Wolfe Research launches coverage of Meta Platforms with Outperform and $531.31/share price target.
From Nasdaq: 2024-07-17 03:21:24
Fintel reports Wolfe Research initiated coverage of Meta Platforms on July 16, 2024, with an Outperform recommendation. The average one-year price target for Meta Platforms is $531.31/share, indicating an 8.48% upside. Projected annual revenue for Meta Platforms is 139,653MM, with a projected annual non-GAAP EPS of 10.48.
There are 5,925 funds or institutions reporting positions in Meta Platforms, representing an increase of 327 owners or 5.84% in the last quarter. The average portfolio weight dedicated to META is 1.78%, up by 9.67%. Total shares owned by institutions decreased by 2.33% to 1,905,284K shares in the last three months. The put/call ratio of META is 0.69, indicating a bullish outlook.
VTSMX, VFINX, JPMorgan Chase, Geode Capital Management, and Price T. Rowe Associates are notable shareholders of Meta Platforms, with varying levels of ownership and portfolio allocation changes over the last quarter. Price T. Rowe Associates owns 43,118K shares, representing 1.70% ownership, with a 5.60% decrease in shares owned but an 18.51% increase in portfolio allocation.
Meta Platforms, founded in 2004 by Mark Zuckerberg, aims to connect people globally through various products like Facebook, Instagram, Messenger, WhatsApp, Oculus Quest, and Portal. The company generates revenue primarily from advertising placements, allowing marketers to reach a targeted audience. Headquartered in Menlo Park, CA, Facebook’s mission is to build community and bring people closer together.
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