Canaccord Genuity Lowers Facebook (FB) Price Target to $185.00

Facebook (NASDAQ:FB) had its price target cut by equities researchers at Canaccord Genuity from $200.00 to $185.00 in a research note issued on Wednesday, The Fly reports. The firm currently has a “buy” rating on the social networking company’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 23.28% from the stock’s current price.

Several other equities research analysts have also recently commented on FB. BidaskClub cut Facebook from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Zacks Investment Research raised Facebook from a “hold” rating to a “buy” rating and set a $218.00 target price on the stock in a report on Tuesday, July 3rd. BTIG Research upped their price target on Facebook from $175.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, July 5th. Societe Generale reaffirmed a “sell” rating and issued a $150.00 price target on shares of Facebook in a report on Friday, July 6th. Finally, ValuEngine raised Facebook from a “hold” rating to a “buy” rating in a report on Friday, July 6th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, forty-one have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $195.56.

NASDAQ:FB traded down $1.68 during midday trading on Wednesday, hitting $150.07. 10,502,648 shares of the stock were exchanged, compared to its average volume of 24,995,324. Facebook has a one year low of $139.03 and a one year high of $218.62. The stock has a market cap of $424.77 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 0.93 and a beta of 0.42.

Facebook (NASDAQ:FB) last announced its earnings results on Tuesday, October 30th. The social networking company reported $1.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.30. Facebook had a return on equity of 28.18% and a net margin of 37.57%. The firm had revenue of $13.73 billion for the quarter, compared to analysts’ expectations of $13.82 billion. During the same quarter in the previous year, the company earned $1.59 earnings per share. The firm’s quarterly revenue was up 32.9% compared to the same quarter last year. On average, equities analysts predict that Facebook will post 7.15 earnings per share for the current fiscal year.

In other news, CEO Mark Zuckerberg sold 210,000 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $185.45, for a total transaction of $38,944,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Colin Stretch sold 750 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $184.98, for a total transaction of $138,735.00. Following the transaction, the vice president now owns 86,365 shares in the company, valued at $15,975,797.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,416,282 shares of company stock worth $603,782,983. Company insiders own 17.23% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in Facebook by 1.8% during the 2nd quarter. BlackRock Inc. now owns 151,855,997 shares of the social networking company’s stock worth $29,508,656,000 after acquiring an additional 2,718,771 shares during the last quarter. FMR LLC lifted its position in Facebook by 2.1% during the 2nd quarter. FMR LLC now owns 122,122,806 shares of the social networking company’s stock worth $23,730,904,000 after acquiring an additional 2,488,007 shares during the last quarter. Northern Trust Corp lifted its position in Facebook by 0.8% during the 2nd quarter. Northern Trust Corp now owns 26,909,979 shares of the social networking company’s stock worth $5,229,147,000 after acquiring an additional 224,531 shares during the last quarter. Morgan Stanley lifted its position in Facebook by 10.1% during the 2nd quarter. Morgan Stanley now owns 24,718,629 shares of the social networking company’s stock worth $4,803,323,000 after acquiring an additional 2,265,577 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Facebook by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 22,102,171 shares of the social networking company’s stock worth $4,294,895,000 after acquiring an additional 184,595 shares during the last quarter. Institutional investors and hedge funds own 60.30% of the company’s stock.

Facebook Company Profile

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application.

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