Meta Platforms (NASDAQ:META) Given New $570.00 Price Target at Royal Bank of Canada

Meta Platforms (NASDAQ:META) had its target price trimmed by Royal Bank of Canada from $600.00 to $570.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the social networking company’s stock.

Several other brokerages also recently commented on META. Barclays increased their price objective on shares of Meta Platforms from $400.00 to $550.00 and gave the company an overweight rating in a research report on Friday, February 2nd. KeyCorp cut their price objective on shares of Meta Platforms from $575.00 to $555.00 and set an overweight rating on the stock in a research report on Monday, April 22nd. Robert W. Baird cut their price objective on shares of Meta Platforms from $525.00 to $500.00 and set an outperform rating on the stock in a research report on Thursday. Citigroup raised their price target on shares of Meta Platforms from $525.00 to $590.00 and gave the company a buy rating in a report on Monday, April 15th. Finally, Mizuho raised their price target on shares of Meta Platforms from $470.00 to $575.00 and gave the company a buy rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Meta Platforms currently has an average rating of Moderate Buy and an average price target of $509.18.

Meta Platforms Stock Up 0.4 %

NASDAQ:META opened at $443.29 on Thursday. The firm’s 50-day moving average price is $494.48 and its 200-day moving average price is $405.39. The company has a market capitalization of $1.13 trillion, a PE ratio of 25.46, a P/E/G ratio of 1.13 and a beta of 1.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.67. Meta Platforms has a 1-year low of $229.85 and a 1-year high of $531.49.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The firm had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. On average, equities analysts predict that Meta Platforms will post 20.2 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Wednesday, February 21st. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the transaction, the insider now owns 38,398 shares of the company’s stock, valued at $20,043,756. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $393.85, for a total value of $7,751,361.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the sale, the insider now owns 38,398 shares in the company, valued at approximately $20,043,756. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,277,048 shares of company stock valued at $620,679,759. 13.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Meta Platforms

Several large investors have recently bought and sold shares of the business. Stone House Investment Management LLC increased its position in Meta Platforms by 625.0% during the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after acquiring an additional 75 shares during the last quarter. Quest Partners LLC bought a new position in Meta Platforms during the fourth quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new position in Meta Platforms during the first quarter valued at $44,000. Clear Investment Research LLC increased its position in Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after acquiring an additional 74 shares during the last quarter. Finally, Gilfoyle & Co LLC bought a new position in Meta Platforms during the fourth quarter valued at $39,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, 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, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.