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Cowen and Company upped their target price on shares of Facebook (NASDAQ:FB) to $85.00 in a research note issued on Wednesday, Stock Ratings reports. Cowen and Company’s price objective would indicate a potential upside of 21.69% from the stock’s previous close.

Shares of Facebook (NASDAQ:FB) traded up 1.33% during mid-day trading on Wednesday, hitting $70.781. The stock had a trading volume of 24,674,630 shares. Facebook has a 1-year low of $22.67 and a 1-year high of $71.44. The stock’s 50-day moving average is $61.27 and its 200-day moving average is $51.1. The company has a market cap of $180.5 billion and a price-to-earnings ratio of 114.32.

Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the 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. On average, analysts predict that Facebook will post $1.25 earnings per share for the current fiscal year.

In other Facebook news, CFO David Ebersman sold 23,400 shares of Facebook stock on the open market in a transaction dated Friday, February 21st. The stock was sold at an average price of $68.68, for a total transaction of $1,607,112.00. Following the completion of the sale, the chief financial officer now directly owns 316,731 shares in the company, valued at approximately $21,753,085. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company raised their price target on shares of Facebook from $65.00 to $80.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Janney Montgomery Scott raised their price target on shares of Facebook to $71.00 in a research note on Friday, February 21st. Finally, analysts at Wedbush reiterated an “outperform” rating on shares of Facebook in a research note on Thursday, February 20th. Nine investment analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $68.36.

Facebook, Inc (NASDAQ:FB) is engaged in building products to create utility for users, developers, and advertisers.

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