Truist Financial Raises Meta Platforms (NASDAQ:META) Price Target to $230.00

Meta Platforms (NASDAQ:META – Get Rating) had its target price upped by Truist Financial from $215.00 to $230.00 in a report issued on Tuesday morning, The Fly reports.

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group boosted their price objective on shares of Meta Platforms from $155.00 to $175.00 and gave the stock a buy rating in a research note on Monday, January 30th. Oppenheimer boosted their price objective on shares of Meta Platforms from $220.00 to $235.00 and gave the stock an outperform rating in a research note on Thursday, March 9th. New Street Research initiated coverage on shares of Meta Platforms in a research note on Wednesday, January 4th. They issued a buy rating and a $145.00 price objective for the company. Evercore ISI boosted their price objective on shares of Meta Platforms from $275.00 to $305.00 in a research note on Tuesday. Finally, Roth Capital boosted their price objective on shares of Meta Platforms from $125.00 to $210.00 and gave the stock a buy rating in a research note on Thursday, February 2nd. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating, thirty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $205.38.

Meta Platforms Stock Performance

Meta Platforms stock opened at $194.02 on Tuesday. The company has a 50 day moving average price of $162.14 and a 200-day moving average price of $139.22. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.20 and a current ratio of 2.20. Meta Platforms has a fifty-two week low of $88.09 and a fifty-two week high of $236.86. The company has a market capitalization of $503.02 billion, a PE ratio of 22.61, a P/E/G ratio of 1.75 and a beta of 1.18.

Meta Platforms (NASDAQ:META – Get Rating) last posted its quarterly earnings results on Wednesday, February 1st. The social networking company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.88. Meta Platforms had a net margin of 19.90% and a return on equity of 21.23%. The firm had revenue of $32.17 billion during the quarter, compared to the consensus estimate of $31.69 billion. During the same quarter in the previous year, the firm posted $3.67 earnings per share. The company’s revenue was down 4.5% on a year-over-year basis. As a group, equities analysts forecast that Meta Platforms will post 9.87 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $116.44, for a total transaction of $39,822.48. Following the sale, the insider now directly owns 25,819 shares in the company, valued at approximately $3,006,364.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Marne L. Levine sold 23,317 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $191.00, for a total value of $4,453,547.00. Following the completion of the sale, the insider now directly owns 4,136 shares in the company, valued at $789,976. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 342 shares of the business’s stock in a transaction that occurred on Wednesday, December 28th. The stock was sold at an average price of $116.44, for a total transaction of $39,822.48. Following the sale, the insider now owns 25,819 shares of the company’s stock, valued at $3,006,364.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,949 shares of company stock worth $12,211,422. 14.03% of the stock is currently owned by corporate insiders.

Institutional Trading of Meta Platforms

Institutional investors have recently added to or reduced their stakes in the stock. Riverpoint Wealth Management Holdings LLC acquired a new stake in shares of Meta Platforms in the 4th quarter worth about $25,000. Ruedi Wealth Management Inc. bought a new position in Meta Platforms during the fourth quarter valued at approximately $25,000. MBM Wealth Consultants LLC bought a new position in Meta Platforms during the fourth quarter valued at approximately $26,000. NewSquare Capital LLC acquired a new position in Meta Platforms during the fourth quarter valued at approximately $26,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Meta Platforms in the fourth quarter worth $26,000. 60.92% of the stock is owned by institutional investors and hedge funds.

About Meta Platforms

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.