JMP Likes Facebook – Raises Price Target
Facebook Inc. (NASDAQ:FB) has had a rocky past in relation to its share prices rising and falling. From its IPO price of $38 per share it dropped by fifty percent before finally beginning a slow crawl back up to a stable position. Now, it appears that investors are finally beginning to realize a true profit on their purchases.
Facebook Inc. (NASDAQ:FB) opened the market this morning at $53.18 and it appears that the stock is set to grow in coming weeks. JMP analysts have set a price target for the stock of $65.00 per share. This is a 25.24 percent upside to its current valuation. This is a major improvement over the negative news reports the company found itself in following the 2012 IPO debacle.
Other Analysts Like FB Too
Analysts from Needham & Company have also reiterated a “Buy” rating on the social media giant in a note they sent to investors on Tuesday. They have raised their price target on the stock from $37.00 to match JMP’s valuation at $65.00.
Goldman Sachs told their investors they were keeping their “Buy” rating active as well, and this came on October 17. The company now has a $58.00 price target set on the shares.
Evercore Partners have reiterated their “Overweight” rating on Facebook Inc. (NASDAQ:FB) and in a note sent to investors on the 15th of October they have raised their price target from $45 per share to $58.00 per share.
VP Sells Shares
According to an SEC filing, Facebook’s VP, Colin Stretch, sold 6,787 shares of his stock on from October 14-16. The stock sold for an average price of $49.93 per share, which made a total sale of $338,874.91. This is an interesting development considering the stock is set to rise in the views of many analysts. In fact, eleven analysts on Wall Street have issued a “Hold” rating on the stock, while thirty two have issued “Buy” ratings.
Facebook is the world’s most popular social network and many investors suffered heavily when the stock’s IPO failed to bring favorable results immediately. However, it appears that Mark Zuckerberg’s network may now be the big success he planned for it to be when he took the company public. Only time will tell if shareholders continue to “Like” the company or not.
Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.
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