UBS Group Cuts Meta Platforms (NASDAQ:META) Price Target to $830.00

Meta Platforms (NASDAQ:METAGet Free Report) had its price target dropped by UBS Group from $915.00 to $830.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the social networking company’s stock. UBS Group’s price objective would indicate a potential upside of 36.90% from the company’s previous close.

META has been the topic of several other research reports. Robert W. Baird dropped their price objective on shares of Meta Platforms from $820.00 to $815.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 23rd. Arete Research set a $718.00 price target on Meta Platforms in a research report on Thursday, December 4th. BNP Paribas initiated coverage on Meta Platforms in a report on Monday, November 24th. They issued an “outperform” rating and a $800.00 price target on the stock. KeyCorp lowered their price objective on Meta Platforms from $905.00 to $875.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada cut their target price on Meta Platforms from $840.00 to $810.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $821.07.

View Our Latest Stock Report on Meta Platforms

Meta Platforms Stock Performance

Shares of NASDAQ META traded down $13.98 during trading on Tuesday, reaching $606.27. The stock had a trading volume of 7,515,487 shares, compared to its average volume of 13,244,962. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 1.98. The stock has a market cap of $1.53 trillion, a PE ratio of 26.80, a P/E/G ratio of 1.22 and a beta of 1.29. Meta Platforms has a one year low of $479.80 and a one year high of $796.25. The firm’s 50 day moving average price is $640.79 and its two-hundred day moving average price is $699.31.

Meta Platforms (NASDAQ:METAGet Free Report) last released its quarterly earnings data on Wednesday, October 29th. The social networking company reported $7.25 EPS for the quarter, topping analysts’ consensus estimates of $6.74 by $0.51. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The firm had revenue of $51.24 billion during the quarter, compared to the consensus estimate of $49.34 billion. During the same quarter in the previous year, the company posted $6.03 earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. On average, research analysts forecast that Meta Platforms will post 26.7 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert M. Kimmitt sold 580 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $646.00, for a total transaction of $374,680.00. Following the completion of the transaction, the director owned 6,167 shares in the company, valued at approximately $3,983,882. This trade represents a 8.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jennifer Newstead sold 519 shares of Meta Platforms stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $658.69, for a total transaction of $341,860.11. Following the completion of the transaction, the insider directly owned 28,658 shares in the company, valued at $18,876,738.02. This represents a 1.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 39,535 shares of company stock worth $24,382,453 over the last 90 days. 13.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Westchester Capital Management Inc. purchased a new position in Meta Platforms during the third quarter valued at approximately $26,000. Bare Financial Services Inc purchased a new position in shares of Meta Platforms during the 2nd quarter valued at $30,000. Evergreen Private Wealth LLC increased its stake in shares of Meta Platforms by 237.5% in the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock worth $40,000 after acquiring an additional 38 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of Meta Platforms during the second quarter worth $42,000. Finally, Knuff & Co LLC acquired a new stake in Meta Platforms during the second quarter valued at $44,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

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About Meta Platforms

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Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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