Meta Platforms (NASDAQ:META) PT Raised to $610.00

Meta Platforms (NASDAQ:META) had its price target boosted by equities researchers at Canaccord Genuity Group from $580.00 to $610.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the social networking company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 21.56% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group raised their price objective on Meta Platforms from $500.00 to $555.00 and gave the stock a “buy” rating in a report on Monday. JMP Securities raised their price objective on Meta Platforms from $410.00 to $500.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Jefferies Financial Group raised their price objective on Meta Platforms from $550.00 to $585.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Barclays raised their price objective on Meta Platforms from $400.00 to $550.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, UBS Group increased their target price on Meta Platforms from $530.00 to $610.00 and gave the stock a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $519.53.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $501.80 on Wednesday. The business’s fifty day moving average price is $494.29 and its two-hundred day moving average price is $397.43. The stock has a market cap of $1.28 trillion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 1.28 and a beta of 1.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.67 and a current ratio of 2.67. Meta Platforms has a one year low of $207.13 and a one year high of $531.49.

Meta Platforms (NASDAQ:META) last announced its earnings results on Thursday, February 1st. The social networking company reported $5.33 EPS for the quarter, beating analysts’ consensus estimates of $4.82 by $0.51. The firm had revenue of $40.11 billion for the quarter, compared to analysts’ expectations of $39.12 billion. Meta Platforms had a return on equity of 29.48% and a net margin of 28.98%. Meta Platforms’s quarterly revenue was up 24.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.00 EPS. On average, analysts forecast that Meta Platforms will post 20.06 EPS for the current fiscal year.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 19,681 shares of Meta Platforms stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $384.54, for a total value of $7,568,131.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Meta Platforms news, CEO Mark Zuckerberg sold 19,681 shares of Meta Platforms stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $384.54, for a total value of $7,568,131.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the sale, the insider now directly owns 38,398 shares in the company, valued at approximately $20,043,756. The disclosure for this sale can be found here. Insiders sold a total of 1,421,182 shares of company stock worth $677,574,550 over the last ninety days. Company insiders own 13.75% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Hedge funds have recently made changes to their positions in the business. Stone House Investment Management LLC raised its holdings in shares of Meta Platforms by 625.0% during the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after buying an additional 75 shares during the last quarter. MBM Wealth Consultants LLC bought a new stake in Meta Platforms during the fourth quarter worth approximately $26,000. Stephens Investment Management Group LLC bought a new stake in Meta Platforms during the second quarter worth approximately $30,000. Beaird Harris Wealth Management LLC raised its holdings in Meta Platforms by 68.9% during the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after purchasing an additional 42 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Meta Platforms during the fourth quarter worth approximately $32,000. 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.