Equities Analysts Set Expectations for Meta Platforms, Inc.’s FY2023 Earnings (NASDAQ:META)

Meta Platforms, Inc. (NASDAQ:METAFree Report) – Zacks Research cut their FY2023 earnings per share (EPS) estimates for Meta Platforms in a report issued on Monday, January 29th. Zacks Research analyst A. Ganguly now expects that the social networking company will post earnings of $14.13 per share for the year, down from their previous estimate of $14.82. The consensus estimate for Meta Platforms’ current full-year earnings is $14.44 per share.

Other analysts have also recently issued research reports about the company. Raymond James upped their price objective on Meta Platforms from $425.00 to $450.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 24th. Stifel Nicolaus reiterated a “buy” rating and set a $405.00 price target on shares of Meta Platforms in a research report on Tuesday, November 14th. Barclays dropped their price target on Meta Platforms from $410.00 to $400.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Jefferies Financial Group increased their price target on Meta Platforms from $425.00 to $455.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Wells Fargo & Company increased their price target on Meta Platforms from $402.00 to $438.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, forty-one have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $371.35.

Check Out Our Latest Stock Analysis on Meta Platforms

Meta Platforms Trading Down 2.5 %

NASDAQ:META opened at $390.14 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.57 and a current ratio of 2.57. Meta Platforms has a one year low of $147.06 and a one year high of $406.36. The business’s 50-day simple moving average is $354.51 and its 200 day simple moving average is $324.36. The stock has a market cap of $1.00 trillion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 1.07 and a beta of 1.22.

Institutional Investors Weigh In On Meta Platforms

Several hedge funds and other institutional investors have recently made changes to their positions in the business. abrdn plc grew its position in shares of Meta Platforms by 45.6% in the fourth quarter. abrdn plc now owns 1,359,150 shares of the social networking company’s stock valued at $481,085,000 after purchasing an additional 425,774 shares during the last quarter. Hunter Associates Investment Management LLC grew its position in Meta Platforms by 8.0% during the fourth quarter. Hunter Associates Investment Management LLC now owns 1,986 shares of the social networking company’s stock worth $704,000 after buying an additional 147 shares in the last quarter. Kornitzer Capital Management Inc. KS grew its position in Meta Platforms by 2.7% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 88,756 shares of the social networking company’s stock worth $31,416,000 after buying an additional 2,297 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in Meta Platforms by 8.7% during the fourth quarter. J.W. Cole Advisors Inc. now owns 28,845 shares of the social networking company’s stock worth $10,210,000 after buying an additional 2,298 shares in the last quarter. Finally, Castle Wealth Management LLC grew its position in Meta Platforms by 2.4% during the fourth quarter. Castle Wealth Management LLC now owns 2,087 shares of the social networking company’s stock worth $739,000 after buying an additional 49 shares in the last quarter. 62.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Meta Platforms news, CEO Mark Zuckerberg sold 65,600 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $400.50, for a total transaction of $26,272,800.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Jennifer Newstead sold 658 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $317.00, for a total value of $208,586.00. Following the sale, the insider now directly owns 32,332 shares of the company’s stock, valued at $10,249,244. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 65,600 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $400.50, for a total value of $26,272,800.00. The disclosure for this sale can be found here. Insiders have sold 939,458 shares of company stock valued at $328,784,197 over the last three months. 14.03% of the stock is currently owned by insiders.

Meta Platforms Company Profile

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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.

Further Reading

Earnings History and Estimates for Meta Platforms (NASDAQ:META)

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