Facebook Upgraded to “Outperform” by Credit Suisse (FB)
Facebook (NASDAQ:FB) was upgraded by equities researchers at Credit Suisse from a “neutral” rating to an “outperform” rating in a research report issued on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a $87.00 target price on the stock, up from their previous target price of $65.00. Credit Suisse’s price objective suggests a potential upside of 49.95% from the company’s current price.
In other Facebook news, CFO David Ebersman unloaded 23,400 shares of the stock on the open market in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $58.86, for a total transaction of $1,377,324.00. Following the completion of the sale, the chief financial officer now directly owns 297,645 shares in the company, valued at approximately $17,519,385. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
FB has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. initiated coverage on shares of Facebook in a research note on Wednesday. They set a “positive” rating on the stock. Separately, analysts at Nomura cut their price target on shares of Facebook from $84.00 to $78.00 in a research note on Wednesday. Finally, analysts at RBC Capital upgraded shares of Facebook from an “underperform” rating to a “positive” rating in a research note on Thursday, May 1st. Eight investment analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the company’s stock. Facebook has an average rating of “Buy” and a consensus target price of $73.49.
Facebook (NASDAQ:FB) traded up 0.17% during mid-day trading on Thursday, hitting $58.0199. 47,933,076 shares of the company’s stock traded hands. Facebook has a 52-week low of $22.67 and a 52-week high of $72.59. The stock’s 50-day moving average is $59.41 and its 200-day moving average is $58.1. The company has a market cap of $148.9 billion and a P/E ratio of 75.12.
Facebook (NASDAQ:FB) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.10. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.34 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 71.6% on a year-over-year basis. On average, analysts predict that Facebook will post $1.43 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.
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