Say Goodbye to Facebook Inc (NASDAQ:FB) Photo Sync as Company Hopes to Push “Moments” App to More Users

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Way back in the year 2012, Facebook Inc (NASDAQ:FB) introduced a new feature for users, called “Photo Sync”. The feature, which I admit I used quite often for about two years, allowed users to set up their smartphones to automatically upload photos that they took, into a private folder on their Facebook Inc (NASDAQ:FB) account. They could then review them later and decide if they’d like to share them publicly, keep them private or completely remove them from the social website.

Today is the official closure of the feature, one that seemingly was better off prior to smartphones gaining so much traction. Now with many users solely using their smartphones to connect to the Facebook Inc (NASDAQ:FB) service, the company simply didn’t feel as though the feature was needed any longer. In its place, they are touting their Moments app, which is similar to Photo Sync, but not entirely the same. Moments allows users to share photos with friends who also took pictures of the same event, party, trip, etc.

While this move probably won’t affect the company’s revenue much, the idea that it could help push the Moments App to more users, certainly played a role in this decision for Facebook Inc (NASDAQ:FB).

The stock is down 0.91% or $0.88 following the news, hitting $96.45 per share. Approximately 21.52 million shares traded hands. FB shares have risen 18.49% since June 5, 2015 and are currently uptrending. It has outperformed the S&P500 by 24.35%.

From a total of 33 analysts covering Facebook (NASDAQ:FB) stock, 32 rate it a “Buy”, 1 a “Sell”, and 0 a “Hold”. This means that 97% of the ratings are positive. The highest target price is $155.0 while the lowest target price is $88. The mean of all analyst targets is $122.65 which is 27.16% above today’s ($96.45) stock price. Facebook was the topic of 58 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on November 6 with a “Buy” rating. Morgan Stanley maintained shares with a”Overweight” rating and a $120 target share price in their report from a November 5. Canaccord Genuity maintained FB stock in a recent report from November 5 with a “Buy” rating. Credit Suisse maintained the rating on November 5. Credit Suisse has a “Outperform” rating and a $135 price target on shares. Finally, Jefferies maintained the stock with a “Buy” rating in a report they issued on a November 5.

The institutional sentiment increased to 1.73 in Q2 2015. It’s up 0.01, from 1.72 in 2015Q2. The ratio increased, as 69 funds sold all their Facebook Inc shares they owned while 375 reduced their positions. 126 funds bought stakes while 643 increased their total positions. Institutions now own 1.55 billion shares which is 2.48% more than the previous share count of 1.51 billion in 2015Q2.

Millennium Tvp Management Co. Llc holds 52.76% of its total portfolio in Facebook Inc, equating to 639,552 shares. Parametric Risk Advisors Llc owns 7.97 million shares representing 46.51% of their total US portfolio. Moreover, Sc Us (Ttgp) Ltd. has 41.15% of their total portfolio invested in the company, equating to 1.04 million shares. The California-based Meritech Capital Associates Iii L.L.C. has a total of 37.81% of their portfolio invested in the stock. Duquesne Family Office Llc, a New York-based fund reported 4.09 million shares owned.

Since February 25, 2015, the stock had 0 buys, and 45 sales for a total of $189.62 million in net activity. Athwal Jas sold 30,000 shares worth $3.06M. Stretch Colin sold 1,000 shares worth $98,710. Cox Christopher K sold 5,778 shares worth $561,622. Schroepfer Michael Todd sold 31,283 shares worth $3.00M. The insider Fischer David B. sold 15,000 shares worth $1.43 million.

Facebook, Inc. is a social networking company. The company has a market cap of $276.42 billion. The Firm is engaged in developing products that enables users to connect and share through mobile devices and personal computers. It has 96.89 P/E ratio. It offers various services focused on people, marketers and developers.

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