Meta Platforms (NASDAQ:META) Sets New 1-Year High at $271.07

Posted by on Jun 3rd, 2023

Meta Platforms, Inc. (NASDAQ:META – Get Rating) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $271.07 and last traded at $269.96, with a volume of 4811061 shares changing hands. The stock had previously closed at $264.72.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. 92 Resources reiterated a “maintains” rating on shares of Meta Platforms in a report on Thursday, April 27th. Truist Financial lifted their price objective on shares of Meta Platforms from $230.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 27th. Evercore ISI lifted their price objective on shares of Meta Platforms from $305.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, April 27th. Wells Fargo & Company boosted their target price on shares of Meta Platforms from $250.00 to $280.00 in a report on Thursday, March 16th. Finally, Tigress Financial boosted their target price on shares of Meta Platforms from $260.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Friday, February 10th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, forty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $245.13.

Meta Platforms Price Performance

The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.08. The firm has a market cap of $698.63 billion, a price-to-earnings ratio of 33.82, a price-to-earnings-growth ratio of 1.00 and a beta of 1.19. The company’s 50-day moving average is $230.66 and its 200-day moving average is $176.64.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $189.00, for a total value of $74,277.00. Following the sale, the insider now owns 31,332 shares in the company, valued at $5,921,748. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Meta Platforms news, insider Nicholas Clegg sold 2,146 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $233.81, for a total value of $501,756.26. Following the sale, the insider now owns 9,931 shares in the company, valued at $2,321,967.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $189.00, for a total transaction of $74,277.00. Following the completion of the sale, the insider now owns 31,332 shares in the company, valued at approximately $5,921,748. The disclosure for this sale can be found here. Insiders have sold 38,091 shares of company stock worth $8,873,598 over the last quarter. Corporate insiders own 13.75% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Several large investors have recently modified their holdings of the business. Golden State Equity Partners bought a new position in shares of Meta Platforms during the first quarter valued at $1,523,000. Searle & CO. bought a new position in shares of Meta Platforms during the first quarter valued at $257,000. Kennedy Investment Group bought a new position in shares of Meta Platforms during the first quarter valued at $237,000. Coastline Trust Co bought a new position in shares of Meta Platforms during the first quarter valued at $1,159,000. Finally, Aspire Private Capital LLC raised its stake in shares of Meta Platforms by 139.0% during the first quarter. Aspire Private Capital LLC now owns 1,293 shares of the social networking company’s stock valued at $274,000 after acquiring an additional 752 shares during the last quarter. Institutional investors own 60.92% of the company’s stock.

Meta Platforms Company Profile

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.

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