Canaccord Genuity Believes Facebook (NASDAQ: FB) Still Has Room to Grow

By Austin Angelo

In a report released yesterday, Maria Ripps from Canaccord Genuity maintained a Buy rating on Facebook (FBResearch Report), with a price target of $290.00. The company’s shares closed last Thursday at $234.50, close to its 52-week high of $250.15.

According to TipRanks.com, Ripps is a 5-star analyst with an average return of 43.5% and a 73.9% success rate. Ripps covers the Technology sector, focusing on stocks such as Spotify Technology SA, Zillow Group, and Leaf Group.

Currently, the analyst consensus on Facebook is a Strong Buy with an average price target of $270.59, implying a 17.5% upside from current levels. In a report issued on July 15, J.P. Morgan also maintained a Buy rating on the stock with a $290.00 price target.

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The company has a one-year high of $250.15 and a one-year low of $137.10. Currently, Facebook has an average volume of 23.77M.

Based on the recent corporate insider activity of 175 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FB in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Facebook, Inc. operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online. The firm’s products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. The company was founded by Mark Elliot Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum, and Eduardo P. Saverin on February 4, 2004 and is headquartered in Menlo Park, CA.