Shares of Facebook broke above $30 after the company sent out invitations for an unspecified Jan. 15 announcement, and Murphy said the stock would continue to climb.
"As I said last week, or two weeks ago, I think the stock has a magnet to $38. I think this stock will print over $38 this year," he said. "It's been a long time coming, but I think from there, the story just begins for Facebook."
Stephen Weiss of Short Hills Capital said he was a buyer on the stock's momentum.
"There are people looking for a home away from Apple at this point, and it's a big-cap tech stock, so I figured it's going to be a good trade," he said. "I don't often do that on sentiment, but I think it's going to go higher."
Joe Terranova of Virtus Investment Partners noted a new level of comfort in Facebook.
"The investment advisor community back on Nov. 1 owned 65 percent of the overall shares. They have now increased that up to 75 percent. There's more comfort there," he said. "This is institutional flow of capital coming in. This is longer-term type of money that's a little more passive, not as much active."
Terranova added that the story only really changes if Facebook posts a big miss.
"Otherwise, you stay with the story," he said.
Shelter Harbor Capital's Brian Kelly said that a long-term position would require faith in Facebook's CEO.
"If you're in it for longer-term, then you have to believe that Mark Zuckerberg is going to come up with that none of us has thought of, that he's going to be able to monetize with his billion users," he said. "If you believe that, you take Facebook stock, you put it in your drawer, and you hold it forever."