Meta Platforms (NASDAQ:META) Given New $765.00 Price Target at Bank of America

Meta Platforms (NASDAQ:META - Get Free Report) had its price objective increased by analysts at Bank of America from $690.00 to $765.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the social networking company's stock. Bank of America's price target indicates a potential upside of 6.62% from the company's previous close.

META has been the topic of several other reports. Morgan Stanley increased their price objective on shares of Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. KeyCorp increased their price objective on shares of Meta Platforms from $645.00 to $655.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. TD Cowen increased 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 Wednesday. Raymond James Financial dropped their price objective on shares of Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research report on Thursday, May 1st. Finally, Oppenheimer increased their price objective on shares of Meta Platforms from $665.00 to $775.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $729.38.

Meta Platforms Stock Performance

NASDAQ META traded down $9.73 on Thursday, hitting $717.51. 10,855,962 shares of the stock were exchanged, compared to its average volume of 14,460,014. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The business's fifty day moving average is $674.77 and its 200 day moving average is $634.57. Meta Platforms has a 52 week low of $442.65 and a 52 week high of $747.90. The company has a market capitalization of $1.80 trillion, a PE ratio of 27.98, a P/E/G ratio of 1.76 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating 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 company's revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.71 earnings per share. Research analysts anticipate that Meta Platforms will post 26.7 EPS for the current fiscal year.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 13,793 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $701.13, for a total value of $9,670,686.09. Following the transaction, the chief executive officer owned 118,279 shares in the company, valued at approximately $82,928,955.27. The trade was a 10.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer owned 1,183 shares in the company, valued at $753,393.55. This trade represents a 94.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 153,792 shares of company stock worth $105,466,325. Company insiders own 13.61% of the company's stock.

Institutional Trading of Meta Platforms

Hedge funds have recently modified their holdings of the stock. Inlight Wealth Management LLC bought a new stake in shares of Meta Platforms in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Meta Platforms in the 1st quarter valued at $28,000. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Meta Platforms in the 1st quarter valued at $33,000. Millstone Evans Group LLC bought a new stake in shares of Meta Platforms in the 4th quarter valued at $40,000. Finally, WealthTrak Capital Management LLC bought a new stake in Meta Platforms during the 4th quarter valued at $43,000. Institutional investors own 79.91% of the company's stock.

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.