Monness Crespi & Hardt Raises Meta Platforms (NASDAQ:META) Price Target to $660.00

Meta Platforms (NASDAQ:META) had its target price upped by equities researchers at Monness Crespi & Hardt from $620.00 to $660.00 in a research report issued on Thursday, Briefing.com reports. The firm currently has a “buy” rating on the social networking company’s stock. Monness Crespi & Hardt’s price objective points to a potential upside of 11.52% from the company’s previous close.

META has been the subject of several other research reports. Guggenheim increased their price objective on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a report on Monday, October 7th. Wolfe Research began coverage on Meta Platforms in a research report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 target price for the company. Evercore ISI boosted their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Bank of America lifted their price objective on shares of Meta Platforms from $563.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wedbush reiterated an “outperform” rating and set a $600.00 price objective on shares of Meta Platforms in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $623.71.

Meta Platforms Stock Down 0.2 %

Shares of META stock opened at $591.80 on Thursday. Meta Platforms has a one year low of $296.86 and a one year high of $602.95. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The company has a market capitalization of $1.50 trillion, a price-to-earnings ratio of 33.99, a PEG ratio of 1.42 and a beta of 1.22. The company’s fifty day moving average price is $554.49 and its 200-day moving average price is $512.18.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Sell-side analysts expect that Meta Platforms will post 21.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 413 shares of Meta Platforms stock in a transaction on Friday, October 25th. The shares were sold at an average price of $574.16, for a total transaction of $237,128.08. Following the completion of the sale, the chief operating officer now directly owns 10,707 shares in the company, valued at approximately $6,147,531.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $574.16, for a total value of $237,128.08. Following the sale, the chief operating officer now owns 10,707 shares in the company, valued at $6,147,531.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 150 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the transaction, the chief executive officer now owns 124,387 shares in the company, valued at approximately $62,254,449.63. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 250,818 shares of company stock valued at $132,569,993. Insiders own 13.71% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Several hedge funds have recently added to or reduced their stakes in META. Delos Wealth Advisors LLC grew its holdings in Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC purchased a new position in shares of Meta Platforms during the 2nd quarter valued at approximately $38,000. Ruedi Wealth Management Inc. lifted its stake in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares during the period. Halpern Financial Inc. purchased a new stake in Meta Platforms during the third quarter worth $46,000. Finally, West Financial Advisors LLC acquired a new stake in Meta Platforms during the third quarter valued at $49,000. 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.