Meta Platforms (NASDAQ:META) PT Raised to $550.00 at Truist Financial

Meta Platforms (NASDAQ:META) had its target price raised by stock analysts at Truist Financial from $525.00 to $550.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the social networking company’s stock. Truist Financial’s target price points to a potential upside of 9.61% from the stock’s current price.

A number of other brokerages have also issued reports on META. Royal Bank of Canada upped their target price on shares of Meta Platforms from $400.00 to $565.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Meta Platforms from $450.00 to $525.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Wedbush upped their target price on shares of Meta Platforms from $420.00 to $520.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Roth Mkm restated a “buy” rating and issued a $500.00 price objective on shares of Meta Platforms in a report on Monday, March 18th. Finally, JMP Securities raised their price objective on shares of Meta Platforms from $410.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $519.53.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $501.80 on Wednesday. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 33.68, a P/E/G ratio of 1.28 and a beta of 1.20. Meta Platforms has a 1-year low of $207.13 and a 1-year high of $531.49. The firm’s 50-day moving average price is $494.29 and its two-hundred day moving average price is $397.43.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Thursday, February 1st. The social networking company reported $5.33 earnings per share for the quarter, topping the consensus estimate of $4.82 by $0.51. The firm had revenue of $40.11 billion for the quarter, compared to analysts’ expectations of $39.12 billion. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.00 earnings per share. On average, equities analysts predict that Meta Platforms will post 20.06 earnings per share for the current fiscal year.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 566 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $385.00, for a total transaction of $217,910.00. Following the transaction, the insider now directly owns 35,286 shares in the company, valued at approximately $13,585,110. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jennifer Newstead sold 566 shares of Meta Platforms stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $385.00, for a total transaction of $217,910.00. Following the completion of the sale, the insider now owns 35,286 shares of the company’s stock, valued at approximately $13,585,110. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $488.03, for a total transaction of $239,134.70. Following the sale, the chief operating officer now directly owns 79,944 shares of the company’s stock, valued at approximately $39,015,070.32. The disclosure for this sale can be found here. Insiders have sold 1,421,182 shares of company stock worth $677,574,550 in the last ninety days. Insiders own 13.75% of the company’s stock.

Institutional Trading of Meta Platforms

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stone House Investment Management LLC boosted its holdings in Meta Platforms by 625.0% in the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after purchasing an additional 75 shares during the period. Quest Partners LLC bought a new stake in Meta Platforms in the 4th quarter valued at about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Meta Platforms in the 1st quarter valued at about $44,000. Clear Investment Research LLC boosted its holdings in Meta Platforms by 411.1% in the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after purchasing an additional 74 shares during the period. Finally, Gilfoyle & Co LLC bought a new stake in Meta Platforms in the 4th quarter valued at about $39,000. Institutional investors own 79.91% of the company’s stock.

About Meta Platforms

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.