Facebook (NASDAQ:FB) established itself as a force and demonstrated its ability to make huge money after its stock price reached the $100 level on Friday, when the shares of its fellow tech giants rallied due to strong earnings.
The stock price of the social network giant climbed 2.53% to $102.19 per share—joining 109 other companies in the three-digit club of the benchmark index.
Facebook is the fast company to reach $250B market cap
Over the past 52-weeks, Facebook traded between $72 and $102.85 per share. The social network giant gained more than 30% year-to-date.
According to Bloomberg, Facebook is the fastest company to reach a $250 billion market capitalization. In fact, the social network giant’s current market capitalization is approximately $280.8 billion.
Tim Ghriskey, managing director and chief investment officer at Solaris Asset Management, told Bloomberg, “The big seminal event for Facebook was showing they could make significant money and turn themselves into a well-run company.”
Facebook is one of the five tech giants including Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG), the parent company of Google, and Microsoft Corporation (NASDAQ:MSFT) that together represent more than 30% of the NASDAQ 100. Combining the five tech giants, account 10% of the S&P 500.
“Facebook has really established itself as a force. Reaching this level is a testament to the job, the management has done and the dominant product it is. They’ve seen strong growth in advertising spending and viewership,” added Mr. Ghriskey.
Reasons to be bullish on Facebook
According to some equity research analysts, there are reasons to be bullish on Facebook as the company approaches the schedule to release its third-quarter financial results on November 4.
Raymond James analyst Aaron Kessler believes that Facebook can achieve a significant upside. According to him, results from the survey conducted by Nanigans, an advertising automation software company, showed that Facebook’s sequential growth would be 50% higher than the expectations of Wall Street analysts.
On the other hand, Palwasha Saaim, an analyst at Lombardi Financial said Facebook is the “undisputed king of social media,” and she also believed that the company will grow further.
Saaim identified three catalysts for Facebook including Search FYI, the Buy button, and Video Stream.
The social network giant already indexed more than two trillion public posts on its website. Facebook revealed that its daily searches on its platform were around 1.5 billion, which prompted the company to launch Search FYI.
Users will now be able to do simple searches within the website instead of typing their query on Google Search. Saaim believed the social network giant would monetize Search FYI in the future.
Facebook took a big step in the e-commerce market after launching the Buy button for the products of certain merchandise advertisers in the United States. Users can directly purchase the products advertised on their newsfeed by clicking the Buy button. The analyst believed that the social network giant is “poised to pull out massive ad revenue” from
The social network giant recently introduced the “suggested videos” feature on its website, and there are speculations that it would soon launch its “video channel,” similar to YouTube. Saaim said the “monetization opportunities in the video streaming space are likewise endless.”
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