Facebook Inc (FB) Looks into The Development of Millimeter-Wave Tech For Internet.org Initiative

Share

We all know by now that Facebook Inc (NASDAQ:FB) is keen on drastically increasing accessability to the internet, and ultimately their social network. Today we learn a bit more about how they may be planning to do this, and it includes millimeter-wave radio technology.

Facebook Inc (NASDAQ:FB) confirmed with the Verge today that as part of their Internet.org initiative, they are in fact exploring this technology.

“This work is part of the Connectivity Lab which supports the mission of Internet.org — to connect the four billion people who don’t have Internet access,” a representative with Facebook.com said.

While there is no guarantee that this technology will actually be put to use, it does lend a bit of assurance to investors of Starry, another company trying to use millimeter-wave technology for gigabit mesh networks. The stock decreased 0.21% or $0.21 during the last trading session, hitting $99.54. About 62.65M shares traded hands or 55.23% up from the average. FB has risen 13.93% since July 6, 2015 and is uptrending. It has outperformed the S&P500 by 22.80%.

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 $122.77 which is 23.34% above today’s ($99.54) stock price. Facebook was the topic of 59 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 improved, 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 32 insider sales for a total of $57.08 million in net activity. Athwal Jas sold 30,000 shares worth $3.06 million. 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 $3.00 million. 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 $271.56 billion. The Firm is engaged in developing products that enables users to connect and share through mobile devices and personal computers. It has 77.17 P/E ratio. It offers various services focused on people, marketers and developers.

COMMENTS: