Meta Platforms (NASDAQ:META) PT Raised to $630.00 at Bank of America

Meta Platforms (NASDAQ:META) had its target price raised by analysts at Bank of America from $563.00 to $630.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the social networking company’s stock. Bank of America‘s price objective points to a potential upside of 11.04% from the stock’s current price.

META has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft increased their price target on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. KeyCorp increased their target price on Meta Platforms from $540.00 to $560.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Oppenheimer lifted their price target on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $660.00 price objective on shares of Meta Platforms in a research note on Monday, September 23rd. Finally, Evercore ISI boosted their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $591.23.

Meta Platforms Trading Down 0.1 %

META opened at $567.36 on Thursday. The firm’s 50 day moving average is $516.19 and its 200-day moving average is $499.60. Meta Platforms has a 52-week low of $279.40 and a 52-week high of $577.40. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $1.44 trillion, a P/E ratio of 32.59, a P/E/G ratio of 1.39 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.23 EPS. Analysts expect that Meta Platforms will post 21.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Susan J. Li sold 8,950 shares of the 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 $4,714,502.00. Following the completion of the transaction, the chief financial officer now directly owns 74,579 shares in the company, valued at $39,285,234.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Meta Platforms news, insider Christopher K. Cox sold 10,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $569.93, for a total value of $5,699,300.00. Following the completion of the sale, the insider now directly owns 328,662 shares of the company’s stock, valued at approximately $187,314,333.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Susan J. Li sold 8,950 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the transaction, the chief financial officer now owns 74,579 shares of the company’s stock, valued at approximately $39,285,234.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 342,358 shares of company stock worth $179,431,101. 13.71% of the stock is owned by corporate insiders.

Institutional Trading of Meta Platforms

Several institutional investors and hedge funds have recently added to or reduced their stakes in META. Vanguard Group Inc. increased its holdings in shares of Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after buying an additional 831,047 shares in the last quarter. Capital World Investors raised its position in shares of Meta Platforms by 0.6% during the first quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock worth $18,597,382,000 after purchasing an additional 244,803 shares during the period. Capital International Investors lifted its holdings in shares of Meta Platforms by 3.2% during the fourth quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock valued at $12,296,383,000 after purchasing an additional 1,083,719 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Meta Platforms by 14.5% in the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock valued at $16,799,612,000 after purchasing an additional 4,379,826 shares during the period. Finally, Jennison Associates LLC increased its stake in Meta Platforms by 24.7% in the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

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.