Piper Sandler Lowers Meta Platforms (NASDAQ:META) Price Target to $175.00

Meta Platforms (NASDAQ:METAGet Rating) had its price target trimmed by Piper Sandler from $190.00 to $175.00 in a research report sent to investors on Monday, The Fly reports. The brokerage currently has a neutral rating on the social networking company’s stock.

A number of other brokerages also recently issued reports on META. Bank of America lowered their price objective on Meta Platforms from $233.00 to $218.00 and set a buy rating on the stock in a research report on Thursday, July 28th. Atlantic Securities set a $215.00 price objective on Meta Platforms in a research note on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft reduced their price objective on Meta Platforms from $265.00 to $235.00 in a research note on Thursday, July 21st. Truist Financial reduced their price objective on Meta Platforms from $320.00 to $260.00 and set a buy rating on the stock in a research note on Thursday, July 28th. Finally, MKM Partners reduced their price objective on Meta Platforms from $295.00 to $240.00 and set a buy rating on the stock in a research note on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of Moderate Buy and an average target price of $254.46.

Meta Platforms Stock Down 0.1 %

META stock opened at $168.96 on Monday. The firm has a market cap of $454.09 billion, a PE ratio of 14.00, a P/E/G ratio of 2.24 and a beta of 1.30. The business has a 50 day moving average of $167.95 and a 200-day moving average of $173.52. Meta Platforms has a 12-month low of $154.25 and a 12-month high of $381.75.

Meta Platforms (NASDAQ:METAGet Rating) last released its earnings results on Wednesday, July 27th. The social networking company reported $2.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.04). Meta Platforms had a net margin of 28.16% and a return on equity of 26.52%. The business had revenue of $28.82 billion during the quarter, compared to the consensus estimate of $28.95 billion. During the same period in the prior year, the company earned $3.61 earnings per share. The business’s revenue was down .9% on a year-over-year basis. On average, research analysts expect that Meta Platforms will post 9.59 earnings per share for the current year.

Insider Activity

In other news, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $166.11, for a total value of $56,809.62. Following the sale, the insider now owns 18,773 shares in the company, valued at $3,118,383.03. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CTO Andrew Bosworth sold 11,718 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $180.50, for a total transaction of $2,115,099.00. Following the transaction, the chief technology officer now directly owns 14,671 shares in the company, valued at $2,648,115.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $166.11, for a total transaction of $56,809.62. Following the transaction, the insider now directly owns 18,773 shares in the company, valued at $3,118,383.03. The disclosure for this sale can be found here. Insiders have sold a total of 47,592 shares of company stock worth $8,462,928 over the last 90 days. 13.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Meta Platforms

Institutional investors and hedge funds have recently made changes to their positions in the stock. Landmark Wealth Management LLC acquired a new position in Meta Platforms during the 1st quarter worth approximately $26,000. Disciplined Investments LLC boosted its holdings in shares of Meta Platforms by 583.3% in the 1st quarter. Disciplined Investments LLC now owns 123 shares of the social networking company’s stock valued at $27,000 after buying an additional 105 shares in the last quarter. Rise Advisors LLC purchased a new stake in Meta Platforms in the 4th quarter valued at $28,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Meta Platforms in the 4th quarter valued at $31,000. Finally, Dravo Bay LLC purchased a new stake in Meta Platforms in the 1st quarter valued at $31,000. 61.70% of the stock is owned by hedge funds and other institutional investors.

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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