Meta Platforms' (META) Overweight Rating Reiterated at Wells Fargo & Company

Meta Platforms (NASDAQ:META - Get Free Report)'s stock had its "overweight" rating reaffirmed by investment analysts at Wells Fargo & Company in a research report issued on Tuesday,Benzinga reports. They currently have a $664.00 price objective on the social networking company's stock. Wells Fargo & Company's price target would suggest a potential downside of 2.69% from the stock's previous close.

META has been the subject of a number of other research reports. Roth Capital raised their price objective on Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Morgan Stanley raised their target price on Meta Platforms from $615.00 to $650.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. KeyCorp boosted their price target on shares of Meta Platforms from $645.00 to $655.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Monness Crespi & Hardt increased their price objective on shares of Meta Platforms from $775.00 to $780.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Bank of America lifted their target price on shares of Meta Platforms from $690.00 to $765.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $710.00.

Meta Platforms Stock Performance

Shares of Meta Platforms stock traded down $13.42 during midday trading on Tuesday, hitting $682.35. The company had a trading volume of 22,498,010 shares, compared to its average volume of 14,533,849. Meta Platforms has a 1-year low of $442.65 and a 1-year high of $740.91. The business's 50 day simple moving average is $615.32 and its two-hundred day simple moving average is $622.60. The stock has a market cap of $1.72 trillion, a PE ratio of 26.61, a P/E/G ratio of 1.71 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The business's quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the business posted $4.71 EPS. As a group, equities analysts predict that Meta Platforms will post 26.7 EPS for the current fiscal year.

Insider Buying and Selling at Meta Platforms

In related news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the completion of the transaction, the chief financial officer now owns 70,040 shares in the company, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 8,312 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $702.13, for a total transaction of $5,836,104.56. Following the completion of the sale, the chief executive officer now directly owns 88,372 shares of the company's stock, valued at $62,048,632.36. The trade was a 8.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,512 shares of company stock valued at $73,590,232. 13.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Meta Platforms

Hedge funds and other institutional investors have recently made changes to their positions in the company. Inlight Wealth Management LLC acquired a new stake in shares of Meta Platforms during the first quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Meta Platforms during the 1st quarter worth approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Meta Platforms in the first quarter valued at approximately $33,000. Millstone Evans Group LLC bought a new position in Meta Platforms during the 4th quarter worth about $40,000. Finally, WealthTrak Capital Management LLC acquired a new stake in Meta Platforms in the 4th quarter valued at $43,000. 79.91% of the stock is owned by institutional investors.

About Meta Platforms

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.