Meta Platforms (NASDAQ:META) Hits New 52-Week High on Analyst Upgrade

Shares of Meta Platforms, Inc. (NASDAQ:META) hit a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $593.00 to $625.00. Wells Fargo & Company currently has an overweight rating on the stock. Meta Platforms traded as high as $542.75 and last traded at $542.75, with a volume of 252591 shares trading hands. The stock had previously closed at $539.91.

A number of other research firms have also weighed in on META. Deutsche Bank Aktiengesellschaft decreased their target price on Meta Platforms from $540.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. The Goldman Sachs Group reduced their target price on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. UBS Group decreased their target price on Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Loop Capital restated a “buy” rating and issued a $550.00 price target on shares of Meta Platforms in a research note on Wednesday, July 3rd. Finally, Royal Bank of Canada reduced their target price on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus target price of $511.88.

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 412 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $472.70, for a total value of $194,752.40. Following the completion of the transaction, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at $7,268,235.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Jennifer Newstead sold 585 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $498.59, for a total transaction of $291,675.15. Following the sale, the insider now owns 37,813 shares of the company’s stock, valued at approximately $18,853,183.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Javier Olivan sold 412 shares of Meta Platforms stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total value of $194,752.40. Following the transaction, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The disclosure for this sale can be found here. Insiders sold a total of 260,459 shares of company stock valued at $128,049,749 in the last quarter. 13.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Meta Platforms

Hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. increased its stake in Meta Platforms by 24.2% in the fourth quarter. Baird Financial Group Inc. now owns 835,972 shares of the social networking company’s stock valued at $295,901,000 after acquiring an additional 163,067 shares during the last quarter. California State Teachers Retirement System lifted its stake in Meta Platforms by 1.5% in the fourth quarter. California State Teachers Retirement System now owns 3,576,285 shares of the social networking company’s stock worth $1,265,862,000 after purchasing an additional 51,900 shares during the last quarter. Donoghue Forlines LLC grew its stake in shares of Meta Platforms by 94.4% during the fourth quarter. Donoghue Forlines LLC now owns 8,349 shares of the social networking company’s stock valued at $2,955,000 after buying an additional 4,054 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Meta Platforms by 7.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 451,581 shares of the social networking company’s stock worth $159,841,000 after buying an additional 32,423 shares during the period. Finally, Voyager Global Management LP lifted its stake in shares of Meta Platforms by 37.3% in the 4th quarter. Voyager Global Management LP now owns 515,000 shares of the social networking company’s stock valued at $182,289,000 after acquiring an additional 140,000 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The firm has a fifty day moving average of $488.29 and a two-hundred day moving average of $464.16. The company has a market capitalization of $1.34 trillion, a PE ratio of 30.44, a PEG ratio of 1.40 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The firm had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. Research analysts anticipate that Meta Platforms, Inc. will post 20.15 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

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.