The Goldman Sachs Group Lowers Meta Platforms (NASDAQ:META) Price Target to $290.00

Meta Platforms (NASDAQ:METAGet Rating) had its target price cut by stock analysts at The Goldman Sachs Group from $300.00 to $290.00 in a note issued to investors on Thursday, The Fly reports. The Goldman Sachs Group’s price target points to a potential upside of 57.61% from the company’s current price.

Several other brokerages also recently weighed in on META. Evercore ISI lowered their price target on shares of Meta Platforms from $350.00 to $325.00 in a report on Thursday, April 28th. Canaccord Genuity Group cut their price target on Meta Platforms from $360.00 to $330.00 in a research note on Thursday, April 28th. TheStreet downgraded Meta Platforms from a “b-” rating to a “c” rating in a research report on Friday, March 4th. Credit Suisse Group increased their target price on Meta Platforms to $273.00 in a research report on Thursday, April 28th. Finally, UBS Group boosted their price target on Meta Platforms from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, April 5th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, thirty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $309.96.

META stock traded down $12.64 during midday trading on Thursday, reaching $184.00. 23,393,803 shares of the company’s stock traded hands, compared to its average volume of 34,769,234. The stock has a market cap of $12.29 billion, a P/E ratio of 13.92, a PEG ratio of 1.25 and a beta of 1.37. Meta Platforms has a 52-week low of $169.00 and a 52-week high of $384.33. The stock’s 50-day moving average is $201.43 and its 200 day moving average is $250.28.

Meta Platforms (NASDAQ:METAGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The business had revenue of $27.91 billion during the quarter, compared to analyst estimates of $28.21 billion. During the same quarter in the previous year, the company posted $3.30 earnings per share. Sell-side analysts anticipate that Meta Platforms will post 11.56 earnings per share for the current fiscal year.

In other news, CAO Susan J.S. Taylor sold 1,420 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total value of $287,067.20. Following the completion of the sale, the chief accounting officer now owns 1,605 shares of the company’s stock, valued at approximately $324,466.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Nicholas Clegg sold 6,425 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total transaction of $1,298,878.00. Following the sale, the insider now directly owns 9,596 shares in the company, valued at approximately $1,939,927.36. The disclosure for this sale can be found here. Insiders sold 46,112 shares of company stock valued at $9,283,967 over the last 90 days. Company insiders own 13.59% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Barnett & Company Inc. grew its stake in shares of Meta Platforms by 105.0% in the 4th quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock valued at $28,000 after purchasing an additional 42 shares during the last quarter. Rise Advisors LLC purchased a new position in shares of Meta Platforms in the fourth quarter valued at $28,000. Disciplined Investments LLC increased its stake in shares of Meta Platforms by 583.3% during the 1st quarter. Disciplined Investments LLC now owns 123 shares of the social networking company’s stock worth $27,000 after purchasing an additional 105 shares in the last quarter. Dravo Bay LLC purchased a new position in Meta Platforms in the 1st quarter valued at about $31,000. Finally, Evolution Advisers Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter valued at $48,000. 65.49% of the stock is owned by institutional investors.

Meta Platforms Company Profile (Get Rating)

Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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