Citigroup Upgrades Meta Platforms (NASDAQ:FB) to “Buy”

Meta Platforms (NASDAQ:FBGet Rating) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, April 20th, Marketbeat reports. The brokerage currently has a $300.00 price target on the social networking company’s stock, up from their previous price target of $258.00. Citigroup’s price objective points to a potential upside of 34.28% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. MKM Partners reduced their target price on shares of Meta Platforms from $365.00 to $315.00 and set a “buy” rating for the company in a report on Thursday, April 14th. Raymond James downgraded Meta Platforms from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $410.00 to $340.00 in a research report on Thursday, February 3rd. KGI Securities reiterated a “neutral” rating and set a $270.00 target price on shares of Meta Platforms in a research report on Tuesday, February 8th. Canaccord Genuity Group decreased their price target on Meta Platforms from $420.00 to $360.00 and set a “buy” rating on the stock in a report on Thursday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Meta Platforms in a research note on Friday, March 11th. They issued a “buy” rating and a $265.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Buy” and an average target price of $316.80.

FB traded up $11.38 on Wednesday, reaching $223.41. The company had a trading volume of 41,286,766 shares, compared to its average volume of 36,396,750. The business has a 50 day simple moving average of $208.21 and a 200 day simple moving average of $275.17. The company has a market cap of $608.11 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 1.28 and a beta of 1.37. Meta Platforms has a 52-week low of $169.00 and a 52-week high of $384.33.

Meta Platforms (NASDAQ:FBGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.06. Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. During the same period in the previous year, the company earned $3.30 EPS. On average, equities analysts expect that Meta Platforms will post 11.63 EPS for the current fiscal year.

In other news, CFO David M. Wehner sold 1,095 shares of Meta Platforms stock in a transaction dated Tuesday, February 15th. The shares were sold at an average price of $217.70, for a total transaction of $238,381.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Susan J.S. Taylor sold 2,272 shares of Meta Platforms stock in a transaction dated Thursday, February 17th. The stock was sold at an average price of $214.00, for a total transaction of $486,208.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,956 shares of company stock valued at $1,692,026. 13.59% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Aptus Capital Advisors LLC lifted its holdings in shares of Meta Platforms by 26.0% in the 1st quarter. Aptus Capital Advisors LLC now owns 58,554 shares of the social networking company’s stock worth $13,021,000 after acquiring an additional 12,096 shares during the last quarter. ClariVest Asset Management LLC raised its holdings in Meta Platforms by 4.0% in the 1st quarter. ClariVest Asset Management LLC now owns 209,872 shares of the social networking company’s stock worth $46,668,000 after purchasing an additional 8,168 shares in the last quarter. Financial Advisory Service Inc. raised its holdings in Meta Platforms by 11.9% in the 1st quarter. Financial Advisory Service Inc. now owns 10,968 shares of the social networking company’s stock worth $2,439,000 after purchasing an additional 1,166 shares in the last quarter. Rollins Financial raised its holdings in Meta Platforms by 1.8% in the 1st quarter. Rollins Financial now owns 32,380 shares of the social networking company’s stock worth $7,200,000 after purchasing an additional 578 shares in the last quarter. Finally, First City Capital Management Inc. grew its position in shares of Meta Platforms by 11.2% in the 1st quarter. First City Capital Management Inc. now owns 1,485 shares of the social networking company’s stock worth $330,000 after buying an additional 150 shares during the period. 65.49% of the stock is owned by institutional investors and hedge funds.

About Meta Platforms (Get Rating)

Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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