Meta Platforms (NASDAQ:META) Price Target Increased to $575.00 by Analysts at KeyCorp

Meta Platforms (NASDAQ:METAGet Free Report) had its price target boosted by stock analysts at KeyCorp from $465.00 to $575.00 in a report issued on Tuesday, Marketbeat.com reports. The brokerage currently has an “overweight” rating on the social networking company’s stock. KeyCorp’s price target indicates a potential upside of 20.76% from the company’s current price.

A number of other research firms also recently issued reports on META. Wells Fargo & Company lifted their price objective on shares of Meta Platforms from $402.00 to $438.00 and gave the stock an “overweight” rating in a report on Wednesday, January 17th. Jefferies Financial Group lifted their price objective on shares of Meta Platforms from $425.00 to $455.00 and gave the stock a “buy” rating in a report on Monday. Barclays dropped their price objective on shares of Meta Platforms from $410.00 to $400.00 and set an “overweight” rating for the company in a report on Thursday, October 26th. Truist Financial lifted their price objective on shares of Meta Platforms from $390.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Finally, Wedbush lifted their price objective on shares of Meta Platforms from $350.00 to $420.00 and gave the stock an “outperform” rating in a report on Wednesday, December 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, forty-two have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus price target of $456.05.

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Meta Platforms Stock Performance

Shares of META stock traded up $81.37 during trading hours on Tuesday, hitting $476.15. 25,336,585 shares of the company were exchanged, compared to its average volume of 17,333,414. The firm has a fifty day simple moving average of $355.58 and a 200 day simple moving average of $324.85. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.13. Meta Platforms has a 52-week low of $167.66 and a 52-week high of $477.28. The stock has a market capitalization of $1.22 trillion, a price-to-earnings ratio of 34.84, a P/E/G ratio of 1.04 and a beta of 1.15.

Meta Platforms (NASDAQ:METAGet Free Report) last released its quarterly earnings data on Thursday, February 1st. The social networking company reported $5.33 EPS for the quarter, topping the consensus estimate of $4.82 by $0.51. The company had revenue of $40.11 billion during the quarter, compared to the consensus estimate of $39.12 billion. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. Meta Platforms’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same period last year, the firm earned $3.00 EPS. Research analysts predict that Meta Platforms will post 14.4 earnings per share for the current fiscal year.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 566 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $338.48, for a total value of $191,579.68. Following the completion of the sale, the insider now directly owns 40,380 shares of the company’s stock, valued at $13,667,822.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Susan J. Li sold 10,642 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $336.31, for a total transaction of $3,579,011.02. Following the completion of the transaction, the chief financial officer now owns 89,509 shares in the company, valued at $30,102,771.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 566 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $338.48, for a total transaction of $191,579.68. Following the transaction, the insider now owns 40,380 shares of the company’s stock, valued at approximately $13,667,822.40. The disclosure for this sale can be found here. Insiders sold a total of 940,024 shares of company stock valued at $329,012,861 over the last three months. Corporate insiders own 13.75% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Several institutional investors have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich lifted its position in Meta Platforms by 101,072.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 777,798,687 shares of the social networking company’s stock valued at $223,212,667,000 after purchasing an additional 777,029,902 shares during the last quarter. Vanguard Group Inc. lifted its position in Meta Platforms by 1.0% during the third quarter. Vanguard Group Inc. now owns 183,244,796 shares of the social networking company’s stock valued at $55,011,920,000 after purchasing an additional 1,733,182 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Meta Platforms by 1.9% in the 2nd quarter. BlackRock Inc. now owns 155,776,067 shares of the social networking company’s stock worth $44,704,616,000 after acquiring an additional 2,841,147 shares during the last quarter. FMR LLC lifted its holdings in shares of Meta Platforms by 4.0% in the 3rd quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock worth $39,270,443,000 after acquiring an additional 5,001,647 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Meta Platforms by 1.8% in the 2nd quarter. State Street Corp now owns 88,542,953 shares of the social networking company’s stock worth $25,410,057,000 after acquiring an additional 1,548,671 shares during the last quarter. Institutional investors own 62.87% of the company’s stock.

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.

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