Meta Platforms, Inc. (NASDAQ:META – Get Rating) – Equities research analysts at Jefferies Financial Group increased their FY2023 earnings estimates for Meta Platforms in a research report issued to clients and investors on Tuesday, March 14th. Jefferies Financial Group analyst B. Thill now expects that the social networking company will earn $10.32 per share for the year, up from their prior forecast of $9.98. Jefferies Financial Group has a “Buy” rating and a $175.00 price objective on the stock. The consensus estimate for Meta Platforms’ current full-year earnings is $9.89 per share. Jefferies Financial Group also issued estimates for Meta Platforms’ FY2024 earnings at $12.35 EPS.
A number of other brokerages have also commented on META. Susquehanna upped their price objective on shares of Meta Platforms from $140.00 to $225.00 and gave the company a “positive” rating in a research report on Thursday, February 2nd. Barclays increased their price target on shares of Meta Platforms from $165.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. JMP Securities reissued a “market outperform” rating and issued a $240.00 price target on shares of Meta Platforms in a research report on Thursday. Roth Capital increased their price target on shares of Meta Platforms from $125.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Finally, DZ Bank raised shares of Meta Platforms from a “sell” rating to a “hold” rating and set a $180.00 price target for the company in a research report on Friday, February 3rd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirty-six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.27.
Meta Platforms Stock Up 3.6 %
Meta Platforms (NASDAQ:META – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The social networking company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.88. The business had revenue of $32.17 billion during the quarter, compared to analyst estimates of $31.69 billion. Meta Platforms had a net margin of 19.90% and a return on equity of 21.23%. The firm’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.67 earnings per share.
Institutional Investors Weigh In On Meta Platforms
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Meta Platforms during the fourth quarter worth $10,026,000. Claro Advisors LLC acquired a new stake in shares of Meta Platforms during the fourth quarter worth $1,416,000. Mather Group LLC. acquired a new stake in shares of Meta Platforms during the fourth quarter worth $1,138,000. Capital Asset Advisory Services LLC acquired a new stake in Meta Platforms in the 4th quarter valued at $1,379,000. Finally, Great Lakes Retirement Inc. acquired a new stake in Meta Platforms in the 4th quarter valued at $264,000. 60.92% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Meta Platforms news, insider Jennifer Newstead sold 393 shares of the stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $187.25, for a total value of $73,589.25. Following the sale, the insider now directly owns 30,939 shares in the company, valued at $5,793,327.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Susan J.S. Taylor sold 1,400 shares of the firm’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $172.96, for a total transaction of $242,144.00. Following the sale, the chief accounting officer now directly owns 2,949 shares in the company, valued at $510,059.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $187.25, for a total transaction of $73,589.25. Following the sale, the insider now owns 30,939 shares in the company, valued at $5,793,327.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,342 shares of company stock worth $12,285,012. Company insiders own 14.03% of the company’s stock.
About Meta Platforms
Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.
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