As Facebook Inc (NASDAQ:FB) continues to encroach upon many of Google’s business verticals, specifically internet advertising, CEO Mark Zuckerberg realizes that his company may one day want to have a contingency plan in place in case Google decides to fight back. According to reports coming out of TheInformation.com Facebook Inc (NASDAQ:FB) has secretly been working on a method to enable their application to function on Android devices without the need to go through the Android app store.
According to reports, Facebook’s ultimate goal is to be able to build an application that may one day break Google’s rules of how apps need to function, and not have to worry about meeting Google’s guidelines to be able to have their app used on Android devices. While no further details are available on these plans at this time, such a move likely comes as Facebook looks into new ways of monetizing their mobile traffic.
The stock is down 3.60% or $3.77 following the news, hitting $100.89 per share. About 29.03M shares traded hands or 45.88% up from the average. FB has risen 32.16% since May 29, 2015 and is uptrending. It has outperformed the S&P500 by 35.17%.
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 21.57% above today’s ($100.89) 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 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 insider buys, and 47 insider sales for a total of $193.63 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 $3.00 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 $293.66 billion. The Firm is engaged in developing products that enables users to connect and share through mobile devices and personal computers. It has 101.35 P/E ratio. It offers various services focused on people, marketers and developers.