about Facebook’s future
Facebook Inc (NASDAQ:FB) shares have gained more than 157% over the past 12 months, giving senior executives an opportunity to turn their paper profits into cash. Analysts have also grown optimistic about the stock. Last week, Nomura raised its price target from $78 to $84. The research firm has a Buy rating on Facebook.
The company has been successful at monetizing its mobile user base. Now Facebook Inc (NASDAQ:FB) is focused on providing Internet access to third-world consumers so that it can increase the number of its user base. Facebook recently purchased Titan Aerospace, which produces solar-powered drones that can stay in the air for at least five years. Mark Zuckerberg is likely to use these drones to offer Internet connectivity in African and Asian countries.
Facebook Inc (NASDAQ:FB) shares fell 1.29% to $68.30 at 12:18 PM EDT.