Facebook (NASDAQ:FB) had its target price lowered by KeyCorp from $215.00 to $195.00 in a report released on Wednesday, The Fly reports. The firm currently has an overweight rating on the social networking company’s stock. KeyCorp also issued estimates for Facebook’s Q4 2018 earnings at $2.32 EPS, FY2018 earnings at $7.52 EPS, Q1 2019 earnings at $1.46 EPS, Q2 2019 earnings at $1.49 EPS, Q3 2019 earnings at $1.66 EPS, Q4 2019 earnings at $2.33 EPS, FY2019 earnings at $6.93 EPS and FY2020 earnings at $8.17 EPS.
A number of other brokerages have also recently issued reports on FB. Wedbush reaffirmed an outperform rating and set a $275.00 target price on shares of Facebook in a research report on Friday, July 20th. Wells Fargo & Co set a $220.00 target price on Facebook and gave the stock a buy rating in a research report on Monday, October 29th. Cleveland Research reaffirmed a buy rating on shares of Facebook in a research report on Thursday, September 13th. Oppenheimer reaffirmed a buy rating and set a $200.00 target price on shares of Facebook in a research report on Thursday, July 26th. Finally, Citigroup cut Facebook to a buy rating and decreased their target price for the stock from $220.00 to $210.00 in a research report on Thursday, July 26th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $194.54.
NASDAQ:FB traded down $1.40 during mid-day trading on Wednesday, reaching $150.35. The stock had a trading volume of 24,478,922 shares, compared to its average volume of 26,844,908. Facebook has a fifty-two week low of $139.03 and a fifty-two week high of $218.62. The company has a market capitalization of $440.95 billion, a P/E ratio of 20.54, a P/E/G ratio of 0.95 and a beta of 0.55.
Facebook (NASDAQ:FB) last released its quarterly earnings data on Tuesday, October 30th. The social networking company reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.30. Facebook had a return on equity of 27.89% and a net margin of 37.57%. The firm had revenue of $13.73 billion for the quarter, compared to the consensus estimate of $13.82 billion. During the same quarter in the prior year, the company posted $1.59 earnings per share. The firm’s revenue was up 32.9% on a year-over-year basis. On average, equities analysts predict that Facebook will post 7.3 earnings per share for the current year.
In related news, CEO Mark Zuckerberg sold 602,000 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $176.67, for a total value of $106,355,340.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Colin Stretch sold 750 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $184.98, for a total value of $138,735.00. Following the completion of the transaction, the vice president now directly owns 86,365 shares of the company’s stock, valued at $15,975,797.70. The disclosure for this sale can be found here. Insiders sold 3,416,282 shares of company stock valued at $603,782,983 over the last three months. 17.23% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Cribstone Capital Management LLC raised its stake in Facebook by 186.2% during the second quarter. Cribstone Capital Management LLC now owns 624 shares of the social networking company’s stock worth $121,000 after acquiring an additional 406 shares in the last quarter. IMA Wealth Inc. acquired a new position in Facebook during the second quarter worth $122,000. Trust Department MB Financial Bank N A acquired a new position in Facebook during the second quarter worth $134,000. Aviance Capital Management LLC acquired a new position in Facebook during the second quarter worth $151,000. Finally, Arlington Partners LLC acquired a new position in Facebook during the third quarter worth $164,000. 60.30% of the stock is owned by hedge funds and other institutional investors.
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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