NEW YORK (TheStreet) -- Shares of Facebook Inc (FB) - Get Report were slipping, down 2.06% to $94.99 in pre-market trading Thursday, after the social media giant released its latest quarterly earnings results late yesterday.

Shares fell following the release despite topping estimates on both the top and bottom line.

Still, Wall Street firms raised their price target on shares of Facebook this morning. Deutsche Bank hiked its price target to $115 with a "buy" rating, citing the company's near-flawless execution and steady growth. And, Piper Jaffray analysts raised their price target to $146 from $120.

For the second-quarter, the company earned 50 cents a share on revenue of $4.04 billion.

Wall Street was expecting Facebook to earn 47 cents per share on revenue of $3.99 billion, according to analysts polled by Thomson Reuters.

In the same quarter of last year, the company reported earnings of 42 cents per share on revenue of $2.91 billion.

The company said monthly active users, a key metric for the social networking site, for June this year rose by 13% from June of 2014 to 1.49 billion. The company had 1.31 billion mobile MAUs in June, up 23% from the same month of last year.

Menlo Park, Calif.-based Facebook is a social networking website company, with its applications enabling customers to stay connected with their friends and family.

Insight from TheStreet's Research Team:

Facebook is a core holding of Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Here is a snippet of Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock in a recent post:

After the close, Facebook (FB) - Get Report reported a top-and- bottom-line beat, with second-quarter revenues of $4.04 billion coming in ahead of consensus for $3.99 billion, and earnings per share of $0.50 $0.03 above expectations.

Revenues grew 39%, year over year, which was 50% in constant currency (due to the negative FX impact). Importantly, the release noted that advertising revenue was $3.827 billion (up 43%, y/y, and would have been 55% in constant currency), of which mobile ad revenue made up 76%, up from 62% in the year-earlier period.

Aside from the headline numbers, investors will be focused on the user figures for Facebook. For the quarter, the company reported daily active users (DAUs) of 968 million on average (+17% y/y, above 958 million consensus), mobile DAUs of 844 million on average (+29% y/y), monthly active users (MAUs) of 1.49 billion (+13% y/y, above 1.48 billion consensus), and mobile MAUs of 1.31 billion (+23% y/y, in line with consensus).

- Jim Cramer and Jack Mohr, 'Facebook 2Q Revenues, EPS Top Consensus' originally published 7/29/2015 on ActionAlertsPLUS.com.

Want more information like this from Jim Cramer and Jack Mohr BEFORE your stock moves? Learn more about ActionAlertsPLUS.com now.

Separately, TheStreet Ratings team rates FACEBOOK INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: FB Ratings Report