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Morgan Stanley Raises Facebook (NASDAQ:FB) Price Target to $270.00

Last updated on Thursday, July 9, 2020 | 2020 MarketBeat

Facebook (NASDAQ:FB) had its price objective lifted by equities researchers at Morgan Stanley from $230.00 to $270.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage presently has an "overweight" rating on the social networking company's stock. Morgan Stanley's target price indicates a potential upside of 10.85% from the stock's previous close.

A number of other research firms have also recently weighed in on FB. Monness Crespi & Hardt cut their price objective on shares of Facebook from $260.00 to $230.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Robert W. Baird boosted their target price on shares of Facebook from $240.00 to $300.00 in a research note on Thursday, June 25th. Nomura Instinet boosted their target price on shares of Facebook from $253.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Goldman Sachs Group set a $265.00 target price on shares of Facebook and gave the stock a "buy" rating in a research note on Tuesday. Finally, DZ Bank reissued a "buy" rating on shares of Facebook in a research note on Wednesday, May 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and forty-two have issued a buy rating to the company. Facebook presently has an average rating of "Buy" and a consensus price target of $248.45.

Shares of Facebook stock opened at $243.58 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.60 and a quick ratio of 4.60. The firm has a fifty day moving average price of $231.32 and a 200 day moving average price of $204.11. Facebook has a 1 year low of $137.10 and a 1 year high of $247.65. The stock has a market cap of $693.98 billion, a PE ratio of 33.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.19.

Facebook (NASDAQ:FB) last issued its earnings results on Wednesday, April 29th. The social networking company reported $1.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of $1.78 by ($0.07). Facebook had a return on equity of 21.54% and a net margin of 28.57%. The business had revenue of $17.74 billion for the quarter, compared to analysts' expectations of $17.25 billion. During the same period last year, the business earned $1.89 EPS. The company's revenue for the quarter was up 17.6% on a year-over-year basis. As a group, equities analysts expect that Facebook will post 7.19 EPS for the current year.

In other news, CFO David M. Wehner sold 8,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $209.90, for a total value of $1,679,200.00. Following the completion of the sale, the chief financial officer now owns 24,484 shares in the company, valued at approximately $5,139,191.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Newstead sold 194 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $220.60, for a total transaction of $42,796.40. Following the completion of the transaction, the vice president now owns 2,694 shares of the company's stock, valued at approximately $594,296.40. The disclosure for this sale can be found here. Insiders sold a total of 69,076 shares of company stock valued at $14,963,286 in the last 90 days. Company insiders own 14.14% of the company's stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Patton Fund Management Inc. increased its holdings in shares of Facebook by 124.6% in the 2nd quarter. Patton Fund Management Inc. now owns 6,983 shares of the social networking company's stock valued at $1,586,000 after purchasing an additional 3,874 shares in the last quarter. Wealth Alliance Advisory Group LLC purchased a new position in Facebook during the 2nd quarter valued at about $209,000. Old Port Advisors increased its holdings in Facebook by 7.3% during the 2nd quarter. Old Port Advisors now owns 2,656 shares of the social networking company's stock valued at $603,000 after acquiring an additional 181 shares in the last quarter. Bogart Wealth LLC increased its holdings in Facebook by 13.2% during the 2nd quarter. Bogart Wealth LLC now owns 4,297 shares of the social networking company's stock valued at $976,000 after acquiring an additional 502 shares in the last quarter. Finally, First American Trust FSB increased its holdings in Facebook by 3.6% during the 2nd quarter. First American Trust FSB now owns 19,609 shares of the social networking company's stock valued at $4,452,000 after acquiring an additional 674 shares in the last quarter. Institutional investors and hedge funds own 65.14% 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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