Meta Platforms (NASDAQ:FB) had its price target decreased by equities researchers at MKM Partners from $395.00 to $365.00 in a research note issued on Thursday, The Fly reports. MKM Partners’ price objective indicates a potential upside of 51.02% from the stock’s current price.
A number of other brokerages have also recently issued reports on FB. Moffett Nathanson decreased their target price on Meta Platforms from $420.00 to $380.00 and set a “buy” rating on the stock in a report on Thursday. Canaccord Genuity Group lowered their price target on Meta Platforms from $420.00 to $360.00 and set a “buy” rating on the stock in a report on Thursday. The Goldman Sachs Group lowered their price target on Meta Platforms from $445.00 to $355.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank of Canada set a $315.00 price target on Meta Platforms and gave the company an “outperform” rating in a report on Thursday. Finally, Truist Financial lowered their price target on Meta Platforms from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday. Ten investment analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Buy” and an average price target of $349.86.
Shares of FB traded down $81.31 during midday trading on Thursday, reaching $241.69. The stock had a trading volume of 8,599,605 shares, compared to its average volume of 22,691,152. Meta Platforms has a 52 week low of $253.50 and a 52 week high of $384.33. The firm’s 50 day moving average price is $326.25 and its 200-day moving average price is $341.72. The company has a market capitalization of $672.32 billion, a P/E ratio of 17.25, a P/E/G ratio of 1.17 and a beta of 1.28.
Meta Platforms (NASDAQ:FB) last posted its quarterly earnings data on Wednesday, February 2nd. The social networking company reported $3.67 EPS for the quarter, missing the Zacks’ consensus estimate of $3.78 by ($0.11). The firm had revenue of $33.67 billion during the quarter, compared to the consensus estimate of $33.44 billion. Meta Platforms had a return on equity of 30.22% and a net margin of 35.88%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm posted $3.88 EPS. Sell-side analysts expect that Meta Platforms will post 13.91 earnings per share for the current year.
In other news, CEO Mark Zuckerberg sold 77,300 shares of the stock in a transaction on Friday, November 5th. The stock was sold at an average price of $342.14, for a total value of $26,447,422.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 121 shares of the stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $339.87, for a total value of $41,124.27. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 179,069 shares of company stock worth $61,177,514. Company insiders own 14.01% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Barnett & Company Inc. increased its holdings in Meta Platforms by 105.0% during the 4th quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock worth $28,000 after purchasing an additional 42 shares in the last quarter. Capital Directions Investment Advisors LLC bought a new position in Meta Platforms during the 2nd quarter worth about $31,000. Carderock Capital Management Inc. bought a new position in Meta Platforms during the 3rd quarter worth about $31,000. Benjamin Edwards Inc. bought a new position in Meta Platforms during the 3rd quarter worth about $33,000. Finally, Lion Street Advisors LLC bought a new position in shares of Meta Platforms in the 2nd quarter valued at about $43,000. 65.55% of the stock is currently owned by institutional investors and hedge funds.
About Meta Platforms
Meta Platforms, Inc, (formerly known as Facebook, Inc) operates as a global social technology company. The company engages in the development of social media applications as well as virtual and augmented reality products allowing users to connect through mobile devices, personal computers and other platforms.