During Monday's trading session, Facebook’s stocks rose 4.18% to $355.64. As a result, the social network's capitalization increased to $1.01 trillion. It has taken Mark Zuckerberg's company 9 years since its IPO to reach a valuation of more than $1 trillion.
According to Yahoo Finance, the sharp rise in Facebook's stock price is related to a court ruling that has dismissed the FTC's antitrust lawsuit that could have caused a split in Facebook's business.
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The court has also dismissed the lawsuit that accused Facebook of buying Instagram and WhatsApp in order to neutralize competition.
Refinitiv's consensus forecast for Facebook is $386.26 within a year, more than 8% above the current stock price. Of the 34 analysts polled by Tipranks, 29 gave a buy recommendation, 4 a hold recommendation and one a sell recommendation.
The rally in the big tech companies began last week, at the same time Microsoft's cap surpassed $2 trillion for the first time in its history.