Meta Platforms (NASDAQ:META) Price Target Lowered to $575.00 at Canaccord Genuity Group

Meta Platforms (NASDAQ:META) had its price objective cut by investment analysts at Canaccord Genuity Group from $610.00 to $575.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the social networking company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 16.51% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Roth Mkm reiterated a “buy” rating and issued a $500.00 price objective on shares of Meta Platforms in a report on Monday, March 18th. Truist Financial upped their price target on Meta Platforms from $525.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Evercore ISI increased their price target on Meta Platforms from $425.00 to $550.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Benchmark restated a “hold” rating on shares of Meta Platforms in a report on Monday. Finally, Canaccord Genuity Group increased their target price on shares of Meta Platforms from $450.00 to $540.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and a consensus price target of $513.43.

Meta Platforms Stock Down 0.5 %

Shares of NASDAQ:META opened at $493.50 on Thursday. Meta Platforms has a 52-week low of $207.13 and a 52-week high of $531.49. The stock has a market cap of $1.26 trillion, a P/E ratio of 33.12, a PEG ratio of 1.27 and a beta of 1.20. The business has a fifty day moving average of $495.93 and a two-hundred day moving average of $403.14. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The firm had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. On average, research analysts expect that Meta Platforms will post 20.18 earnings per share for the current year.

Insider Activity at Meta Platforms

In other news, CTO Andrew Bosworth sold 8,036 shares of Meta Platforms stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $473.28, for a total transaction of $3,803,278.08. Following the sale, the chief technology officer now owns 18,432 shares in the company, valued at $8,723,496.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Andrew Bosworth sold 8,036 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $473.28, for a total transaction of $3,803,278.08. Following the transaction, the chief technology officer now owns 18,432 shares in the company, valued at approximately $8,723,496.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 566 shares of Meta Platforms stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $404.00, for a total value of $228,664.00. Following the transaction, the insider now directly owns 34,720 shares in the company, valued at approximately $14,026,880. The disclosure for this sale can be found here. Insiders sold a total of 1,368,244 shares of company stock valued at $657,034,449 over the last ninety days. Insiders own 13.75% of the company’s stock.

Institutional Trading of Meta Platforms

A number of large investors have recently bought and sold shares of the business. S.A. Mason LLC boosted its stake in shares of Meta Platforms by 1.5% during the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after buying an additional 20 shares during the period. Horizon Bancorp Inc. IN raised its stake in Meta Platforms by 2.0% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after acquiring an additional 21 shares during the last quarter. Hanson & Doremus Investment Management lifted its position in Meta Platforms by 5.3% during the 1st quarter. Hanson & Doremus Investment Management now owns 435 shares of the social networking company’s stock worth $211,000 after acquiring an additional 22 shares during the period. LongView Wealth Management grew its stake in shares of Meta Platforms by 1.3% in the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock valued at $856,000 after purchasing an additional 22 shares during the last quarter. Finally, Madison Wealth Partners Inc increased its holdings in shares of Meta Platforms by 1.6% in the fourth quarter. Madison Wealth Partners Inc now owns 1,417 shares of the social networking company’s stock valued at $502,000 after purchasing an additional 23 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Company Profile

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.