Facebook Inc (NASDAQ:FB)’s outgoing chief financial officer David Ebersman revealed in a regulatory filing that he has sold 23,400 class-A shares of the company. Ebersman sold 11,700 shares at $58.07 apiece and another 11,700 shares at $59.65 in transactions dated May 13. He raised $1,377,324 by offloading those shares. David Ebersman now owns 297,645 Facebook shares, that are currently valued at about $17.51 million.
David Wehner to become next Facebook CFO
Ebersman is not the only Facebook Inc (NASDAQ:FB) executive selling the stock. In the past few months, almost every senior executive at the social networking giant has sold shares to reap the benefits of soaring stock prices. Earlier this week, Facebook CEO Mark Zuckerberg (no, he didn’t sell) transferred his class-B stock to class-A, and then donated a part of his holdings to charity. The Mark Zuckerberg Trust converted approximately 4 million class-B stock into class-A. The conversion was quite interesting because class-B shares have more voting rights than class-A.
During its first quarter earnings call, Facebook Inc (NASDAQ:FB) announced that David Ebersman is stepping down. He will be replaced by David Wehner, VP of corporate finance and business planning, on June 1. But he will remain at the company until September. Mark Zuckerberg describes Ebersman as a “great partner in building Facebook.” David Ebersman joined the social networking giant about five years ago. He previously worked at Genentech, where he also worked as CFO. Ebersman said leaving the Menlo Park-based company was a tough decision. But he wanted to go back to the healthcare industry. He didn’t reveal any specific plans in the healthcare sector.
Facebook upgraded to outperform
On Thursday, research firm Credit Suisse upgraded Facebook Inc (NASDAQ:FB) from Neutral to Outperform rating. Credit Suisse also increased its price target on the stock from $65 to $87. The price target reflects about 47% upside potential.
Facebook Inc (NASDAQ:FB) shares declined 0.59% to $57.58 at 1:38 PM EDT on Friday. The stock has gained 7.32% this year so far.