Facebook (NASDAQ:FB) Coverage Initiated at Summit Redstone

Summit Redstone started coverage on shares of Facebook (NASDAQ:FB) in a report published on Friday morning, TipRanks reports. The brokerage issued a buy rating on the social networking company’s stock.

FB has been the topic of a number of other reports. SunTrust Banks reissued a buy rating and issued a $215.00 price target on shares of Facebook in a research note on Tuesday, July 23rd. Canaccord Genuity boosted their price target on shares of Facebook from $225.00 to $240.00 and gave the company a buy rating in a research note on Thursday, July 25th. Robert W. Baird boosted their price target on shares of Facebook from $215.00 to $230.00 and gave the company an outperform rating in a research note on Thursday, July 25th. Deutsche Bank boosted their price target on shares of Facebook from $230.00 to $235.00 and gave the company a buy rating in a research note on Wednesday, July 24th. Finally, Raymond James boosted their price target on shares of Facebook from $225.00 to $230.00 and gave the company an outperform rating in a research note on Thursday, July 25th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have given a hold rating and forty-three have given a buy rating to the stock. Facebook presently has an average rating of Buy and an average target price of $220.92.

Shares of Facebook stock traded up $0.98 on Friday, reaching $178.08. The company had a trading volume of 9,107,199 shares, compared to its average volume of 17,165,697. The firm’s 50 day moving average price is $185.09 and its two-hundred day moving average price is $184.33. The firm has a market cap of $508.05 billion, a PE ratio of 23.52, a PEG ratio of 1.05 and a beta of 1.01. Facebook has a 52-week low of $123.02 and a 52-week high of $208.66. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.47 and a current ratio of 4.47.

Facebook (NASDAQ:FB) last released its quarterly earnings results on Wednesday, July 24th. The social networking company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.09. The business had revenue of $16.89 billion for the quarter, compared to the consensus estimate of $16.49 billion. Facebook had a net margin of 27.26% and a return on equity of 20.09%. The business’s revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.74 EPS. As a group, sell-side analysts predict that Facebook will post 8.03 EPS for the current year.

In other Facebook news, COO Sheryl Sandberg sold 55,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $180.92, for a total transaction of $9,950,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 118,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $180.93, for a total transaction of $21,440,205.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,990,572 shares of company stock valued at $555,353,388 in the last quarter. 14.53% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Facebook by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 180,682,575 shares of the social networking company’s stock valued at $34,871,738,000 after buying an additional 3,465,756 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Facebook by 2.8% in the 2nd quarter. BlackRock Inc. now owns 151,662,410 shares of the social networking company’s stock valued at $29,270,846,000 after buying an additional 4,114,043 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Facebook by 36.5% in the 2nd quarter. Invesco Ltd. now owns 35,051,341 shares of the social networking company’s stock valued at $6,764,908,000 after buying an additional 9,368,684 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Facebook by 1.7% in the 2nd quarter. Northern Trust Corp now owns 28,594,013 shares of the social networking company’s stock valued at $5,518,644,000 after buying an additional 470,411 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Facebook by 5,336.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 22,496,340 shares of the social networking company’s stock valued at $4,341,794,000 after buying an additional 22,082,561 shares in the last quarter. Institutional investors own 63.18% of the company’s stock.

About Facebook

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.

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Analyst Recommendations for Facebook (NASDAQ:FB)

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