Meta Platforms (NASDAQ:META) Price Target Raised to $700.00 at KeyCorp

Meta Platforms (NASDAQ:META) had its target price hoisted by KeyCorp from $655.00 to $700.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the social networking company’s stock. KeyCorp’s price target would suggest a potential upside of 15.54% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Sanford C. Bernstein boosted their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Roth Mkm increased their price target on shares of Meta Platforms from $620.00 to $635.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Scotiabank dropped their price objective on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 31st. Monness Crespi & Hardt raised their target price on shares of Meta Platforms from $620.00 to $660.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $646.90.

Meta Platforms Stock Down 0.8 %

META opened at $605.86 on Friday. The company has a market cap of $1.53 trillion, a P/E ratio of 28.54, a P/E/G ratio of 1.36 and a beta of 1.19. Meta Platforms has a 12 month low of $358.61 and a 12 month high of $638.40. The business’s 50-day moving average price is $592.65 and its 200-day moving average price is $552.16. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The business had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. On average, equities analysts expect that Meta Platforms will post 22.68 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Mark Zuckerberg sold 12,975 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $618.42, for a total transaction of $8,023,999.50. Following the sale, the chief executive officer now owns 420,215 shares in the company, valued at approximately $259,869,360.30. The trade was a 3.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $589.97, for a total value of $533,922.85. Following the completion of the transaction, the insider now directly owns 33,292 shares in the company, valued at approximately $19,641,281.24. The trade was a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 410,536 shares of company stock worth $249,024,275 over the last quarter. Company insiders own 13.71% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings in Meta Platforms by 1.5% during the third quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock worth $27,470,870,000 after buying an additional 698,884 shares in the last quarter. Jennison Associates LLC grew its position in shares of Meta Platforms by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after acquiring an additional 263,063 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Meta Platforms by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after purchasing an additional 118,298 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Meta Platforms by 57,001.5% in the 3rd quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after purchasing an additional 9,500,444 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Meta Platforms by 2.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock worth $3,911,029,000 after purchasing an additional 208,677 shares during the period. 79.91% of the stock is owned by hedge funds and other institutional investors.

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.