Meta Platforms (NASDAQ:META) Given New $214.00 Price Target at Credit Suisse Group

Meta Platforms (NASDAQ:METAGet Rating) had its price objective reduced by Credit Suisse Group from $245.00 to $214.00 in a report released on Thursday morning, The Fly reports. They currently have an outperform rating on the social networking company’s stock.

Several other analysts have also issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Meta Platforms from $245.00 to $240.00 and set an outperform rating on the stock in a research report on Wednesday, April 13th. Itaú Unibanco began coverage on shares of Meta Platforms in a research report on Tuesday, July 26th. They issued a market perform rating and a $188.00 price target on the stock. Citigroup lowered their price target on shares of Meta Platforms from $270.00 to $222.00 and set a buy rating on the stock in a research report on Thursday. Evercore ISI reduced their price objective on shares of Meta Platforms from $325.00 to $280.00 and set an outperform rating for the company in a research note on Thursday, July 7th. Finally, Morgan Stanley reduced their price objective on shares of Meta Platforms from $300.00 to $280.00 and set an overweight rating for the company in a research note on Tuesday, July 19th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $250.70.

Meta Platforms Stock Performance

Shares of META stock opened at $159.10 on Thursday. The firm has a market cap of $430.58 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.32 and a beta of 1.40. Meta Platforms has a 52 week low of $154.25 and a 52 week high of $384.33. The firm’s 50-day simple moving average is $173.03 and its two-hundred day simple moving average is $207.19.

Meta Platforms (NASDAQ:METAGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The social networking company reported $2.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.54 by ($0.08). Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. The business had revenue of $28.82 billion during the quarter, compared to the consensus estimate of $28.95 billion. During the same period last year, the firm earned $3.61 EPS. The business’s revenue for the quarter was down .9% on a year-over-year basis. Analysts forecast that Meta Platforms will post 11.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Susan J.S. Taylor sold 1,420 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 1,605 shares in the company, valued at approximately $324,466.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Jennifer Newstead sold 342 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $158.12, for a total value of $54,077.04. Following the completion of the transaction, the insider now directly owns 18,089 shares in the company, valued at approximately $2,860,232.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Susan J.S. Taylor sold 1,420 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $202.16, for a total transaction of $287,067.20. Following the completion of the transaction, the chief accounting officer now owns 1,605 shares of the company’s stock, valued at $324,466.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,516 shares of company stock worth $9,035,749. 13.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Meta Platforms

Institutional investors have recently bought and sold shares of the company. StrategIQ Financial Group LLC grew its position in Meta Platforms by 4.2% during the 1st quarter. StrategIQ Financial Group LLC now owns 1,600 shares of the social networking company’s stock valued at $356,000 after purchasing an additional 65 shares during the last quarter. Kestra Advisory Services LLC grew its position in Meta Platforms by 13.0% during the 1st quarter. Kestra Advisory Services LLC now owns 119,204 shares of the social networking company’s stock valued at $26,506,000 after purchasing an additional 13,727 shares during the last quarter. Widmann Financial Services Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at about $100,000. Cabot Wealth Management Inc. boosted its holdings in shares of Meta Platforms by 0.6% during the 1st quarter. Cabot Wealth Management Inc. now owns 9,474 shares of the social networking company’s stock valued at $2,107,000 after acquiring an additional 60 shares during the last quarter. Finally, EFG Asset Management North America Corp. purchased a new stake in shares of Meta Platforms during the 4th quarter valued at about $7,032,000. 65.49% of the stock is owned by hedge funds and other institutional investors.

About Meta Platforms

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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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