Facebook share price: Social media giant working on website for corporate users

on Nov 17, 2014

iNVEZZ.com, Monday, November 17: Facebook Inc (NASDAQ:FB) is looking to take over the office with a new product aimed at professionals, according to a media report.

The Financial Times reported yesterday, that the owner of the world’s largest social network was secretly working on a website called “Facebook at Work” that would allow users to keep their personal profile separate from their work profile. The newspaper cited unnamed sources familiar with the matter, who said that the new product would provide people with the ability to chat with colleagues, connect with professional contacts and collaborate over documents.
The new website would pit Facebook against LinkedIn – currently the dominant social network for professionals – as well as enterprise products from Microsoft Corp (NASDAQ:MSFT) and Google Inc (NASDAQ:GOOGL).
In Friday’s trading Facebook’s shares closed 0.9 percent higher at $74.88. The company’s stock has advanced 37 percent since the start of the year.
*h*Facebook at Work*h*
According to the report, work on the project intensified in the past year, and the new platform is now being tested with companies as its launch approaches. Prior to that, the product had been used by Facebook employees in their daily work, the FT said. Some of the engineers developing Facebook at Work were based in London, the newspaper also noted.

The website will look very much like the regular version of Facebook, with all its signature features such as Newsfeed and groups. However, it will allow users to keep their personal activity on the social network separate from their work identity. The FT report suggested that the company was unlikely to charge for the product initially.
With Facebook at Work, the Menlo Park-based social network giant will take on tech rivals such as Microsoft and Google. The Windows maker is currently focused on growing its web-based Office 365 service, which allows users to create and edit documents on a variety of devices. The company also has a corporate social network called Yammer, which it acquired for $1.2 billion in 2012, and a cloud storage service dubbed OneDrive. Both these services have integration with Office 365.

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Meanwhile, Google offers email, cloud storage and collaboration over documents via its Gmail and Drive services. The presence of LinkedIn, as well as a number of private companies such as Dropbox, which provide cloud-based services to businesses, adds to the competition in the enterprise sector.
*h*Analysts on Facebook*h*
According to the Financial Times, the 41 analysts offering 12 month price targets for Facebook have a median target of $88.00, with a high estimate of $103.00 and a low estimate of $57.54. As of November 15, 2014, the consensus forecast amongst 68 polled investment analysts covering Facebook has it that the company will outperform the market. The same consensus estimate has been maintained since the sentiment of investment analysts improved on May 29, 2012, the FT notes.
**As of Friday’s US close buy Facebook shares at $74.88**
**As of Friday’s US close sell Facebook shares at $74.88**


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