Facebook’s “Overweight” Rating Reaffirmed at Piper Jaffray Cos. (FB)
Facebook (NASDAQ:FB)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Jaffray Cos. in a report released on Monday, Analyst RN reports. They currently have a $57.00 target price on the stock, up from their previous target price of $46.00. Piper Jaffray Cos.’s target price would indicate a potential upside of 11.68% from the company’s current price.
The analysts wrote, “We remain positive on shares of FB following the stock’s substantial run given that meaningful catalysts remain ahead of the stock. We are building in expectations for two of the upcoming catalysts: video and Instagram for CY14 and CY15. We note that Instagram suggested on its blog that users would begin seeing advertising in the near term. While we remain positive on shares, we note that the valuation of the stock (50x CY14 EPS, 1.5 PEG) trades significantly above peers like GOOG (17x CY14 EPS, ~1 PEG). Overall, we believe upside remains for shares of FB, but believe that other large cap stocks may be more attractive.”
A number of other analysts have also recently weighed in on FB. 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 noted that the move was a valuation call. Separately, 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. Finally, analysts at William Blair reiterated an “outperform” rating on shares of Facebook in a research note to investors on Friday. Eleven equities research analysts have rated the stock with a hold rating and thirty-three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $48.65.
In other Facebook news, COO Sheryl Sandberg sold 176,452 shares of Facebook stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $49.06, for a total transaction of $8,656,735.12. Following the completion of the transaction, the chief operating officer now directly owns 12,123,507 shares in the company, valued at approximately $594,779,253. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Facebook (NASDAQ:FB) traded down 0.32% during mid-day trading on Monday, hitting $50.878. The stock had a trading volume of 13,809,490 shares. Facebook has a 52 week low of $18.80 and a 52 week high of $51.60. The stock has a 50-day moving average of $44.31 and a 200-day moving average of $31.62. The company has a market cap of $123.9 billion and a P/E ratio of 230.95.
Facebook (NASDAQ:FB) last issued its quarterly earnings data 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 in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter 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.
Facebook, Inc (NASDAQ:FB), is engaged in building products to create utility for users, developers, and advertisers.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.