Royal Bank of Canada Boosts Meta Platforms (NASDAQ:META) Price Target to $565.00

Meta Platforms (NASDAQ:METAFree Report) had its target price raised by Royal Bank of Canada from $400.00 to $565.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the social networking company’s stock.

A number of other analysts have also recently weighed in on META. KeyCorp increased their price target on shares of Meta Platforms from $465.00 to $575.00 and gave the stock an overweight rating in a research note on Tuesday, January 30th. JMP Securities raised their target price on shares of Meta Platforms from $410.00 to $500.00 and gave the stock an outperform rating in a research note on Friday. Truist Financial raised their target price on shares of Meta Platforms from $390.00 to $405.00 and gave the stock a buy rating in a research note on Thursday, October 26th. Bank of America raised their target price on shares of Meta Platforms from $425.00 to $510.00 and gave the stock a buy rating in a research note on Friday. Finally, Citigroup raised their target price on shares of Meta Platforms from $440.00 to $525.00 and gave the stock a buy rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, forty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $491.03.

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Meta Platforms Price Performance

Shares of META opened at $459.41 on Friday. Meta Platforms has a fifty-two week low of $167.66 and a fifty-two week high of $485.96. The firm’s 50 day moving average price is $360.81 and its 200 day moving average price is $327.26. The company has a market cap of $1.18 trillion, a P/E ratio of 30.83, a PEG ratio of 1.27 and a beta of 1.15. The company has a quick ratio of 2.57, a current ratio of 2.67 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:METAGet Free Report) last announced its quarterly earnings data on Thursday, February 1st. The social networking company reported $5.33 EPS for the quarter, beating analysts’ consensus estimates of $4.82 by $0.51. The company had revenue of $40.11 billion for the quarter, compared to the consensus estimate of $39.12 billion. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.00 EPS. On average, research analysts forecast that Meta Platforms will post 17.73 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Shareholders of record on Thursday, February 22nd will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, February 21st. This represents a $2.00 dividend on an annualized basis and a yield of 0.44%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 28,009 shares of Meta Platforms stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $318.11, for a total transaction of $8,909,942.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Nicholas Clegg sold 2,145 shares of the business’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 $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 filing with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 28,009 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $318.11, for a total transaction of $8,909,942.99. 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. Corporate insiders own 14.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in META. Fairfield Bush & CO. bought a new stake in shares of Meta Platforms in the first quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Meta Platforms by 12.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock valued at $499,020,000 after acquiring an additional 249,926 shares in the last quarter. Ergoteles LLC raised its holdings in Meta Platforms by 284.0% in the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock valued at $746,000 after acquiring an additional 2,482 shares in the last quarter. First Western Trust Bank acquired a new stake in Meta Platforms in the first quarter valued at $813,000. Finally, Oxford Financial Group Ltd. raised its holdings in Meta Platforms by 26.9% in the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock valued at $420,000 after acquiring an additional 400 shares in the last quarter. 62.87% of the stock is owned by institutional investors and hedge funds.

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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