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In what is becoming a familiar pattern, shares of Facebook (FB) hit a new high the same day it suspended another data analytics firm for how it handled the personal data of Facebook's 2.2 billion users.

Shares of the social network reached a record $211.50 during trading Friday before closing at $209.94, up 0.9%. Reports from two Wall Street analysts, bullish on the company's advertising revenue prospects in anticipation of its latest quarterly earnings on July 25, led to the intraday surge.

Piper Jaffray analyst Michael Olson raised his price target to $250 from $210, a 19% premium from its current price. Stifel analyst Scott Devitt raised his price to $242 from $202, also on the premise of Facebook's strong digital advertising business.

But the stock performance was overshadowed by news late Friday that Facebook had suspended Crimson Hexagon, pending an investigation. Facebook is looking into contracts Crimson Hexagon has to analyze public Facebook data for U.S. government agencies and an unnamed Russian non-profit, according to a report in the Wall Street Journal.

In a blog post today, Crimson Chief Technology Officer Chris Bingham said the company "only collects publicly available social media data that anyone can access" and it "does not collect private social media data."

Facebook is investigating the claims to see if Crimson violated any of its policies, Ime Archibong, Facebook's vice president of product partnerships, said in a statement to Barron's.

Facebook has taken steps in lobbying efforts on data security and policy, among other issues. It spent nearly $3.7 million in the second quarter of 2018, a record, according to filings Friday.

Still, the latest data dust-up is likely to dog Facebook politically months after Chief Executive Mark Zuckerberg was grilled by lawmakers in the U.S. and Europe when it suspended Cambridge Analytica. The defunct political consulting firm, which worked for Donald Trump's 2016 presidential campaign, gathered data on tens of millions of Facebook users.

Financially, it might be another story: Facebook shares are up 19% in 2018, and 28% over the last 12 months.

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