NEW YORK (TheStreet) -- Shares of Facebook Inc. (FB) are climbing higher by 1.28% to $73.40 in late morning trading on Thursday, following a report the social media company is buying the security software startup PrivateCore, Bloomberg reports.
Terms of the deal were not disclosed.
Facebook's decision to acquire PrivateCore is part of the company's plan to enhance its systems security as data breeches are becoming more common and users's relationships with companies are straining, Bloomberg added.
Earlier this week a Russian crime ring stole 1.2 billion user name and password combinations, and over 500 million email addresses, names of the victims and companies left vulnerable were not announced, the New York Times reported.
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Separately, TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. 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 and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."