Meta Platforms (NASDAQ:META – Free Report) had its price target hoisted by Morgan Stanley from $375.00 to $550.00 in a report released on Friday, Marketbeat.com reports. The brokerage currently has an overweight rating on the social networking company’s stock.
Several other equities research analysts also recently issued reports on META. BMO Capital Markets began coverage on Meta Platforms in a report on Tuesday, January 9th. They set a market perform rating and a $397.00 price target for the company. Wells Fargo & Company raised their price target on Meta Platforms from $402.00 to $438.00 and gave the company an overweight rating in a report on Wednesday, January 17th. JMP Securities increased their price objective on Meta Platforms from $380.00 to $410.00 and gave the stock a market outperform rating in a research report on Friday, January 19th. Wedbush increased their price objective on Meta Platforms from $420.00 to $520.00 and gave the stock an outperform rating in a research report on Friday. Finally, Royal Bank of Canada reiterated an outperform rating and set a $400.00 price objective on shares of Meta Platforms in a research report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, forty have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $491.03.
Meta Platforms Trading Down 3.3 %
Meta Platforms (NASDAQ:META – Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The social networking company reported $5.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.82 by $0.51. Meta Platforms had a return on equity of 29.48% and a net margin of 28.98%. The business had revenue of $40.11 billion during the quarter, compared to the consensus estimate of $39.12 billion. During the same quarter last year, the firm posted $3.00 EPS. The company’s quarterly revenue was up 24.7% on a year-over-year basis. Research analysts forecast that Meta Platforms will post 17.73 EPS for the current year.
Meta Platforms Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 26th. Investors of record on Thursday, February 22nd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Wednesday, February 21st.
Insider Buying and Selling
In related news, insider Nicholas Clegg sold 2,145 shares of Meta Platforms stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $721,384.95. Following the transaction, the insider now directly owns 9,933 shares of the company’s stock, valued at $3,340,567.23. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 566 shares of Meta Platforms stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $404.00, for a total value of $228,664.00. Following the completion of the sale, the insider now directly owns 34,720 shares in the company, valued at $14,026,880. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicholas Clegg sold 2,145 shares of Meta Platforms stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $721,384.95. Following the completion of the sale, the insider now owns 9,933 shares of the company’s stock, valued at $3,340,567.23. The disclosure for this sale can be found here. Insiders have sold a total of 911,357 shares of company stock valued at $319,948,949 over the last ninety days. 14.03% of the stock is owned by company insiders.
Institutional Investors Weigh In On Meta Platforms
Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings in shares of Meta Platforms by 137.5% during the second quarter. Renaissance Technologies LLC now owns 4,532,030 shares of the social networking company’s stock valued at $1,300,602,000 after acquiring an additional 2,623,447 shares in the last quarter. Houlihan Financial Resource Group Ltd. bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $474,000. Atomi Financial Group Inc. increased its holdings in shares of Meta Platforms by 63.8% during the second quarter. Atomi Financial Group Inc. now owns 8,345 shares of the social networking company’s stock valued at $2,395,000 after acquiring an additional 3,251 shares in the last quarter. Solstein Capital LLC bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $100,000. Finally, Keel Point LLC increased its holdings in shares of Meta Platforms by 6.3% during the third quarter. Keel Point LLC now owns 6,690 shares of the social networking company’s stock valued at $2,008,000 after acquiring an additional 399 shares in the last quarter. Institutional investors own 62.87% 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.
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