KeyCorp Lowers Meta Platforms (NASDAQ:META) Price Target to $710.00

Meta Platforms (NASDAQ:META) had its target price cut by research analysts at KeyCorp from $750.00 to $710.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the social networking company’s stock. KeyCorp’s price objective would indicate a potential upside of 21.56% from the stock’s current price.

Several other equities research analysts also recently weighed in on META. Wells Fargo & Company increased their target price on shares of Meta Platforms from $685.00 to $752.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Tigress Financial reiterated a “strong-buy” rating on shares of Meta Platforms in a research note on Tuesday, February 11th. Citigroup increased their target price on shares of Meta Platforms from $753.00 to $780.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Arete Research upgraded shares of Meta Platforms to a “hold” rating in a research report on Friday, January 24th. Finally, DA Davidson raised their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $718.31.

Meta Platforms Stock Performance

NASDAQ:META opened at $584.06 on Tuesday. The firm has a market capitalization of $1.48 trillion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The business’s fifty day moving average price is $656.27 and its 200 day moving average price is $604.69. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. Meta Platforms has a 12 month low of $414.50 and a 12 month high of $740.91.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same period in the prior year, the firm earned $5.33 earnings per share. On average, sell-side analysts anticipate that Meta Platforms will post 26.7 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mark Zuckerberg sold 10,100 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $601.54, for a total transaction of $6,075,554.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Susan J. Li sold 8,553 shares of the company’s stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $6,300,738.51. Following the sale, the chief financial officer now directly owns 51,793 shares of the company’s stock, valued at approximately $38,154,349.31. This represents a 14.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 632,023 shares of company stock worth $414,734,884 over the last 90 days. 13.71% of the stock is owned by company insiders.

Institutional Trading of Meta Platforms

Several large investors have recently modified their holdings of the company. JDM Financial Group LLC bought a new stake in Meta Platforms in the 3rd quarter valued at $30,000. Safe Harbor Fiduciary LLC bought a new stake in Meta Platforms in the 3rd quarter valued at $36,000. Millstone Evans Group LLC bought a new stake in Meta Platforms in the 4th quarter valued at $40,000. Avondale Wealth Management acquired a new position in shares of Meta Platforms in the 4th quarter valued at $41,000. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $43,000. 79.91% of the stock is owned by 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.