Brokerages forecast that Meta Platforms, Inc. (NASDAQ:FB – Get Rating) will report $29.22 billion in sales for the current fiscal quarter, Zacks reports. Twelve analysts have provided estimates for Meta Platforms’ earnings, with the lowest sales estimate coming in at $28.20 billion and the highest estimate coming in at $29.84 billion. Meta Platforms posted sales of $29.08 billion in the same quarter last year, which indicates a positive year over year growth rate of 0.5%. The company is expected to announce its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Meta Platforms will report full-year sales of $125.47 billion for the current fiscal year, with estimates ranging from $121.66 billion to $129.29 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $147.54 billion, with estimates ranging from $136.63 billion to $156.49 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Meta Platforms.
Meta Platforms (NASDAQ:FB – Get Rating) last released its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.06. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. During the same quarter in the previous year, the firm posted $3.30 earnings per share.
FB has been the subject of several research analyst reports. Rosenblatt Securities initiated coverage on Meta Platforms in a report on Tuesday, April 19th. They set a “neutral” rating and a $228.00 price target for the company. Bank of America dropped their target price on Meta Platforms from $410.00 to $333.00 and set a “buy” rating for the company in a report on Thursday, February 3rd. Atlantic Securities dropped their target price on Meta Platforms from $420.00 to $360.00 and set an “overweight” rating for the company in a report on Thursday, February 3rd. Loop Capital cut Meta Platforms from a “buy” rating to a “hold” rating and dropped their target price for the stock from $380.00 to $230.00 in a report on Thursday, February 3rd. Finally, Argus cut Meta Platforms from a “buy” rating to a “hold” rating in a report on Friday, February 4th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $316.80.
NASDAQ FB opened at $208.28 on Friday. The stock has a market capitalization of $566.93 billion, a PE ratio of 15.75, a P/E/G ratio of 1.34 and a beta of 1.37. The business has a 50 day simple moving average of $208.48 and a two-hundred day simple moving average of $274.36. Meta Platforms has a 1-year low of $169.00 and a 1-year high of $384.33.
In other news, insider Jennifer Newstead sold 622 shares of the business’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $210.78, for a total value of $131,105.16. Following the completion of the transaction, the insider now directly owns 12,498 shares of the company’s stock, valued at approximately $2,634,328.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO David M. Wehner sold 1,095 shares of the business’s stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $217.70, for a total value of $238,381.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,578 shares of company stock valued at $1,823,131. Corporate insiders own 13.59% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FB. OLD Mission Capital LLC purchased a new stake in Meta Platforms during the 3rd quarter valued at about $251,000. New World Advisors LLC grew its stake in Meta Platforms by 170.8% during the 3rd quarter. New World Advisors LLC now owns 2,248 shares of the social networking company’s stock valued at $730,000 after purchasing an additional 1,418 shares during the last quarter. Beaton Management Co. Inc. grew its stake in Meta Platforms by 1.4% during the 3rd quarter. Beaton Management Co. Inc. now owns 9,322 shares of the social networking company’s stock valued at $3,164,000 after purchasing an additional 130 shares during the last quarter. Grace Capital grew its stake in Meta Platforms by 4.3% during the 3rd quarter. Grace Capital now owns 7,200 shares of the social networking company’s stock valued at $2,367,000 after purchasing an additional 300 shares during the last quarter. Finally, Mendel Money Management grew its stake in Meta Platforms by 0.9% during the 3rd quarter. Mendel Money Management now owns 9,236 shares of the social networking company’s stock valued at $3,135,000 after purchasing an additional 83 shares during the last quarter. Hedge funds and other institutional investors own 65.49% of the company’s stock.
Meta Platforms Company Profile (GetRating)
Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment’s products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
Get a free copy of the Zacks research report on Meta Platforms (FB)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Meta Platforms Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Meta Platforms and related companies with MarketBeat.com’s FREE daily email newsletter.