Facebook Inc. (FB) Given “Buy” Rating at Needham & Company LLC
Facebook Inc. (NASDAQ:FB)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Wednesday. They currently have a $150.00 target price on the social networking company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 16.39% from the stock’s current price.
A number of other equities research analysts also recently issued reports on FB. Cowen and Company restated a “buy” rating and set a $145.00 price objective on shares of Facebook in a research report on Sunday, July 17th. MKM Partners restated a “buy” rating on shares of Facebook in a research report on Sunday, July 24th. Deutsche Bank AG restated a “buy” rating on shares of Facebook in a research report on Sunday, July 10th. Vetr upgraded Facebook from a “hold” rating to a “buy” rating and set a $127.69 price objective on the stock in a research report on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. set a $170.00 price objective on Facebook and gave the company a “buy” rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, forty-five have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $149.99.
Facebook (NASDAQ:FB) traded up 0.18% during midday trading on Wednesday, hitting $129.11. The company had a trading volume of 5,884,084 shares. The company has a market capitalization of $370.76 billion, a P/E ratio of 61.72 and a beta of 0.77. Facebook has a 52 week low of $89.37 and a 52 week high of $131.98. The stock has a 50 day moving average price of $127.89 and a 200 day moving average price of $120.00.
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Facebook (NASDAQ:FB) last announced its quarterly earnings results on Wednesday, July 27th. The social networking company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.15. Facebook had a return on equity of 14.38% and a net margin of 27.07%. The company earned $6.44 billion during the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the company earned $0.50 earnings per share. The firm’s revenue was up 59.2% on a year-over-year basis. Equities analysts forecast that Facebook will post $3.94 earnings per share for the current fiscal year.
In related news, CTO Michael Todd Schroepfer sold 51,283 shares of Facebook stock in a transaction on Friday, July 15th. The shares were sold at an average price of $117.30, for a total transaction of $6,015,495.90. Following the sale, the chief technology officer now owns 579,862 shares of the company’s stock, valued at approximately $68,017,812.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jan Koum sold 1,566,668 shares of Facebook stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $129.70, for a total transaction of $203,196,839.60. The disclosure for this sale can be found here. 19.08% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Facebook by 2.5% in the second quarter. Vanguard Group Inc. now owns 139,483,685 shares of the social networking company’s stock valued at $15,940,195,000 after buying an additional 3,400,653 shares during the last quarter. State Street Corp increased its stake in Facebook by 2.3% in the first quarter. State Street Corp now owns 85,825,821 shares of the social networking company’s stock valued at $9,792,722,000 after buying an additional 1,950,433 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Facebook by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 59,448,041 shares of the social networking company’s stock valued at $6,793,722,000 after buying an additional 995,651 shares during the period. Capital World Investors raised its position in Facebook by 41.3% in the second quarter. Capital World Investors now owns 33,131,292 shares of the social networking company’s stock valued at $3,786,244,000 after buying an additional 9,686,624 shares during the period. Finally, Geode Capital Management LLC raised its position in Facebook by 3.7% in the first quarter. Geode Capital Management LLC now owns 19,410,677 shares of the social networking company’s stock valued at $2,210,464,000 after buying an additional 690,650 shares during the period. 56.61% of the stock is currently owned by hedge funds and other institutional investors.
Facebook Company Profile
Facebook, Inc builds products that enable people to connect and share through mobile devices and personal computers. The Company enables people to share their opinions, ideas, photos and videos, and other activities. Its products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook is a mobile application and Website that enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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