Meta Platforms (NASDAQ:META) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Meta Platforms (NASDAQ:META) in a research note published on Monday, Benzinga reports. They currently have a $660.00 price objective on the social networking company’s stock.

Other equities analysts also recently issued research reports about the company. Citigroup raised their target price on Meta Platforms from $580.00 to $645.00 and gave the stock a buy rating in a research report on Monday, September 23rd. Morgan Stanley lifted their price objective on Meta Platforms from $550.00 to $575.00 and gave the company an overweight rating in a report on Thursday, August 1st. Raymond James increased their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock a strong-buy rating in a research report on Monday, July 1st. Wolfe Research began coverage on shares of Meta Platforms in a research report on Tuesday, July 16th. They issued an outperform rating and a $620.00 price target on the stock. Finally, Robert W. Baird raised their price objective on shares of Meta Platforms from $530.00 to $605.00 and gave the stock an outperform rating in a report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $598.08.

Meta Platforms Stock Up 1.7 %

META opened at $582.77 on Monday. The company has a market capitalization of $1.48 trillion, a P/E ratio of 33.47, a P/E/G ratio of 1.39 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The firm’s fifty day moving average price is $524.47 and its two-hundred day moving average price is $501.92. Meta Platforms has a fifty-two week low of $279.40 and a fifty-two week high of $583.36.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same period in the previous year, the business earned $3.23 EPS. The firm’s revenue was up 22.1% on a year-over-year basis. On average, analysts anticipate that Meta Platforms will post 21.36 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $578.55, for a total value of $523,587.75. Following the completion of the sale, the insider now directly owns 35,102 shares in the company, valued at $20,308,262.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $530.75, for a total value of $8,864,586.50. Following the completion of the transaction, the chief executive officer now owns 169,372 shares in the company, valued at $89,894,189. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $578.55, for a total transaction of $523,587.75. Following the sale, the insider now owns 35,102 shares in the company, valued at $20,308,262.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 300,228 shares of company stock worth $158,005,260. Corporate insiders own 13.71% of the company’s stock.

Hedge Funds Weigh In On Meta Platforms

Large investors have recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its holdings in shares of Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC acquired a new stake in shares of Meta Platforms in the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. lifted its position in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares in the last quarter. Richardson Financial Services Inc. boosted its holdings in Meta Platforms by 95.6% during the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after purchasing an additional 43 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new position in Meta Platforms in the first quarter valued at $44,000. 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.