Meta Platforms (NASDAQ:META) PT Raised to $640.00 at JPMorgan Chase & Co.

Meta Platforms (NASDAQ:META) had its price objective lifted by JPMorgan Chase & Co. from $610.00 to $640.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the social networking company’s stock.

META has been the subject of several other reports. Rosenblatt Securities boosted their price objective on Meta Platforms from $562.00 to $643.00 and gave the company a buy rating in a report on Thursday, August 1st. Wells Fargo & Company upped their price target on Meta Platforms from $625.00 to $647.00 and gave the company an overweight rating in a research report on Thursday, August 1st. TD Cowen boosted their target price on shares of Meta Platforms from $530.00 to $600.00 and gave the company a buy rating in a research note on Wednesday, July 10th. UBS Group raised their price target on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a buy rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets reiterated a market perform rating and set a $450.00 price objective on shares of Meta Platforms in a research note on Wednesday, June 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $591.23.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $567.36 on Thursday. The business has a 50 day moving average price of $516.19 and a two-hundred day moving average price of $499.63. Meta Platforms has a fifty-two week low of $279.40 and a fifty-two week high of $577.40. The firm has a market cap of $1.44 trillion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12.

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

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. Meta Platforms’s payout ratio is 11.49%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the sale, the insider now directly owns 33,324 shares in the company, valued at approximately $15,034,122.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Christopher K. Cox sold 10,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $569.93, for a total transaction of $5,699,300.00. Following the completion of the sale, the insider now owns 328,662 shares in the company, valued at approximately $187,314,333.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the completion of the transaction, the insider now directly owns 33,324 shares in the company, valued at $15,034,122.60. The disclosure for this sale can be found here. Insiders have sold 325,656 shares of company stock worth $171,028,659 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Meta Platforms

Institutional investors have recently modified their holdings of the company. Delos Wealth Advisors LLC boosted its holdings in Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC bought a new stake in Meta Platforms during the 2nd quarter valued at approximately $38,000. Ruedi Wealth Management Inc. grew its holdings in Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after buying an additional 44 shares during the last quarter. Richardson Financial Services Inc. increased its position in Meta Platforms by 95.6% in the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after buying an additional 43 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $32,000. Institutional investors own 79.91% 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.