Facebook’s (FB) Buy Rating Reiterated at Canaccord Genuity
Canaccord Genuity reiterated their buy rating on shares of Facebook, Inc. (NASDAQ:FB) in a report issued on Thursday morning. Canaccord Genuity currently has a $190.00 price target on the social networking company’s stock, up from their previous price target of $175.00. The analysts noted that the move was a valuation call.
FB has been the topic of a number of other research reports. Royal Bank Of Canada reiterated an outperform rating and set a $185.00 price objective on shares of Facebook in a research note on Saturday, June 3rd. Barclays PLC reiterated an overweight rating and set a $168.00 price objective (up previously from $160.00) on shares of Facebook in a research note on Wednesday, July 12th. Aegis reiterated a buy rating on shares of Facebook in a research note on Sunday, April 2nd. Vetr upgraded Facebook from a hold rating to a buy rating and set a $159.91 price objective on the stock in a research note on Tuesday, June 6th. Finally, Pacific Crest reiterated an overweight rating and set a $155.00 price objective on shares of Facebook in a research note on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, forty-two have assigned a buy rating and four have given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $180.91.
Facebook (NASDAQ FB) traded down 1.76% during trading on Thursday, hitting $169.41. 16,152,608 shares of the stock were exchanged. The firm’s 50 day moving average price is $156.22 and its 200-day moving average price is $144.53. The stock has a market cap of $492.00 billion, a price-to-earnings ratio of 37.92 and a beta of 0.67. Facebook has a 1-year low of $113.55 and a 1-year high of $175.49.
Facebook (NASDAQ:FB) last released its quarterly earnings results on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.19. Facebook had a return on equity of 21.73% and a net margin of 38.84%. The firm had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. The business’s revenue was up 44.8% on a year-over-year basis. On average, analysts anticipate that Facebook will post $5.23 EPS for the current year.
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In related news, insider Christopher K. Cox sold 16,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $150.05, for a total value of $2,400,800.00. Following the sale, the insider now directly owns 165,431 shares of the company’s stock, valued at $24,822,921.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Colin Stretch sold 750 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $165.29, for a total value of $123,967.50. Following the completion of the sale, the vice president now directly owns 83,906 shares in the company, valued at $13,868,822.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,160,716 shares of company stock worth $1,602,152,681. 19.08% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in FB. Selkirk Management LLC purchased a new stake in shares of Facebook during the fourth quarter worth approximately $3,106,000. Envestnet Asset Management Inc. raised its stake in shares of Facebook by 1.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 240,103 shares of the social networking company’s stock worth $27,619,000 after buying an additional 2,350 shares during the last quarter. Tyers Asset Management LLC purchased a new stake in shares of Facebook during the fourth quarter worth approximately $34,083,000. Asturias Capital LLC purchased a new stake in shares of Facebook during the fourth quarter worth approximately $10,726,000. Finally, Arrowpoint Asset Management LLC raised its stake in shares of Facebook by 5.5% in the fourth quarter. Arrowpoint Asset Management LLC now owns 15,400 shares of the social networking company’s stock worth $1,772,000 after buying an additional 808 shares during the last quarter. 57.62% of the stock is currently owned by institutional investors and hedge funds.
Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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