Meta Platforms (NASDAQ:META) Price Target Cut to $190.00

Meta Platforms (NASDAQ:METAGet Rating) had its price target cut by investment analysts at Piper Sandler from $220.00 to $190.00 in a research report issued on Thursday, The Fly reports. The firm presently has a “neutral” rating on the social networking company’s stock. Piper Sandler’s target price suggests a potential upside of 19.42% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada dropped their price target on Meta Platforms from $245.00 to $240.00 and set an “outperform” rating for the company in a research note on Wednesday, April 13th. Truist Financial dropped their price target on Meta Platforms from $350.00 to $320.00 in a research note on Thursday, April 28th. JPMorgan Chase & Co. decreased their price objective on Meta Platforms from $275.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, June 29th. Raymond James decreased their price objective on Meta Platforms from $340.00 to $290.00 in a report on Thursday, April 28th. Finally, Morgan Stanley decreased their price objective on Meta Platforms from $300.00 to $280.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $250.70.

Meta Platforms Price Performance

NASDAQ META opened at $159.10 on Thursday. The business has a fifty day moving average price of $173.03 and a two-hundred day moving average price of $208.93. Meta Platforms has a fifty-two week low of $154.25 and a fifty-two week high of $384.33. The stock has a market capitalization of $430.58 billion, a PE ratio of 12.03, a PEG ratio of 1.32 and a beta of 1.40.

Meta Platforms (NASDAQ:METAGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The social networking company reported $2.46 EPS for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.08). Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. The firm had revenue of $28.82 billion during the quarter, compared to the consensus estimate of $28.95 billion. During the same quarter in the previous year, the company posted $3.61 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts expect that Meta Platforms will post 11.22 earnings per share for the current year.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 622 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $210.78, for a total transaction of $131,105.16. Following the transaction, the insider now owns 12,498 shares of the company’s stock, valued at approximately $2,634,328.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jennifer Newstead sold 622 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $210.78, for a total transaction of $131,105.16. Following the completion of the sale, the insider now owns 12,498 shares in the company, valued at approximately $2,634,328.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David M. Wehner sold 1,222 shares of the firm’s stock in a transaction that occurred on Sunday, May 15th. The stock was sold at an average price of $198.62, for a total transaction of $242,713.64. Following the sale, the chief financial officer now owns 12,247 shares of the company’s stock, valued at approximately $2,432,499.14. The disclosure for this sale can be found here. Insiders have sold a total of 45,516 shares of company stock valued at $9,035,749 in the last 90 days. 13.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Meta Platforms

Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Meta Platforms in the 4th quarter valued at approximately $9,595,113,000. Dodge & Cox grew its stake in Meta Platforms by 78.7% in the 4th quarter. Dodge & Cox now owns 6,655,324 shares of the social networking company’s stock valued at $2,238,518,000 after buying an additional 2,931,894 shares in the last quarter. Capital International Investors grew its stake in Meta Platforms by 5.9% in the 4th quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock valued at $17,413,576,000 after buying an additional 2,888,336 shares in the last quarter. Polen Capital Management LLC grew its stake in Meta Platforms by 26.1% in the 1st quarter. Polen Capital Management LLC now owns 13,165,612 shares of the social networking company’s stock valued at $2,927,505,000 after buying an additional 2,722,842 shares in the last quarter. Finally, HS Management Partners LLC grew its stake in Meta Platforms by 463.7% in the 4th quarter. HS Management Partners LLC now owns 2,826,830 shares of the social networking company’s stock valued at $182,104,000 after buying an additional 2,325,382 shares in the last quarter. Hedge funds and other institutional investors own 65.49% of the company’s stock.

Meta Platforms Company Profile

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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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