Meta Platforms (NASDAQ:META) Given “Underperform” Rating at Needham & Company LLC

Meta Platforms (NASDAQ:META)‘s stock had its “underperform” rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports.

Other analysts have also issued reports about the stock. Truist Financial lowered their target price on shares of Meta Platforms from $550.00 to $535.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Royal Bank of Canada lowered 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 note on Thursday, April 25th. Wolfe Research initiated coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price objective for the company. Oppenheimer upped their price objective on shares of Meta Platforms from $500.00 to $525.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $550.00 price objective on shares of Meta Platforms in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $548.66.

Meta Platforms Trading Up 2.5 %

Shares of META opened at $474.83 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. Meta Platforms has a fifty-two week low of $274.38 and a fifty-two week high of $542.81. The stock has a market capitalization of $1.20 trillion, a PE ratio of 27.27, a P/E/G ratio of 1.20 and a beta of 1.21. The company’s fifty day moving average is $493.25 and its 200 day moving average is $477.38.

Insider Activity

In related news, CEO Mark Zuckerberg sold 2,011 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total transaction of $1,007,350.12. Following the completion of the sale, the chief executive officer now owns 318,932 shares in the company, valued at $159,759,417.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Mark Zuckerberg sold 2,011 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total transaction of $1,007,350.12. Following the completion of the sale, the chief executive officer now owns 318,932 shares in the company, valued at $159,759,417.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Andrew Bosworth sold 5,058 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $2,386,617.30. Following the sale, the chief technology officer now owns 15,412 shares of the company’s stock, valued at approximately $7,272,152.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,175 shares of company stock worth $154,616,712. 13.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Meta Platforms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in META. Quest Partners LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at approximately $32,000. Clear Investment Research LLC increased its holdings in shares of Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after purchasing an additional 74 shares during the period. Delos Wealth Advisors LLC increased its holdings in shares of Meta Platforms by 527.3% in the first 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. Cranbrook Wealth Management LLC increased its holdings in shares of Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after purchasing an additional 45 shares during the period. Finally, POM Investment Strategies LLC acquired a new position in shares of Meta Platforms in the second quarter valued at approximately $38,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

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.