Meta Platforms (NASDAQ:META) Coverage Initiated at Scotiabank

Scotiabank began coverage on shares of Meta Platforms (NASDAQ:META) in a note issued to investors on Friday, Marketbeat.com reports. The firm set a “sector perform” rating and a $585.00 price target on the social networking company’s stock. Scotiabank’s price target suggests a potential downside of 0.84% from the company’s previous close.

Several other equities analysts have also issued reports on META. Monness Crespi & Hardt raised their price target on Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Wells Fargo & Company lifted their target price on shares of Meta Platforms from $647.00 to $652.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Pivotal Research started coverage on shares of Meta Platforms in a report on Tuesday, October 1st. They set a “buy” rating and a $780.00 price target for the company. Roth Mkm raised their price target on shares of Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $609.71.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $589.95 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. Meta Platforms has a 52-week low of $279.40 and a 52-week high of $602.95. The company has a fifty day moving average of $538.12 and a 200-day moving average of $505.59. The stock has a market capitalization of $1.50 trillion, a price-to-earnings ratio of 33.89, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same period in the prior year, the business posted $3.23 earnings per share. The company’s revenue was up 22.1% on a year-over-year basis. Equities research analysts expect that Meta Platforms will post 21.37 EPS for the current year.

Insider Transactions at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $589.89, for a total value of $533,850.45. Following the transaction, the insider now owns 34,197 shares of the company’s stock, valued at approximately $20,172,468.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $589.89, for a total transaction of $533,850.45. Following the completion of the sale, the insider now owns 34,197 shares of the company’s stock, valued at $20,172,468.33. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares in the company, valued at $39,285,234.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 252,443 shares of company stock worth $133,105,284 in the last ninety days. Insiders own 13.71% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Hedge funds and other institutional investors have recently modified their holdings of the stock. Central Valley Advisors LLC increased its position in Meta Platforms by 0.3% in the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after buying an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC grew its stake in shares of Meta Platforms by 0.5% during the 3rd quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after acquiring an additional 18 shares during the period. S.A. Mason LLC increased its holdings in Meta Platforms by 1.5% in the 1st quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after acquiring an additional 20 shares in the last quarter. Front Row Advisors LLC raised its stake in Meta Platforms by 5.7% during the 2nd quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock worth $187,000 after acquiring an additional 20 shares during the period. Finally, Merrion Investment Management Co LLC boosted its position in shares of Meta Platforms by 1.8% in the third quarter. Merrion Investment Management Co LLC now owns 1,145 shares of the social networking company’s stock worth $655,000 after purchasing an additional 20 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

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.