Meta Platforms (NASDAQ:META) Price Target Raised to $660.00 at JPMorgan Chase & Co.

Meta Platforms (NASDAQ:META) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $640.00 to $660.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the social networking company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 14.99% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a report on Thursday, September 26th. Morgan Stanley lifted their price target on Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Wolfe Research began coverage on Meta Platforms in a report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price objective for the company. The Goldman Sachs Group boosted their target price on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $629.39.

Meta Platforms Trading Down 3.0 %

Shares of META stock traded down $17.84 on Thursday, hitting $573.96. The stock had a trading volume of 10,632,016 shares, compared to its average volume of 15,083,925. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms has a twelve month low of $296.86 and a twelve month high of $602.95. The company has a fifty day moving average price of $554.49 and a two-hundred day moving average price of $512.18. The firm has a market cap of $1.46 trillion, a P/E ratio of 33.07, a PEG ratio of 1.42 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. As a group, analysts forecast that Meta Platforms will post 21.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction on Monday, August 5th. The stock was sold at an average price of $451.15, for a total value of $406,486.15. Following the completion of the transaction, the insider now directly owns 33,324 shares in the company, valued at approximately $15,034,122.60. The trade was a 0.00 % 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 the SEC website. In other news, insider Jennifer Newstead sold 901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the transaction, the insider now directly owns 33,324 shares in the company, valued at $15,034,122.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peggy Alford sold 1,052 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $479.00, for a total transaction of $503,908.00. Following the completion of the transaction, the director now directly owns 6,168 shares in the company, valued at approximately $2,954,472. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,818 shares of company stock valued at $132,569,993. Company insiders own 13.71% of the company’s stock.

Institutional Investors Weigh In On Meta Platforms

Hedge funds and other institutional investors have recently modified their holdings of the stock. Delos Wealth Advisors LLC increased its holdings in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 58 shares during the period. POM Investment Strategies LLC purchased a new position in Meta Platforms during the second quarter valued at $38,000. Ruedi Wealth Management Inc. boosted its stake in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares in the last quarter. Richardson Financial Services Inc. increased its position in Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after buying an additional 43 shares in the last quarter. Finally, Halpern Financial Inc. purchased a new stake in Meta Platforms during the 3rd quarter valued at about $46,000. 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.