Meta Platforms, Inc. (NASDAQ:META – Get Free Report) shares were up 0.9% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $647.00 to $652.00. Wells Fargo & Company currently has an overweight rating on the stock. Meta Platforms traded as high as $583.04 and last traded at $577.72. Approximately 5,722,944 shares were traded during trading, a decline of 63% from the average daily volume of 15,548,877 shares. The stock had previously closed at $572.44.
A number of other research firms have also recently commented on META. Oppenheimer lifted their price objective on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Piper Sandler raised their target price on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Barclays lifted their price objective on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. DA Davidson started coverage on shares of Meta Platforms in a research report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 target price on the stock. Finally, KeyCorp raised their price objective on Meta Platforms from $540.00 to $560.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $598.08.
Read Our Latest Report on Meta Platforms
Insiders Place Their Bets
Hedge Funds Weigh In On Meta Platforms
Hedge funds have recently bought and sold shares of the business. S.A. Mason LLC boosted its stake in shares of Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after buying an additional 20 shares during the period. Front Row Advisors LLC grew its holdings in shares of Meta Platforms by 5.7% during the 2nd quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock worth $187,000 after purchasing an additional 20 shares in the last quarter. Horizon Bancorp Inc. IN increased its position in shares of Meta Platforms by 2.0% in the first quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock worth $513,000 after purchasing an additional 21 shares during the period. Northern Capital Management Inc. raised its stake in Meta Platforms by 3.4% in the first quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock valued at $314,000 after purchasing an additional 21 shares in the last quarter. Finally, Buckingham Capital Management Inc. lifted its position in Meta Platforms by 5.1% during the second quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock worth $218,000 after purchasing an additional 21 shares during the period. 79.91% of the stock is owned by institutional investors.
Meta Platforms Price Performance
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 stock has a market capitalization of $1.45 trillion, a price-to-earnings ratio of 32.90, a P/E/G ratio of 1.39 and a beta of 1.21. The business’s 50 day simple moving average is $521.88 and its 200-day simple moving average is $501.35.
Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company 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 business’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.23 earnings per share. On average, research analysts forecast that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.
Meta Platforms Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.
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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