Meta Platforms (NASDAQ:META) Price Target Raised to $590.00

Meta Platforms (NASDAQ:META) had its price objective raised by analysts at Citigroup from $525.00 to $590.00 in a research report issued on Monday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the social networking company’s stock. Citigroup’s target price suggests a potential upside of 18.06% from the company’s previous close.

A number of other equities analysts also recently issued reports on META. UBS Group upped their price target on Meta Platforms from $425.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Mizuho upped their target price on Meta Platforms from $470.00 to $575.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Piper Sandler upped their target price on Meta Platforms from $525.00 to $600.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft upped their target price on Meta Platforms from $450.00 to $525.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, TD Cowen upped their target price on Meta Platforms from $415.00 to $500.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $509.28.

Meta Platforms Stock Down 0.1 %

Shares of NASDAQ META opened at $499.76 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.67 and a current ratio of 2.67. The firm has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 33.54, a PEG ratio of 1.31 and a beta of 1.20. The stock has a 50 day moving average price of $493.16 and a 200 day moving average price of $396.01. Meta Platforms has a 52-week low of $207.13 and a 52-week high of $531.49.

Meta Platforms (NASDAQ:META) last posted its earnings results on Thursday, February 1st. The social networking company reported $5.33 earnings per share for the quarter, topping analysts’ consensus estimates of $4.82 by $0.51. The company had revenue of $40.11 billion during the quarter, compared to analyst estimates of $39.12 billion. Meta Platforms had a return on equity of 29.48% and a net margin of 28.98%. Meta Platforms’s revenue was up 24.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.00 earnings per share. Sell-side analysts expect that Meta Platforms will post 20.06 earnings per share for the current year.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 97,093 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $469.67, for a total value of $45,601,669.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the sale, the insider now owns 38,398 shares in the company, valued at approximately $20,043,756. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 97,093 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $469.67, for a total transaction of $45,601,669.31. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,439,788 shares of company stock worth $684,542,792. Insiders own 14.03% of the company’s stock.

Institutional Trading of Meta Platforms

A number of hedge funds and other institutional investors have recently made changes to their positions in META. Bank of Stockton boosted its position in Meta Platforms by 9.2% in the 4th quarter. Bank of Stockton now owns 4,743 shares of the social networking company’s stock valued at $1,819,000 after buying an additional 400 shares during the period. Signify Wealth purchased a new position in Meta Platforms in the 4th quarter valued at approximately $228,000. Investment Research & Advisory Group Inc. boosted its position in Meta Platforms by 1.5% in the 4th quarter. Investment Research & Advisory Group Inc. now owns 10,962 shares of the social networking company’s stock valued at $3,880,000 after buying an additional 164 shares during the period. Keel Point LLC boosted its position in Meta Platforms by 6.3% in the 3rd quarter. Keel Point LLC now owns 6,690 shares of the social networking company’s stock valued at $2,008,000 after buying an additional 399 shares during the period. Finally, Syntegra Private Wealth Group LLC purchased a new stake in shares of Meta Platforms during the 4th quarter worth $269,000. Institutional investors and hedge funds 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.