Truist Financial Raises Meta Platforms (NASDAQ:META) Price Target to $525.00

Meta Platforms (NASDAQ:METAFree Report) had its target price boosted by Truist Financial from $405.00 to $525.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the social networking company’s stock.

A number of other brokerages have also recently issued reports on META. Mizuho upped their price target on shares of Meta Platforms from $470.00 to $575.00 and gave the stock a buy rating in a research note on Friday. Royal Bank of Canada upped their price target on shares of Meta Platforms from $400.00 to $565.00 and gave the stock an outperform rating in a research note on Friday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Meta Platforms from $450.00 to $525.00 and gave the stock a buy rating in a research note on Friday. Rosenblatt Securities upped their price target on shares of Meta Platforms from $372.00 to $411.00 and gave the stock a buy rating in a research note on Thursday, October 26th. Finally, Robert W. Baird upped their target price on shares of Meta Platforms from $385.00 to $525.00 and gave the company an outperform rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, forty have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $491.03.

View Our Latest Stock Report on Meta Platforms

Meta Platforms Stock Down 3.3 %

NASDAQ:META opened at $459.41 on Friday. 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 capitalization of $1.18 trillion, a PE ratio of 30.83, a P/E/G ratio of 1.27 and a beta of 1.15. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.67 and a quick ratio of 2.57. Meta Platforms has a 1-year low of $167.66 and a 1-year high of $485.96.

Meta Platforms (NASDAQ:METAGet 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, topping analysts’ consensus estimates of $4.82 by $0.51. The company had revenue of $40.11 billion for the quarter, compared to analysts’ expectations of $39.12 billion. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. Meta Platforms’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.00 EPS. On average, equities analysts predict that Meta Platforms will post 17.73 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

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

Insider Activity

In other news, CEO Mark Zuckerberg sold 28,009 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Meta Platforms news, COO Javier Olivan sold 7,634 shares of Meta Platforms stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $2,567,390.54. Following the transaction, the chief operating officer now owns 91,413 shares in the company, valued at $30,743,106.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 28,009 shares of Meta Platforms stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $318.11, for a total value of $8,909,942.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 911,357 shares of company stock worth $319,948,949. Company insiders own 14.03% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stone House Investment Management LLC grew its stake in Meta Platforms by 625.0% in the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after purchasing an additional 75 shares during the last quarter. Gilfoyle & Co LLC purchased a new stake in shares of Meta Platforms during the fourth quarter worth about $39,000. Cranbrook Wealth Management LLC grew its stake in shares of Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after acquiring an additional 45 shares during the last quarter. Beaird Harris Wealth Management LLC grew its stake in shares of Meta Platforms by 68.9% during the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after acquiring an additional 42 shares during the last quarter. Finally, Stephens Investment Management Group LLC purchased a new stake in shares of Meta Platforms during the second quarter worth about $30,000. Hedge funds and other institutional investors own 62.87% of the company’s stock.

About Meta Platforms

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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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Analyst Recommendations for Meta Platforms (NASDAQ:META)

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