Facebook Stock Rating Reaffirmed by Topeka Capital Markets (FB)
Facebook (NASDAQ:FB)‘s stock had its “buy” rating reiterated by stock analysts at Topeka Capital Markets in a report issued on Monday, Stock Ratings Network.com reports. They currently have a $60.00 target price on the stock, up from their previous target price of $47.00. Topeka Capital Markets’ target price would indicate a potential upside of 17.55% from the company’s current price.
The analysts wrote, “We are increasing our 3Q13 revenues, Adj. EBITDA, and Adj. EPS estimates to above consensus due to strong ad trends in the quarter. We have also incorporated our Instagram estimates into our model. Our price target increases to $60 from $47. We maintain our Buy rating as checks continue to show strong advertiser demand for Facebook’s platform. Further checks with teens show that they continue to engage Facebook while splitting time with other platforms.”
A number of other analysts have also recently weighed in on FB. Analysts at Piper Jaffray Cos. reiterated an “overweight” rating on shares of Facebook in a research note to investors on Monday. They now have a $57.00 price target on the stock, up previously from $46.00. Separately, analysts at Raymond James downgraded shares of Facebook from a “strong-buy” rating to an “outperform” rating in a research note to investors on Monday. They now have a $56.00 price target on the stock, up previously from $38.00. They noted that the move was a valuation call. Finally, analysts at Atlantic Securities initiated coverage on shares of Facebook in a research note to investors on Monday. They set an “overweight” rating on the stock. Eleven investment analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $49.18.
Shares of Facebook (NASDAQ:FB) traded down 0.25% on Monday, hitting $50.91. 34,676,444 shares of the company’s stock traded hands. Facebook has a 52 week low of $18.80 and a 52 week high of $51.60. The stock’s 50-day moving average is $44.31 and its 200-day moving average is $31.62. The company has a market cap of $124.0 billion and a P/E ratio of 230.95.
Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, July 24th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 53.1% on a year-over-year basis. On average, analysts predict that Facebook will post $0.72 earnings per share for the current fiscal year.
In other Facebook news, COO Sheryl Sandberg sold 176,452 shares of Facebook stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $49.06, for a total value of $8,656,735.12. Following the completion of the transaction, the chief operating officer now directly owns 12,123,507 shares of the company’s stock, valued at approximately $594,779,253. The sale 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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