Facebook Inc. closed at a record high on Wednesday, but the stock is still one of the most under-owned of the large-cap Internet companies, according to an analysis published Wednesday by Citigroup.

In fact, the social network FB, -2.25% is the second-least-held stock, ahead of just Google Inc. GOOGL, -1.91% , among a group of 10 large-cap Internet stocks that Citi says are used as a benchmark by intuitional investors for industry growth.

The most overweight stocks relative to the S&P 500 are Expedia Inc. EXPE, -2.71% , TripAdvisor Inc. TRIP, -7.37% Netflix Inc. NFLX, +2.07% , Priceline Group Inc. US:PCLN, eBay Inc. EBAY, +1.20% , Amazon.com Inc. AMZN, -2.00% and Yahoo Inc. US:YHOO, according to the report, which was circulated among Citi’s clients Wednesday morning.

“ “We believe [Facebook] and [Google] may have the greatest near-term opportunity....” ” — Mark May, Citi Research

Citi came to the findings by analyzing the current holdings of the top 40 institutional investors, excluding index funds, for 10 Internet securities as a percentage of their total equity assets under management. The number was then compared to the weighting of the stock in the S&P 500.

Citi admits there may be some holes in its findings. First, it’s likely that not all funds or portfolios are benchmarked to the S&P 500. That is especially true of stocks like eBay and Expedia that have a high percentage of hedge fund ownership.

Secondly, the calculations only take into account the top 40 institutional investors, which on average represent just 62% of total institutional holdings of the large-cap Internet stocks analyzed.

However, for Facebook, the findings are nevertheless interesting amid the company’s healthy ad and revenue growth in recent quarters.

Shares of Facebook have surged 14% year-to-date, outperforming the broader S&P 500, up 2.4% over the same period. The stock’s valuation, at $249.54 billion, according to FactSet, recently surpassed that of Wal-Mart Stores Inc. WMT, +0.64% , valued at $233.1 billion.

“We believe FB and GOOGL may have the greatest near-term opportunity among large-cap Internet to benefit from portfolio re-weighting if they execute consistent with current investor expectations,” May said.

Citi has a $97 12-month price target on Facebook, which implies a 10% improvement from Tuesday’s close. The social network’s shares climbed 1.1% to close at a record high of $88.86 on Wednesday.

Shares of Google are up 5.3% this year. Citi has a $682 12-month price target on the stock, which implies a 22% improvement from Wednesday’s close.