Meta Platforms (NASDAQ:META) Price Target Cut to $555.00 by Analysts at KeyCorp

Meta Platforms (NASDAQ:META) had its target price cut by equities research analysts at KeyCorp from $575.00 to $555.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the social networking company’s stock. KeyCorp’s price objective indicates a potential upside of 11.87% from the company’s previous close.

META has been the topic of a number of other research reports. Roth Mkm reaffirmed a “buy” rating and set a $500.00 target price on shares of Meta Platforms in a research report on Monday, March 18th. Wolfe Research upped their target price on shares of Meta Platforms from $430.00 to $530.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Meta Platforms from $450.00 to $525.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada increased their price objective on shares of Meta Platforms from $400.00 to $565.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Meta Platforms from $420.00 to $535.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $520.28.

Meta Platforms Price Performance

Shares of META opened at $496.10 on Monday. The company has a market capitalization of $1.26 trillion, a price-to-earnings ratio of 33.30, a P/E/G ratio of 1.22 and a beta of 1.20. Meta Platforms has a fifty-two week low of $207.13 and a fifty-two week high of $531.49. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.67 and a quick ratio of 2.67. The business’s 50-day moving average is $495.52 and its 200-day moving average is $402.50.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Thursday, February 1st. The social networking company reported $5.33 EPS for the quarter, beating the consensus estimate of $4.82 by $0.51. The business had revenue of $40.11 billion during the quarter, compared to analysts’ expectations of $39.12 billion. Meta Platforms had a return on equity of 29.48% and a net margin of 28.98%. The firm’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.00 EPS. Equities research analysts expect that Meta Platforms will post 20.18 EPS for the current fiscal year.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 8,036 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $473.28, for a total value of $3,803,278.08. Following the completion of the sale, the chief technology officer now owns 18,432 shares in the company, valued at $8,723,496.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Meta Platforms news, CTO Andrew Bosworth sold 8,036 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $473.28, for a total value of $3,803,278.08. Following the completion of the sale, the chief technology officer now owns 18,432 shares in the company, valued at $8,723,496.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 585 shares of the stock in a transaction on Tuesday, April 9th. The shares were 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 of the company’s stock, valued at approximately $20,043,756. The disclosure for this sale can be found here. Insiders sold a total of 1,368,244 shares of company stock worth $657,034,449 over the last quarter. 14.03% of the stock is currently owned by insiders.

Institutional Trading of Meta Platforms

A number of hedge funds have recently modified their holdings of META. Wedge Capital Management L L P NC increased its position in Meta Platforms by 3.3% during the third quarter. Wedge Capital Management L L P NC now owns 3,856 shares of the social networking company’s stock worth $1,158,000 after acquiring an additional 124 shares during the period. Bennett Selby Investments LP increased its position in Meta Platforms by 7.0% during the third quarter. Bennett Selby Investments LP now owns 36,738 shares of the social networking company’s stock worth $11,029,000 after acquiring an additional 2,412 shares during the period. Cassia Capital Partners LLC increased its position in Meta Platforms by 2.5% during the third quarter. Cassia Capital Partners LLC now owns 1,530 shares of the social networking company’s stock worth $459,000 after acquiring an additional 37 shares during the period. Meredith Wealth Planning increased its position in Meta Platforms by 5.7% during the third quarter. Meredith Wealth Planning now owns 1,396 shares of the social networking company’s stock worth $419,000 after acquiring an additional 75 shares during the period. Finally, Herbst Group LLC bought a new position in Meta Platforms during the third quarter worth about $1,467,000. Institutional investors and hedge funds 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.