Home Networking company Meta Platforms (NASDAQ:META) Price Target Cut to $280.00 by Evercore ISI Analysts

Meta Platforms (NASDAQ:META) Price Target Cut to $280.00 by Evercore ISI Analysts

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Metaplatforms (NASDAQ:META – Get Rating) saw its price target lowered by stock analysts Evercore ISI from $325.00 to $280.00 in a report on Thursday, reports The Fly. Evercore ISI’s target price would suggest a potential upside of 64.71% from the company’s previous close.

Several other equity research analysts have also weighed in on META recently. Jefferies Financial Group reduced its price target on meta platforms from $330.00 to $310.00 in a research report on Tuesday, May 24. BMO Capital Markets reduced its target price on meta platforms from $290.00 to $225.00 in a Friday, April 22 research note. Mizuho reduced its target price on Meta platforms from $425.00 to $325.00 and set a “buy” rating for the company in a Monday, April 25 research note. UBS Group lowered its meta price target from $310.00 to $215.00 and set a “buy” rating for the company in a Thursday, June 16 research report. Finally, Wedbush lowered its meta platform price target from $270.00 to $220.00 in a Thursday, April 28 research report. One analyst rated the stock with a sell rating, thirteen gave the company a hold rating, thirty-three gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $298.98.

META stock opened at $170.00 on Thursday. The company has a market capitalization of $460.07 billion, a PE ratio of 12.86, a growth price-earnings ratio of 1.34 and a beta of 1.40. Meta Platforms has a 1-year low of $154.25 and a 1-year high of $384.33. The stock has a 50-day moving average price of $184.38 and a 200-day moving average price of $227.88.

Meta Platforms (NASDAQ:META – Get Rating) last released its quarterly results on Wednesday, April 27. The social networking company reported earnings per share (EPS) of $2.72 for the quarter, beating the consensus estimate of $2.54 by $0.18. The company posted revenue of $27.91 billion in the quarter, versus a consensus estimate of $28.21 billion. Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. In the same quarter last year, the company posted EPS of $3.30. On average, stock analysts expect Meta Platforms to post 11.46 earnings per share for the current year.

In other news, insider Jennifer Newstead sold 476 shares of the company in a trade that took place on Tuesday, April 12. The shares were sold at an average price of $220.04, for a total transaction of $104,739.04. Following the completion of the sale, the insider now owns 13,926 shares of the company, valued at approximately $3,064,277.04. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, CAO Susan JS Taylor sold 1,420 shares of the company in a trade that took place on Tuesday, May 17. The stock was sold at an average price of $202.16, for a total transaction of $287,067.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,605 shares of the company, valued at $324,466.80. The disclosure of this sale can be found here. Insiders sold a total of 45,430 shares of the company worth $9,076,960 during the last quarter. 13.59% of the shares are held by company insiders.

Several hedge funds and other institutional investors have recently changed their positions in META. BlackRock Inc. increased its holdings of Meta Platforms shares by 1.2% during the fourth quarter. BlackRock Inc. now owns 158,101,319 shares of the social networking company valued at $53,177,378,000 after buying an additional 1,909,538 shares in the last quarter. State Street Corp increased its stake in Meta Platforms by 2.0% during the fourth quarter. State Street Corp now owns 94,303,590 shares of the social networking company valued at $31,719,012,000 after buying an additional 1,887,737 shares in the last quarter. Capital International Investors increased its stake in Meta Platforms by 4.4% during the first quarter. Capital International Investors now owns 54,050,797 shares of the social networking company valued at $12,019,697,000 after purchasing an additional 2,281,759 shares in the last quarter. Geode Capital Management LLC increased its stake in Meta Platforms by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 40,627,257 shares of the social networking company valued at $13,629,910,000 after purchasing an additional 950,662 shares in the last quarter. Finally, Norges Bank acquired a new stake in Meta Platforms during the fourth quarter, valued at approximately $9,595,113,000. Institutional investors hold 65.49% of the company’s shares.

Meta Platforms Company Profile (Get a rating)

Meta Platforms, Inc develops products that allow people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and home devices around the world. It operates in two segments, Family of Apps and Reality Labs. Products in the Family of Apps segment include Facebook, which enables people to share, discover and connect with interests; Instagram, a community for sharing photos, videos and private messages, as well as feeds, stories, reels, videos, live and shops; Messenger, a messaging app that lets people connect with friends, family, groups, and businesses across all platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging app used by individuals and businesses to communicate and transact privately.

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Analyst Recommendations for Meta Platforms (NASDAQ: META)

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