Meta Platforms (NASDAQ:META) Hits New 12-Month Low on Analyst Downgrade

Shares of Meta Platforms, Inc. (NASDAQ:METAGet Rating) reached a new 52-week low on Tuesday after Piper Sandler lowered their price target on the stock from $190.00 to $175.00. Piper Sandler currently has a neutral rating on the stock. Meta Platforms traded as low as $152.67 and last traded at $153.50, with a volume of 1831688 shares. The stock had previously closed at $168.96.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company dropped their price objective on Meta Platforms from $325.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Wolfe Research dropped their price objective on Meta Platforms from $240.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Credit Suisse Group dropped their price objective on Meta Platforms from $245.00 to $214.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Cowen decreased their target price on Meta Platforms from $300.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, July 13th. Finally, Jefferies Financial Group decreased their target price on Meta Platforms from $330.00 to $310.00 in a research note on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $254.46.

Insider Activity at Meta Platforms

In related news, CTO Andrew Bosworth sold 17,428 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $176.48, for a total transaction of $3,075,693.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Meta Platforms news, CTO Andrew Bosworth sold 17,428 shares of Meta Platforms stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $176.48, for a total transaction of $3,075,693.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $169.90, for a total value of $58,105.80. Following the transaction, the insider now directly owns 18,431 shares in the company, valued at $3,131,426.90. The disclosure for this sale can be found here. Insiders have sold a total of 47,592 shares of company stock valued at $8,462,928 in the last 90 days. 13.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in META. Landmark Wealth Management LLC bought a new stake in Meta Platforms in the 1st quarter valued at about $26,000. Disciplined Investments LLC increased its position in 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 bought a new stake in Meta Platforms in the 4th quarter valued at about $28,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in Meta Platforms in the 4th quarter valued at about $31,000. Finally, Dravo Bay LLC bought a new stake in Meta Platforms in the 1st quarter valued at about $31,000. 61.70% of the stock is owned by institutional investors.

Meta Platforms Trading Down 9.4 %

The firm has a market capitalization of $411.54 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 2.24 and a beta of 1.30. The business has a 50-day moving average of $167.62 and a 200 day moving average of $173.11.

Meta Platforms (NASDAQ:METAGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The social networking company reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.04). The company had revenue of $28.82 billion for the quarter, compared to analyst estimates of $28.95 billion. Meta Platforms had a net margin of 28.16% and a return on equity of 26.52%. Meta Platforms’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $3.61 EPS. As a group, research analysts forecast that Meta Platforms, Inc. will post 9.59 EPS for the current year.

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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