Facebook Price Target Increased to $70.00 by Analysts at Citigroup Inc. (FB)
Stock analysts at Citigroup Inc. lifted their price target on shares of Facebook (NASDAQ:FB) from $57.00 to $70.00 in a report issued on Thursday, StockRatingsNetwork.com reports. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s price objective would indicate a potential upside of 30.77% from the company’s current price.
A number of other firms have also recently commented on FB. Analysts at Canaccord Genuity raised their price target on shares of Facebook from $62.00 to $70.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at JMP Securities raised their price target on shares of Facebook from $70.00 to $82.00 in a research note to investors on Thursday. Finally, analysts at Cowen and Company reiterated a “positive” rating on shares of Facebook in a research note to investors on Tuesday. They now have a $80.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and thirty-three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $67.58.
In other Facebook news, COO Sheryl Sandberg unloaded 283,334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $54.74, for a total value of $15,509,703.16. Following the completion of the transaction, the chief operating officer now directly owns 10,345,087 shares of the company’s stock, valued at approximately $566,290,062. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Facebook (NASDAQ:FB) traded up 14.10% on Thursday, hitting $61.08. The stock had a trading volume of 150,393,104 shares. Facebook has a 52 week low of $22.67 and a 52 week high of $59.31. The stock has a 50-day moving average of $55.69 and a 200-day moving average of $46.67. The company has a market cap of $149.9 billion and a P/E ratio of 136.91.
Facebook (NASDAQ:FB) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.27 by $0.04. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Analysts expect that Facebook will post $1.13 EPS for the current fiscal year.
Facebook, Inc (NASDAQ:FB), is engaged in building products to create utility for users, developers, and advertisers.
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