Meta Platforms (NASDAQ:META) PT Raised to $655.00

Meta Platforms (NASDAQ:META) had its price target upped by investment analysts at KeyCorp from $560.00 to $655.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the social networking company’s stock. KeyCorp’s target price would suggest a potential upside of 11.40% from the company’s current price.

META has been the subject of a number of other research reports. Wedbush reiterated an “outperform” rating and issued a $600.00 price objective on shares of Meta Platforms in a report on Thursday, September 26th. Loop Capital increased their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Guggenheim boosted their price objective on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a report on Monday. Evercore ISI increased their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, Roth Mkm upped their price objective on shares of Meta Platforms from $510.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $605.33.

Meta Platforms Trading Down 0.8 %

Shares of NASDAQ META traded down $4.93 during mid-day trading on Wednesday, hitting $587.96. The company’s stock had a trading volume of 3,566,661 shares, compared to its average volume of 15,401,146. Meta Platforms has a one year low of $279.40 and a one year high of $602.95. The company’s fifty day simple moving average is $532.05 and its 200-day simple moving average is $503.76. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The stock has a market cap of $1.49 trillion, a price-to-earnings ratio of 33.77, a price-to-earnings-growth ratio of 1.39 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the firm earned $3.23 earnings per share. On average, sell-side analysts anticipate that Meta Platforms will post 21.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Meta Platforms

In other news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now owns 11,990 shares of the company’s stock, valued at approximately $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Javier Olivan sold 412 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $530.81, for a total value of $218,693.72. Following the completion of the transaction, the chief operating officer now directly owns 6,383 shares in the company, valued at approximately $3,388,160.23. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 266,332 shares of company stock valued at $139,981,833 in the last quarter. 13.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its stake in Meta Platforms by 14.5% during the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after purchasing an additional 4,379,826 shares during the last quarter. Vanguard Group Inc. raised its holdings in Meta Platforms by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after purchasing an additional 3,104,550 shares during the last quarter. Jennison Associates LLC lifted its holdings in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after buying an additional 2,748,620 shares during the period. Sustainable Growth Advisers LP acquired a new position in shares of Meta Platforms in the 2nd quarter valued at about $595,152,000. Finally, Global Assets Advisory LLC bought a new stake in shares of Meta Platforms during the 1st quarter valued at about $515,383,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.