Meta Platforms (NASDAQ:META) PT Raised to $675.00

Meta Platforms (NASDAQ:META) had its target price raised by research analysts at TD Cowen from $600.00 to $675.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the social networking company’s stock. TD Cowen’s price target indicates a potential upside of 17.09% from the company’s previous close.

META has been the subject of a number of other reports. Wedbush restated an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a report on Thursday, September 26th. Piper Sandler raised their target price on Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Monness Crespi & Hardt upped their price target on Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Barclays raised their price objective on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Finally, Mizuho upped their target price on Meta Platforms from $600.00 to $650.00 and gave the stock an “outperform” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $617.37.

Meta Platforms Stock Performance

META stock opened at $576.47 on Thursday. The firm has a market cap of $1.46 trillion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average price of $546.53 and a 200-day moving average price of $508.68. Meta Platforms has a 1-year low of $279.40 and a 1-year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.23 earnings per share. As a group, equities research analysts expect that Meta Platforms will post 21.37 earnings per share for the current year.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $489.80, for a total transaction of $443,269.00. Following the transaction, the insider now directly owns 35,130 shares of the company’s stock, valued at approximately $17,206,674. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $489.80, for a total value of $443,269.00. Following the transaction, the insider now owns 35,130 shares in the company, valued at $17,206,674. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Javier Olivan sold 412 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $463.00, for a total transaction of $190,756.00. Following the sale, the chief operating officer now owns 5,559 shares of the company’s stock, valued at approximately $2,573,817. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 250,816 shares of company stock valued at $132,421,828 over the last quarter. 13.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Meta Platforms

A number of large investors have recently bought and sold shares of META. Capital Research Global Investors increased its stake in shares of Meta Platforms by 14.5% in 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 buying an additional 4,379,826 shares during the period. Jennison Associates LLC grew its holdings in Meta Platforms by 24.7% in the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after acquiring an additional 2,748,620 shares during the last quarter. Sustainable Growth Advisers LP purchased a new position in shares of Meta Platforms in the second quarter valued at about $595,152,000. Global Assets Advisory LLC bought a new position in shares of Meta Platforms during the first quarter valued at about $515,383,000. Finally, Vanguard Group Inc. grew its stake in shares of Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after purchasing an additional 831,047 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

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.