Scotiabank Begins Coverage of Meta Platforms with a Cautious Outlook
On October 11, 2024, Scotiabank announced its coverage of Meta Platforms (NasdaqGS:META), giving it a Sector Perform rating.
Analyst Predictions Indicate Slight Decline Ahead
As of September 25, 2024, the average one-year price target for Meta Platforms stands at $579.42 per share. This range varies between a low of $262.60 and a high of $693.00. Notably, this average suggests a potential decrease of 1.78% from the latest closing price of $589.95 per share.
Check our leaderboard for companies with the highest potential price target upside.
Meta Platforms is projected to generate annual revenue of $139,653 million, indicating a downward adjustment of 6.76%. Additionally, the estimated annual non-GAAP earnings per share (EPS) is $10.48.
Institutional Interest and Fund Sentiment
A total of 6,003 funds or institutions are reporting ownership stakes in Meta Platforms. This figure represents an increase of 91 owners, or 1.54%, over the past quarter. The average weight of all funds in their portfolios devoted to META has risen by 2.47%, now at 1.73%. Over the last three months, total institutional shares owned have climbed by 1.49%, reaching 1,933,250K shares. The current put/call ratio for META is 0.74, which reflects a generally bullish outlook.
Among the major shareholders, Vanguard Total Stock Market Index Fund Investor Shares holds 69,230K shares, which is 3.17% of the company. This reflects a slight increase from its previous holding of 69,157K shares, marking a growth of 0.11% in its portfolio allocation in META over the last quarter.
Vanguard 500 Index Fund Investor Shares owns 56,245K shares, representing 2.57% ownership. This is an increase from 55,443K shares, with a portfolio allocation shift down of 0.28% over the last quarter.
JPMorgan Chase holds 52,228K shares or 2.39% ownership, which is up from 50,183K shares, an increase of 3.92% in their allocation. Geode Capital Management reported ownership of 47,462K shares, a rise of 2.21% from 46,413K shares previously.
Price T Rowe Associates decreased its holdings to 41,709K shares, or 1.91% ownership, reflecting a decline of 3.38% from 43,118K shares.
Understanding Meta Platforms
(This description is provided by the company.)
Founded in 2004 by Mark Zuckerberg and based in Menlo Park, CA, Meta is primarily recognized for its flagship product, Facebook, which aims to connect people and communities globally. The company focuses on developing products that allow users to share experiences while engaging with friends and family.
Meta’s portfolio includes Instagram, a platform for photo and video sharing, and WhatsApp, a secure messaging application. The company mainly generates revenue through advertising, which allows marketers to connect with audiences based on demographic factors. They also offer augmented and virtual reality services through Facebook Reality Labs.
Fintel provides comprehensive investment research tools for individual investors, traders, financial advisors, and small hedge funds. Our database includes a wide array of financial metrics and expert analysis to assist in informed investment decisions.
This article originally appeared on Fintel.
The views and opinions expressed herein are those of the author and may not reflect those of Nasdaq, Inc.