Why Facebook Price Target was Increased to $340 by Analysts at KeyCorp

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(Ticker Report/Logan Wallace) – Facebook (NASDAQ:FB) had its price objective boosted by KeyCorp from $330.00 to $340.00 in a research report sent to investors on Monday, Anlyst Ratings reports. They currently have an overweight rating on the social networking company’s stock.

A number of other equities analysts have also recently issued reports on the company. BidaskClub cut Facebook from a buy rating to a hold rating in a report on Saturday, September 12th. Needham & Company LLC initiated coverage on Facebook in a report on Thursday, July 2nd. They set a hold rating for the company. Morgan Stanley increased their target price on Facebook from $285.00 to $295.00 and gave the company an overweight rating in a report on Friday, September 18th. Tigress Financial restated a buy rating on shares of Facebook in a report on Tuesday, September 1st.

Finally, HSBC increased their target price on Facebook from $190.00 to $195.00 and gave the company a reduce rating in a report on Wednesday, August 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, forty-three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $284.07.

Facebook stock opened at $277.11 on Monday. Facebook has a 52 week low of $137.10 and a 52 week high of $304.67. The business has a 50-day simple moving average of $265.05 and a 200 day simple moving average of $239.90. The stock has a market cap of $789.44 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 1.71 and a beta of 1.29.

Facebook (NASDAQ:FB) last posted its earnings results on Thursday, July 30th. The social networking company reported $1.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.36. Facebook had a return on equity of 22.90% and a net margin of 31.29%. The business had revenue of $18.69 billion during the quarter, compared to analysts’ expectations of $17.29 billion. Equities research analysts predict that Facebook will post 8.12 EPS for the current year.
In related news, VP Jennifer Newstead sold 426 shares of the firm’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $263.06, for a total value of $112,063.56. Following the transaction, the vice president now directly owns 1,304 shares of the company’s stock, valued at approximately $343,030.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Susan J.S. Taylor sold 1,133 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $261.39, for a total value of $296,154.87. Following the completion of the transaction, the chief accounting officer now directly owns 4,182 shares in the company, valued at $1,093,132.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,061 shares of company stock worth $9,439,090. Company insiders own 14.14% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. AE Wealth Management LLC increased its holdings in shares of Facebook by 42.6% in the second quarter. AE Wealth Management LLC now owns 82,420 shares of the social networking company’s stock worth $18,715,000 after purchasing an additional 24,635 shares during the last quarter. Sarasin & Partners LLP grew its position in Facebook by 223.4% in the second quarter. Sarasin & Partners LLP now owns 256,493 shares of the social networking company’s stock worth $58,242,000 after acquiring an additional 177,179 shares in the last quarter.

UBP Investment Advisors SA purchased a new position in Facebook in the third quarter worth about $210,000. Foundations Investment Advisors LLC grew its position in Facebook by 7.8% in the third quarter. Foundations Investment Advisors LLC now owns 7,764 shares of the social networking company’s stock worth $2,018,000 after acquiring an additional 563 shares in the last quarter. Finally, Clarius Group LLC grew its position in Facebook by 3.8% in the third quarter. Clarius Group LLC now owns 41,396 shares of the social networking company’s stock worth $10,842,000 after acquiring an additional 1,521 shares in the last quarter. 65.31% of the stock is currently owned by institutional investors and hedge funds.

About Facebook

Facebook, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices 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 private messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application that is used by people and businesses to communicate in a private way.

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