Meta Platforms (NASDAQ:META) Price Target Raised to $690.00

Meta Platforms (NASDAQ:META) had its price target boosted by stock analysts at UBS Group from $635.00 to $690.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the social networking company’s stock. UBS Group’s price target suggests a potential upside of 16.38% from the stock’s previous close.

Several other equities analysts have also commented on META. Wells Fargo & Company increased their target price on Meta Platforms from $647.00 to $652.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. DA Davidson initiated coverage on Meta Platforms in a report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 target price on the stock. Wedbush reissued an “outperform” rating and issued a $600.00 target price on shares of Meta Platforms in a report on Thursday, September 26th. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Wednesday, September 4th. Finally, Benchmark reissued a “hold” rating on shares of Meta Platforms in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $601.08.

Meta Platforms Stock Up 1.4 %

Shares of NASDAQ META opened at $592.89 on Monday. The stock has a market cap of $1.50 trillion, a P/E ratio of 34.05, a PEG ratio of 1.39 and a beta of 1.22. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms has a 12-month low of $279.40 and a 12-month high of $602.95. The business’s fifty day simple moving average is $529.45 and its 200-day simple moving average is $503.17.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the firm earned $3.23 earnings per share. As a group, equities analysts predict that Meta Platforms will post 21.36 EPS for the current fiscal year.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the sale, the chief technology officer now owns 11,990 shares in the company, valued at approximately $6,315,852.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Mark Zuckerberg sold 14,874 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $503.38, for a total transaction of $7,487,274.12. Following the transaction, the chief executive officer now owns 135,442 shares in the company, valued at $68,178,793.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the transaction, the chief technology officer now owns 11,990 shares in the company, valued at $6,315,852.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 266,332 shares of company stock worth $139,981,833. 13.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Delos Wealth Advisors LLC boosted its holdings in Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new stake in Meta Platforms during the second quarter worth approximately $38,000. Ruedi Wealth Management Inc. boosted its holdings in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after buying an additional 44 shares in the last quarter. Richardson Financial Services Inc. boosted its holdings in Meta Platforms by 95.6% during the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after buying an additional 43 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Meta Platforms during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

About Meta Platforms

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.