Meta Platforms (NASDAQ:META) Price Target Increased to $645.00 by Analysts at Citigroup

Meta Platforms (NASDAQ:META) had its target price increased by Citigroup from $580.00 to $645.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the social networking company’s stock.

Several other equities analysts have also weighed in on META. Susquehanna increased their price objective on Meta Platforms from $550.00 to $600.00 and gave the company a positive rating in a report on Thursday, August 1st. Guggenheim increased their price target on Meta Platforms from $500.00 to $600.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Wells Fargo & Company boosted their price objective on Meta Platforms from $625.00 to $647.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Raymond James upped their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the company a strong-buy rating in a report on Monday, July 1st. Finally, BMO Capital Markets reiterated a market perform rating and issued a $450.00 target price on shares of Meta Platforms in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $591.23.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $567.84 on Monday. The company has a market capitalization of $1.44 trillion, a P/E ratio of 32.62, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21. The company’s 50-day moving average is $514.38 and its 200 day moving average is $499.02. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. Meta Platforms has a fifty-two week low of $279.40 and a fifty-two week high of $577.40.

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

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Insider Activity

In related news, CEO Mark Zuckerberg sold 150 shares of Meta Platforms stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $500.49, for a total value of $75,073.50. Following the transaction, the chief executive officer now owns 124,387 shares in the company, valued at approximately $62,254,449.63. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Susan J. Li sold 8,950 shares of Meta Platforms stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $4,714,502.00. Following the transaction, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 150 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $500.49, for a total transaction of $75,073.50. Following the sale, the chief executive officer now directly owns 124,387 shares of the company’s stock, valued at approximately $62,254,449.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 342,358 shares of company stock valued at $179,431,101. Corporate insiders own 13.71% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC bought a new position in Meta Platforms during the 4th quarter valued at approximately $32,000. Clear Investment Research LLC lifted its stake in Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the period. Delos Wealth Advisors LLC boosted its holdings in Meta Platforms by 527.3% in the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after acquiring an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new position in Meta Platforms in the 2nd quarter worth $38,000. Finally, Ruedi Wealth Management Inc. lifted its position in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the period. 79.91% of the stock is owned by 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.