Facebook is getting a lot of likes lately.
Its stock hit an all-time high Friday morning of $102 a share for the first time. It’s previous intraday trading high was $99.73 set on Thursday.
Facebook’s stock remains one of the best performers in the S&P 500 this year, up about 30%.
Facebook rose along with several big name technology stocks, after the companies reported positive earnings. Google and Amazon stock are also at record levels and Microsoft is at a 15-year high.
Facebook’s earnings do not come out until November 4.
The company’s sales have climbed rapidly — in the second quarter alone, sales rose 39% compared to a year ago. Morgan Stanley recently listed Facebook among its 16 stocks to buy no matter what happens to the U.S. economy.
Facebook has a very high valuation: its price-to-earnings ratio is 100. Google’s is 34, Yahoo’s is 4 and Apple’s is 12. But that’s not deterring investors.
Facebook benefits from three major platforms: the flagship Facebook page, its photo-sharing app Instagram and the text-messaging app Whatsapp.
Facebook has over 1.5 billion users who sign in at least once a month.