The Facebook stock price today is up 0.32% pre-market to $84.43. Facebook Inc. (Nasdaq: FB) stock hit an all-time high yesterday, March 23. FB climbed 0.81%, or $0.68, to close at $84.48, while the three major benchmarks closed in the red.
FB shares are up 8.28% year to date. Last week the Facebook stock price had its biggest weekly gain in eight months.
The rise propelled FB's market cap to $231.6 billion, up $16.1 billion, according to FactSet. Monday's gains boosted that to $236 billion. That's past blue-chip behemoth JP Morgan Chase & Co.'s (NYSE: JPM) $228 billion and near General Electric Co. (NYSE: GE) at $256 billion.
| No. | Company | Ticker | Market Cap | Share Price |
| 1 | Apple Inc. | AAPL | 740.97B | 127.21 |
| 2 | Google Inc. | GOOGL | 383.24B | 565.37 |
| 3 | Google Inc. | GOOG | 380.34B | 558.81 |
| 4 | Berkshire Hathaway Inc. | BRK-A | 358.58B | 218646.33 |
| 5 | Exxon Mobil Corporation | XOM | 358.35B | 85.43 |
| 6 | Microsoft Corporation | MSFT | 351.61B | 42.86 |
| 7 | Berskshire Hathaway Inc. | BRK-B | 339.93B | 145.56 |
| 8 | PetroChina Co. Ltd. | PTR | 322.09B | 106.93 |
| 9 | Wells Fargo & Company | WFC | 287.02B | 55.78 |
| 10 | Johnson & Johnson | JNJ | 286.34B | 102.98 |
| 11 | Novartis AG | NVS | 274.38B | 102.36 |
| 12 | Wal-Mart Stores Inc. | WMT | 268.52B | 83.31 |
| 13 | China Mobile Limited | CHL | 260.81B | 64.03 |
| 14 | General Electric Company | GE | 256.42B | 25.47 |
| 15 | Toyota Motor Corporation | TM | 247.11B | 145.32 |
| 16 | Facebook, Inc. | FB | 236.32B | 84.43 |
| 17 | The Procter & Gamble Company | PG | 229.17B | 84.86 |
| 18 | JPMorgan Chase & Co. | JPM | 227.95B | 61.14 |
| 19 | Pfizer Inc. | PFE | 220.64B | 35.05 |
| 20 | Alibaba Group Holding Limited | BABA | 209.56B | 84.25 |
Facebook is recognized as helping the Nasdaq pierce the 5,000 mark on March 2 after 15 long years. That's particularly impressive since FB shares were floundering in the months after its initial public offering fiasco on May 18, 2012.
So what's pushing the Facebook stock price today? There are a couple things...
Facebook Stock Price Today Gets Support from These Catalysts
FB Stock Price Catalyst No. 1: Bullish Analyst Forecasts
The consensus forecast among 57 analysts covering FB stock is widely bullish, according to a recent Thomson Reuters poll.
The Wall Street Journal shows 40 analysts currently rate Facebook "Buy." That's up from 38 one month ago. Five maintain an "Overweight." Six have a "Hold." Just one rates FB a "Sell."
The 43 analysts providing Thomson Reuters with a 12-month price target for the Menlo Park, Calif.-company have a median target of $91. The high estimate is $107; the low estimate is $65. Those numbers are mirrored at The Wall Street Journal.
Instagram gets some serious credit for the positive outlook.
Last month, Cowen Group said Instagram is presently worth a whopping $33 billion. Cowen's eye-popping call followed Citigroup's lofty $35 billion valuation made in December 2014.
Cowen wrote in an investors' note it believes the number of Instagram's monthly active users (MAUs) will more than double over the next five years. The investment firm also noted that Instagram users are a highly engaged bunch. Cowen added that member count continues to grow at a quick clip.
"Instagram ended 2014 with 300 million users versus 200 million in March, adding 400,000 users a day," Cowen's John Blackledge told CNBC's "Squawk Box" on Feb. 20.
Cowen estimates Instagram will help Facebook generate $5.8 billion in revenue by 2020. In Q4 2014, FB reported revenue of $3.85 billion.
Citi, meanwhile, cited newly introduced ads on Instagram for its upward valuation from $19 billion to $35 billion. Citi said the photo-sharing app could quickly become a meaningful contributor to Facebook revenue.
"While Instagram is still early in monetizing its audience and data assets, and its financial contribution is minimal today, we believe that it is quickly gaining monetization traction and would contribute more than $2bn (billion) in high margin revenue at current user and engagement levels if fully monetized," Citi wrote.
FB Stock Price Catalyst No. 2: New Initiatives and Strategic Acquisitions
Since its humble beginning in a Harvard dorm room in 2004, Facebook has amassed a user base of 1.4 billion. That's bigger than the population of China. And, its global impact continues to grow.
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Half of everyone online now uses Facebook. With some 60% of the world's 7 billion people yet to get online, FB's reach is only expected to expand.
FB has adeptly moved beyond its early identity as a social networking site. It's now a mobile marketing leader. Mobile ad sales in its last quarter accounted for roughly 69% of total ad revenue. That's a hefty 30% year over year gain.
Facebook also continues to introduce new initiatives to keep growing, attract new users, and keep them on the site longer.
On March 17, Facebook introduced a new feature to Facebook Messenger. Users can now send and receive money to other users at no cost. Late last year, FB launched a new set a publisher tools. The upgrade provides greater ability to target posts, promote timely content, and create greater automation.
The company also continues to make strategic purchases.
In October, Facebook said 2015 would be a "major investment year." Wasting little time, the social media giant made it first acquisition of the year on Jan. 6. It bought voice recognition startup Wit.Ai. On March 13, FB bought ecommerce search app TheFind.
TheFind purchase is another FB step toward introducing more ecommerce on its site. In July 2014, FB began testing a "Buy" button on ads and Page posts.
Just today The New York Times reported that Facebook is in talks with at least six media companies about hosting their content on FB's site. The New York Times, BuzzFeed, and National Geographic are reportedly among those partners.
Want more on the Facebook stock price today? Check out why Money Morning Defense & Tech Specialist Michael A. Robinson said FB stock will double by 2018.
Related Articles:
- MarketWatch: Facebook's Market Valuation Tops $230 billion
- Wall Street Journal: Facebook Analyst Coverage
- Financial Times: Facebook Inc.