Meta Platforms (NASDAQ:META) Price Target Cut to $215.00 by Analysts at Raymond James

Meta Platforms (NASDAQ:METAGet Rating) had its price target cut by equities researchers at Raymond James from $290.00 to $215.00 in a report released on Thursday, The Fly reports. The firm presently has a “maintains” rating on the social networking company’s stock. Raymond James’ price objective would suggest a potential upside of 35.14% from the company’s current price.

Other analysts have also recently issued reports about the stock. Moffett Nathanson decreased their price objective on shares of Meta Platforms to $280.00 in a research note on Thursday, May 26th. Barclays decreased their target price on shares of Meta Platforms from $370.00 to $280.00 and set an “overweight” rating for the company in a research note on Tuesday, July 5th. Cowen decreased their target price on shares of Meta Platforms from $300.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, July 13th. KeyCorp decreased their target price on shares of Meta Platforms from $280.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Cowen decreased their target price on shares of Meta Platforms from $300.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, July 13th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $250.70.

Meta Platforms Stock Down 1.0 %

META stock opened at $159.10 on Thursday. Meta Platforms has a 52 week low of $154.25 and a 52 week high of $384.33. The firm has a 50 day moving average of $173.03 and a 200 day moving average of $208.93. The stock has a market capitalization of $430.58 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.32 and a beta of 1.40.

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

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 622 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $210.78, for a total value of $131,105.16. Following the transaction, the insider now owns 12,498 shares of the company’s stock, valued at $2,634,328.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Andrew Bosworth sold 10,126 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $203.35, for a total transaction of $2,059,122.10. Following the sale, the chief technology officer now owns 4,544 shares of the company’s stock, valued at $924,022.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 622 shares of the stock in a transaction dated Tuesday, May 3rd. The stock was sold at an average price of $210.78, for a total transaction of $131,105.16. Following the sale, the insider now directly owns 12,498 shares in the company, valued at approximately $2,634,328.44. The disclosure for this sale can be found here. Insiders have sold 45,516 shares of company stock valued at $9,035,749 over the last 90 days. 13.59% of the stock is owned by insiders.

Institutional Trading of Meta Platforms

Several hedge funds have recently made changes to their positions in META. Norges Bank acquired a new stake in shares of Meta Platforms during the fourth quarter worth about $9,595,113,000. Dodge & Cox lifted its position in shares of Meta Platforms by 78.7% during the fourth quarter. Dodge & Cox now owns 6,655,324 shares of the social networking company’s stock worth $2,238,518,000 after purchasing an additional 2,931,894 shares in the last quarter. Capital International Investors lifted its position in shares of Meta Platforms by 5.9% during the fourth quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock worth $17,413,576,000 after purchasing an additional 2,888,336 shares in the last quarter. Polen Capital Management LLC increased its stake in shares of Meta Platforms by 26.1% during the first quarter. Polen Capital Management LLC now owns 13,165,612 shares of the social networking company’s stock worth $2,927,505,000 after buying an additional 2,722,842 shares during the period. Finally, HS Management Partners LLC increased its stake in shares of Meta Platforms by 463.7% during the fourth quarter. HS Management Partners LLC now owns 2,826,830 shares of the social networking company’s stock worth $182,104,000 after buying an additional 2,325,382 shares during the period. Institutional investors and hedge funds own 65.49% of the company’s stock.

About Meta Platforms

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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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