FY2023 EPS Estimates for Meta Platforms, Inc. (NASDAQ:FB) Decreased by Analyst

Meta Platforms, Inc. (NASDAQ:FBGet Rating) – Jefferies Financial Group reduced their FY2023 earnings estimates for shares of Meta Platforms in a research note issued on Monday, April 18th. Jefferies Financial Group analyst B. Thill now anticipates that the social networking company will earn $15.00 per share for the year, down from their prior forecast of $16.18. Jefferies Financial Group currently has a “Buy” rating and a $350.00 target price on the stock.

Meta Platforms (NASDAQ:FBGet Rating) last issued its quarterly earnings results on Wednesday, February 2nd. The social networking company reported $3.67 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.78 by ($0.11). The business had revenue of $33.67 billion during the quarter, compared to the consensus estimate of $33.44 billion. Meta Platforms had a net margin of 33.38% and a return on equity of 29.71%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.88 EPS.

A number of other brokerages have also weighed in on FB. Sanford C. Bernstein reduced their price objective on Meta Platforms from $400.00 to $350.00 and set an “outperform” rating on the stock in a research report on Thursday, February 3rd. Royal Bank of Canada reduced their price objective on Meta Platforms from $245.00 to $240.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 13th. BMO Capital Markets lowered Meta Platforms from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $425.00 to $290.00 in a research report on Thursday, February 3rd. Mizuho reduced their price objective on Meta Platforms from $450.00 to $425.00 and set a “buy” rating on the stock in a research report on Thursday, February 3rd. Finally, Susquehanna cut their target price on Meta Platforms from $425.00 to $375.00 and set a “positive” rating on the stock in a report on Thursday, February 3rd. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $328.63.

Shares of FB stock opened at $200.42 on Thursday. The firm has a market capitalization of $545.53 billion, a P/E ratio of 14.52, a P/E/G ratio of 1.27 and a beta of 1.39. Meta Platforms has a twelve month low of $185.82 and a twelve month high of $384.33. The stock’s fifty day simple moving average is $211.23 and its 200 day simple moving average is $283.92.

Several hedge funds have recently modified their holdings of FB. Barnett & Company Inc. increased its stake in Meta Platforms by 105.0% in the fourth quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock valued at $28,000 after acquiring an additional 42 shares during the last quarter. Rise Advisors LLC bought a new position in shares of Meta Platforms during the fourth quarter valued at about $28,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Meta Platforms during the fourth quarter valued at about $31,000. Benjamin Edwards Inc. bought a new position in shares of Meta Platforms during the third quarter valued at about $33,000. Finally, Advocacy Wealth Management Services LLC grew its stake in shares of Meta Platforms by 65.9% during the first quarter. Advocacy Wealth Management Services LLC now owns 151 shares of the social networking company’s stock valued at $34,000 after buying an additional 60 shares during the last quarter. Institutional investors own 65.64% of the company’s stock.

In other Meta Platforms news, CAO Susan J.S. Taylor sold 2,272 shares of the stock in a transaction on Thursday, February 17th. The stock was sold at an average price of $214.00, for a total transaction of $486,208.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David M. Wehner sold 1,095 shares of the stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $217.70, for a total value of $238,381.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,400 shares of company stock valued at $1,606,924. 14.01% of the stock is owned by corporate insiders.

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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Earnings History and Estimates for Meta Platforms (NASDAQ:FB)

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