Meta Platforms (NASDAQ:META) Price Target Raised to $660.00

Meta Platforms (NASDAQ:META) had its target price raised by research analysts at Bank of America from $630.00 to $660.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the social networking company’s stock. Bank of America‘s target price would suggest a potential upside of 13.07% from the company’s current price.

A number of other brokerages also recently commented on META. TD Cowen increased their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. UBS Group increased their price target on Meta Platforms from $635.00 to $690.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Raymond James increased their price target on Meta Platforms from $600.00 to $650.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Barclays increased their price target on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, Mizuho increased their price target on Meta Platforms from $600.00 to $650.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $626.39.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $583.69 on Thursday. The company has a market cap of $1.48 trillion, a PE ratio of 33.49, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Meta Platforms has a 52 week low of $296.86 and a 52 week high of $602.95. The business has a 50 day moving average price of $554.49 and a 200-day moving average price of $512.18. 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 data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Equities analysts anticipate that Meta Platforms will post 21.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the sale, the chief technology officer now owns 11,990 shares in the company, valued at approximately $6,315,852.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 150 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $500.49, for a total value of $75,073.50. Following the completion of the sale, the chief executive officer now owns 124,387 shares of the company’s stock, valued at $62,254,449.63. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,818 shares of company stock valued at $132,569,993 over the last 90 days. Insiders own 13.71% of the company’s stock.

Institutional Trading of Meta Platforms

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Central Valley Advisors LLC raised its holdings in shares of Meta Platforms by 0.3% during the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock valued at $3,271,000 after acquiring an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC raised its holdings in shares of Meta Platforms by 0.5% during the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after acquiring an additional 18 shares in the last quarter. Alliance Wealth Advisors LLC raised its holdings in shares of Meta Platforms by 0.7% during the third quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after acquiring an additional 18 shares in the last quarter. Kozak & Associates Inc. raised its holdings in shares of Meta Platforms by 1.0% during the third quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after acquiring an additional 18 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its holdings in shares of Meta Platforms by 0.5% during the third quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company’s stock valued at $2,038,000 after acquiring an additional 18 shares in the last quarter. 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.