Meta Platforms (NASDAQ:META) Price Target Cut to $840.00 by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Meta Platforms’ price target from $860 to $840 while maintaining an “overweight” rating, implying 16.88% potential upside from the prior close.
• Analyst sentiment remains broadly positive: Meta has a consensus “Moderate Buy” rating, with 45 Buy, three Strong Buy and nine Hold recommendations; the average target price is $791.47.
• Meta reported quarterly revenue of $60.80 billion, up 28% year over year and above estimates, but earnings per share of $6.18 missed the $7.19 consensus forecast. Insiders sold $101.0 million of stock over the past 90 days.

Meta Platforms (NASDAQ:META - Get Free Report) had its price objective reduced by investment analysts at Cantor Fitzgerald from $860.00 to $840.00 in a report released on Monday, Benzinga reports. The firm currently has an "overweight" rating on the social networking company's stock. Cantor Fitzgerald's price target points to a potential upside of 16.88% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Monness Crespi & Hardt increased their target price on shares of Meta Platforms from $730.00 to $830.00 and gave the stock a "buy" rating in a research report on Monday, September 28th. Benchmark reaffirmed a "hold" rating on shares of Meta Platforms in a research report on Thursday, August 27th. DZ Bank reiterated a "buy" rating on shares of Meta Platforms in a research note on Thursday, July 30th. Wells Fargo & Company boosted their price objective on shares of Meta Platforms from $796.00 to $1,000.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Meta Platforms from $750.00 to $820.00 and gave the stock a "buy" rating in a research report on Friday, September 25th. Three research analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $791.47.

Meta Platforms Price Performance

Meta Platforms stock opened at $718.67 on Monday. The company has a market cap of $1.83 trillion, a price-to-earnings ratio of 27.07, a PEG ratio of 1.25 and a beta of 1.19. The firm has a 50 day moving average price of $640.98 and a 200 day moving average price of $620.20. Meta Platforms has a 1 year low of $520.26 and a 1 year high of $779.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The social networking company reported $6.18 EPS for the quarter, missing analysts' consensus estimates of $7.19 by ($1.01). Meta Platforms had a return on equity of 33.18% and a net margin of 29.83%. The firm had revenue of $60.80 billion for the quarter, compared to analyst estimates of $60.22 billion. During the same quarter in the previous year, the company earned $7.14 earnings per share. The company's quarterly revenue was up 28.0% on a year-over-year basis. Sell-side analysts predict that Meta Platforms will post 27.94 earnings per share for the current year.

Insider Activity

In other news, CAO Aaron Anderson sold 3,240 shares of Meta Platforms stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $618.06, for a total transaction of $2,002,514.40. Following the sale, the chief accounting officer owned 6,271 shares in the company, valued at $3,875,854.26. This trade represents a 34.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Susan J. Li sold 9,196 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $550.61, for a total transaction of $5,063,409.56. Following the transaction, the chief financial officer directly owned 13,186 shares in the company, valued at approximately $7,260,343.46. The trade was a 41.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,222 shares of company stock worth $101,033,627 in the last ninety days. 13.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Meta Platforms

A number of large investors have recently added to or reduced their stakes in META. Auto Owners Insurance Co lifted its holdings in shares of Meta Platforms by 76,587.7% in the 4th quarter. Auto Owners Insurance Co now owns 105,292,277 shares of the social networking company's stock worth $69,502,379,000 after acquiring an additional 105,154,977 shares during the last quarter. State Street Corp increased its holdings in Meta Platforms by 4.0% in the 2nd quarter. State Street Corp now owns 92,033,963 shares of the social networking company's stock valued at $51,841,811,000 after purchasing an additional 3,510,123 shares during the last quarter. Bank of America Corp DE increased its holdings in Meta Platforms by 14.6% in the 1st quarter. Bank of America Corp DE now owns 21,038,035 shares of the social networking company's stock valued at $12,036,491,000 after purchasing an additional 2,673,494 shares during the last quarter. Invesco Ltd. raised its position in Meta Platforms by 6.1% in the fourth quarter. Invesco Ltd. now owns 18,200,469 shares of the social networking company's stock valued at $12,013,948,000 after purchasing an additional 1,046,715 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Meta Platforms by 1.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,836,063 shares of the social networking company's stock valued at $7,230,426,000 after purchasing an additional 162,909 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

About Meta Platforms

Meta Platforms, Inc is a technology company that develops social networking, messaging, virtual and augmented reality, and artificial intelligence products. The company operates a global family of apps that includes Facebook, Instagram, Messenger, WhatsApp and Threads, enabling users to connect, communicate, share content and discover communities.

Meta generates most of its business through digital advertising displayed across its platforms. Its products serve individuals, creators, businesses and organizations in markets around the world, while its advertising tools help businesses reach audiences based on factors such as interests, activity and demographics.

Through its Reality Labs division, Meta develops virtual and augmented reality hardware, software and services, including the Meta Quest line of headsets and related experiences.

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