Meta Platforms (NASDAQ:META) PT Lowered to $570.00 at Royal Bank of Canada

Meta Platforms (NASDAQ:META) had its target price decreased by equities research analysts at Royal Bank of Canada from $600.00 to $570.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the social networking company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 30.35% from the company’s current price.

A number of other equities analysts have also weighed in on META. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a research report on Thursday. Wolfe Research dropped their price target on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday. Morgan Stanley upped their price target on shares of Meta Platforms from $375.00 to $550.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Evercore ISI upped their price target on shares of Meta Platforms from $425.00 to $550.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, Canaccord Genuity Group dropped their price target on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $511.05.

Meta Platforms Stock Performance

META stock traded down $56.21 during midday trading on Thursday, reaching $437.29. 64,554,697 shares of the company’s stock traded hands, compared to its average volume of 17,965,529. Meta Platforms has a 52-week low of $208.88 and a 52-week high of $531.49. The stock has a market cap of $1.11 trillion, a P/E ratio of 29.43, a PEG ratio of 1.27 and a beta of 1.20. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.12. The stock’s 50-day moving average is $495.93 and its 200 day moving average is $403.14.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The business had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. As a group, analysts anticipate that Meta Platforms will post 20.18 EPS for the current year.

Insider Activity

In related news, CEO Mark Zuckerberg sold 19,681 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $394.76, for a total value of $7,769,271.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Mark Zuckerberg sold 19,681 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $394.76, for a total value of $7,769,271.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $488.03, for a total transaction of $239,134.70. Following the completion of the transaction, the chief operating officer now directly owns 79,944 shares in the company, valued at approximately $39,015,070.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,368,244 shares of company stock valued at $657,034,449. 13.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in META. Norges Bank purchased a new position in Meta Platforms during the 4th quarter valued at about $11,285,855,000. FMR LLC increased its position in Meta Platforms by 4.0% during the 3rd quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock valued at $39,270,443,000 after purchasing an additional 5,001,647 shares during the period. International Assets Investment Management LLC increased its position in Meta Platforms by 11,154.4% during the 4th quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock valued at $1,752,900,000 after purchasing an additional 4,908,251 shares during the period. Capital Research Global Investors increased its position in Meta Platforms by 17.2% during the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after purchasing an additional 4,440,229 shares during the period. Finally, Concentrum Wealth Management boosted its holdings in shares of Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after buying an additional 3,888,308 shares in the last quarter. Hedge funds and other 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.