Meta Platforms, Inc. (NASDAQ:META – Get Free Report)’s share price dropped 2.6% during mid-day trading on Thursday after Scotiabank lowered their price target on the stock from $585.00 to $583.00. Scotiabank currently has a sector perform rating on the stock. Meta Platforms traded as low as $573.09 and last traded at $576.63. Approximately 9,111,765 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 15,076,720 shares. The stock had previously closed at $591.80.
META has been the subject of several other research reports. Wolfe Research initiated coverage on shares of Meta Platforms in a report on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price target for the company. Oppenheimer boosted their price target on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Rosenblatt Securities restated a “buy” rating and set a $811.00 price objective on shares of Meta Platforms in a research note on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and set a $670.00 target price on shares of Meta Platforms in a report on Wednesday, October 16th. Finally, TD Cowen boosted their price target on Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $629.39.
Get Our Latest Research Report on META
Insider Transactions at Meta Platforms
Institutional Investors Weigh In On Meta Platforms
Several large investors have recently made changes to their positions in META. Gradient Investments LLC boosted its stake in Meta Platforms by 8.9% in the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock worth $36,600,000 after purchasing an additional 5,953 shares during the period. Baillie Gifford & Co. lifted its stake in Meta Platforms by 14.0% in the 1st quarter. Baillie Gifford & Co. now owns 6,101,501 shares of the social networking company’s stock worth $2,962,767,000 after purchasing an additional 748,076 shares in the last quarter. Stanley Laman Group Ltd. grew its position in shares of Meta Platforms by 26.5% during the 2nd quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock valued at $846,000 after purchasing an additional 352 shares in the last quarter. Lincoln National Corp raised its position in shares of Meta Platforms by 7.8% in the first quarter. Lincoln National Corp now owns 34,790 shares of the social networking company’s stock worth $16,894,000 after buying an additional 2,504 shares in the last quarter. Finally, BCGM Wealth Management LLC grew its position in Meta Platforms by 5.3% during the first quarter. BCGM Wealth Management LLC now owns 1,311 shares of the social networking company’s stock worth $637,000 after buying an additional 66 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.
Meta Platforms Trading Down 4.3 %
The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The stock has a market cap of $1.44 trillion, a P/E ratio of 33.07, a P/E/G ratio of 1.42 and a beta of 1.22. The stock has a 50-day moving average price of $554.49 and a 200-day moving average price of $512.18.
Meta Platforms (NASDAQ:META – Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. On average, equities research analysts expect that Meta Platforms, Inc. will post 21.44 EPS for the current year.
Meta Platforms Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is presently 11.49%.
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.
Recommended Stories
- Five stocks we like better than Meta Platforms
- How to buy stock: A step-by-step guide for beginners
- Microsoft Can Hit New All-Time Highs This Year – Here’s Why
- What Investors Need to Know About Upcoming IPOs
- Zillow Stock’s Bull Case: Why This Recent Sell-Off Could Be a Buy
- The How And Why of Investing in Oil Stocks
- IonQ’s Quantum Surge: Ride the Wave or Cash Out?
Receive News & Ratings for Meta Platforms Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meta Platforms and related companies with MarketBeat.com's FREE daily email newsletter.