Facebook Inc (NASDAQ:FB) Chief Technology Officer Mike Schroepfer and Chief Product Officer Chris Cox have recently sold their shares in the company and have detailed about the transactions in Form 4 filings Tuesday with the Securities and Exchange Commission (SEC).
Analysts bullish on Facebook
Facebook Inc (NASDAQ:FB) chief technology officer Mike Schroepfer converted 20,000 class-B shares to class-A common stock, and then sold 20,000 class-A shares at $72.42 a piece. Post transaction, Schroepfer holds 228,997 shares of Facebook class-A common stock.
On Monday, August 4th, Chief Product officer Chris Cox sold 11371 restricted stock units that were due to expire on August 25th, 2019. Cox, also, sold 4050 class-A shares at $72.1685 per share, 1,884 at $72.7737 a piece and 5,437 at $72.42 each.
Facebook shares have received ratings from various research houses recently. S&P Equity research analysts have assigned Average rating to the stock, and assigned a price target of $3.00, in a research note to the investors on July 25th. Nomura analysts maintained Buy rating with a price target of $82.00, in a research note to the investors on July 24th. Separately, Raymond James analysts maintained Outperform rating and increased the price target from $77.00 to $80.00, in a research note to the investors on July 24th. Facebook presently has an average rating of Buy and a consensus target price of $79.11.
Investors should not worry about lawsuit
Recently, a lawsuit was filed against Facebook accusing the social networker of misusing the personal data. In a short span, the class action lawsuit has gained support of over 17,000 individuals. However, according to a report from Silicon Valley Business journal, investors should not be really worried about this case as this is not the first time when Facebook has gotten into such legal tussle. The social networking site has been accused of collecting data for advertisers, sharing the data with national Security Agency through its PRISM program and conducting mood swing studies on the users.
As per the report, investors should not be cautious as long as advertisers are comfortable and continue giving ads on Facebook. Also at large, customers are not worried because most of them have expected the fact that to continue using Facebook Inc (NASDAQ:FB) requires some sort of sacrifice in privacy. Curtis Silver of the Next Web explained it in the best way, saying, “There is an old adage that applies here: if you don’t pay for the product — it means you are the product.”