Facebook Given New $45.00 Price Target at Pivotal Research (FB)
Stock analysts at Pivotal Research boosted their price target on shares of Facebook (NASDAQ:FB) from $35.00 to $45.00 in a report issued on Thursday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Pivotal Research’s price objective suggests a potential upside of 2.39% from the company’s current price.
The analysts wrote, “51% (vs. 43% previously) and 36% in 2014 (vs. 27% previously).” In addition to large brand, online, and mobile ads, “small business spending on Facebook may be a significant source of the company’s recent revenue gains.” Promoted Posts, a combination of a post and advertisement, has added to this increase with a 200,000 increase of small businesses paying for the product in less than three months (October 2012-January 2013). There is further potential of small business ads gains. Weiser remains consistent with his increased price target despite a rather pessimistic view on mobile and video advertising. He notes that much of the video advertisements “will not capture meaningful budgets that would have gone to traditional TV […] and that this pool of money is still relatively small.” Further, Facebook has made gains in mobile advertising but their allocation of their budget for mobile ads are “not very dependent on the platform”
Facebook (NASDAQ:FB) traded up 3.02% during mid-day trading on Thursday, hitting $43.95. The stock had a trading volume of 117,519,848 shares. Facebook has a 52-week low of $18.55 and a 52-week high of $42.77. The stock’s 50-day moving average is $36.79 and its 200-day moving average is $28.69. The company has a market cap of $107.0 billion and a P/E ratio of 193.03.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the company posted $0.12 earnings per share. Facebook’s revenue was up 53.1% compared to the same quarter last year. On average, analysts predict that Facebook will post $0.71 earnings per share for the current fiscal year.
A number of other firms have also recently commented on FB. Analysts at Oracle Investment Research downgraded shares of Facebook (NASDAQ:FB) from a “strong-buy” rating to a “hold” rating in a research note to investors on Thursday. Separately, analysts at Janney Montgomery Scott reiterated a “buy” rating on shares of Facebook (NASDAQ:FB) in a research note to investors on Friday, August 30th. They now have a $50.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Facebook (NASDAQ:FB) from $38.01 to $50.00 in a research note to investors on Friday, August 30th. They now have a “buy” rating on the stock.
Twelve investment analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $39.85.
In other Facebook news, VP Colin Stretch unloaded 2,397 shares of the company’s stock on the open market in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $41.87, for a total transaction of $100,362.39. Following the transaction, the vice president now directly owns 90,858 shares in the company. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Facebook, Inc (NASDAQ:FB), is engaged in building products to create utility for users, developers, and advertisers.
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