Meta Platforms (NASDAQ:META) Sees Large Volume Increase Following Analyst Upgrade

Meta Platforms, Inc. (NASDAQ:METAGet Free Report) shares saw unusually-high trading volume on Monday after Truist Financial raised their price target on the stock from $405.00 to $525.00. Truist Financial currently has a buy rating on the stock. Approximately 10,251,279 shares were traded during mid-day trading, a decline of 47% from the previous session’s volume of 19,488,209 shares.The stock last traded at $461.07 and had previously closed at $474.99.

Several other research analysts have also issued reports on the company. Wedbush increased their price objective on Meta Platforms from $420.00 to $520.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Evercore ISI raised their price target on Meta Platforms from $425.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Tigress Financial raised their target price on Meta Platforms from $380.00 to $435.00 and gave the stock a “strong-buy” rating in a report on Wednesday, November 22nd. Morgan Stanley lifted their price objective on Meta Platforms from $375.00 to $550.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, KeyCorp lifted their price objective on Meta Platforms from $465.00 to $575.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, two have given a hold rating, forty have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $491.03.

Read Our Latest Report on META

Insider Activity

In other news, CFO Susan J. Li sold 10,642 shares of Meta Platforms stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $336.31, for a total transaction of $3,579,011.02. Following the completion of the sale, the chief financial officer now owns 89,509 shares of the company’s stock, valued at $30,102,771.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Susan J. Li sold 10,642 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $336.31, for a total value of $3,579,011.02. Following the completion of the transaction, the chief financial officer now owns 89,509 shares of the company’s stock, valued at $30,102,771.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 566 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $338.48, for a total transaction of $191,579.68. Following the completion of the transaction, the insider now directly owns 40,380 shares of the company’s stock, valued at approximately $13,667,822.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 883,348 shares of company stock valued at $311,039,006. Corporate insiders own 13.75% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its holdings in Meta Platforms by 137.5% in the second quarter. Renaissance Technologies LLC now owns 4,532,030 shares of the social networking company’s stock valued at $1,300,602,000 after purchasing an additional 2,623,447 shares during the last quarter. Houlihan Financial Resource Group Ltd. purchased a new stake in Meta Platforms in the second quarter valued at $474,000. Atomi Financial Group Inc. boosted its holdings in Meta Platforms by 63.8% in the second quarter. Atomi Financial Group Inc. now owns 8,345 shares of the social networking company’s stock valued at $2,395,000 after purchasing an additional 3,251 shares during the last quarter. Solstein Capital LLC purchased a new stake in Meta Platforms in the second quarter valued at $100,000. Finally, Keel Point LLC raised its position in shares of Meta Platforms by 6.3% in the third quarter. Keel Point LLC now owns 6,690 shares of the social networking company’s stock worth $2,008,000 after acquiring an additional 399 shares during the period. 62.87% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

The business’s 50-day simple moving average is $363.12 and its two-hundred day simple moving average is $328.39. The firm has a market cap of $1.17 trillion, a price-to-earnings ratio of 30.52, a P/E/G ratio of 1.27 and a beta of 1.15. The company has a quick ratio of 2.57, a current ratio of 2.67 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:METAGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The social networking company reported $5.33 earnings per share for the quarter, topping analysts’ consensus estimates of $4.82 by $0.51. The business had revenue of $40.11 billion during the quarter, compared to the consensus estimate of $39.12 billion. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The company’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.00 earnings per share. As a group, sell-side analysts expect that Meta Platforms, Inc. will post 17.73 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Investors of record on Thursday, February 22nd will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, February 21st. This represents a $2.00 annualized dividend and a dividend yield of 0.44%. Meta Platforms’s dividend payout ratio (DPR) is presently 13.42%.

About Meta Platforms

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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.

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