Meta Platforms (NASDAQ:META) Shares Up 0.7% After Analyst Upgrade

Meta Platforms, Inc. (NASDAQ:METAGet Free Report)’s share price traded up 0.7% on Tuesday after Wells Fargo & Company raised their price target on the stock from $593.00 to $625.00. Wells Fargo & Company currently has an overweight rating on the stock. Meta Platforms traded as high as $537.24 and last traded at $533.25. 3,465,919 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 16,176,731 shares. The stock had previously closed at $529.32.

Several other brokerages have also recently weighed in on META. Guggenheim decreased their price objective on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Robert W. Baird lowered their price target on Meta Platforms from $525.00 to $500.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Piper Sandler reiterated an “overweight” rating and set a $545.00 price objective (down previously from $600.00) on shares of Meta Platforms in a research note on Thursday, April 25th. BMO Capital Markets reissued a “market perform” rating and issued a $450.00 target price on shares of Meta Platforms in a research note on Wednesday, June 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $550.00 price target on shares of Meta Platforms in a research report on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $511.88.

Read Our Latest Report on META

Insider Transactions at Meta Platforms

In related news, CTO Andrew Bosworth sold 5,058 shares of Meta Platforms stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $2,386,617.30. Following the transaction, the chief technology officer now directly owns 15,412 shares of the company’s stock, valued at $7,272,152.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Sheryl Sandberg sold 105,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the completion of the sale, the director now directly owns 630,293 shares in the company, valued at approximately $300,466,976.03. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Andrew Bosworth sold 5,058 shares of Meta Platforms stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $2,386,617.30. Following the completion of the transaction, the chief technology officer now owns 15,412 shares in the company, valued at approximately $7,272,152.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 260,459 shares of company stock valued at $128,049,749. Company insiders own 13.71% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Hedge funds have recently made changes to their positions in the stock. Quest Partners LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $32,000. Clear Investment Research LLC grew its position in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the last quarter. Delos Wealth Advisors LLC increased its holdings in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after purchasing an additional 58 shares in the last quarter. Cranbrook Wealth Management LLC raised its position in Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after purchasing an additional 45 shares during the last quarter. Finally, Gilfoyle & Co LLC bought a new position in Meta Platforms in the fourth quarter valued at about $39,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Up 0.1 %

The stock has a 50 day moving average price of $488.29 and a 200 day moving average price of $464.16. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 1.40 and a beta of 1.21.

Meta Platforms (NASDAQ:METAGet Free Report) last posted its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. As a group, analysts forecast that Meta Platforms, Inc. will post 20.15 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

About Meta Platforms

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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.

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