Scotiabank Initiates Coverage of Meta Platforms, Suggests Caution Ahead

On October 11, 2024, Scotiabank began coverage of Meta Platforms (BIT:1FB) with a Sector Perform recommendation.

Analyst Price Forecast Indicates Potential Decline

The average one-year price target for Meta Platforms, as of September 25, 2024, is €522.43 per share. Predictions vary significantly, with estimates ranging from a low of €236.77 to a high of €624.84. This average target suggests a decline of 2.64% from its latest closing price of €536.60 per share.

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Funding Outlook Shows Positive Growth

Meta Platforms is projected to achieve annual revenue of €154,048 million, reflecting a 2.85% increase. The anticipated annual non-GAAP EPS stands at 17.74.

Fund Sentiment Towards Meta Platforms

A total of 6,002 funds and institutions currently hold positions in Meta Platforms. This marks an increase of 91 owners or 1.54% in the last quarter. The average portfolio weight for all funds dedicated to 1FB is 1.73%, which is up by 2.47%. In the past three months, total institutional shares held rose by 3.45%, reaching 1,933,250,000 shares.

Actions of Major Shareholders

The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) holds 69,230,000 shares, representing 3.17% of the company. Previously, they reported owning 69,157,000 shares, indicating a 0.11% increase in their holdings. Their portfolio allocation in 1FB saw an increase of 1.08% over the last quarter.

The Vanguard 500 Index Fund Investor Shares (VFINX) has 56,245,000 shares, or 2.57% ownership. In their last filing, they reported 55,443,000 shares, showing a 1.43% increase, yet their portfolio allocation decreased by 0.28% this quarter.

JPMorgan Chase owns 52,228,000 shares, constituting 2.39% of ownership. Their previous report listed 50,183,000 shares, showcasing a 3.92% increase and a 4.95% rise in portfolio allocation in the last quarter.

Geode Capital Management’s stake amounts to 47,462,000 shares, representing 2.17% ownership. This is an increase from 46,413,000 shares, reflecting a 2.21% growth in their holdings, with a 0.73% increase in portfolio allocation over the last quarter.

Price T Rowe Associates possesses 41,709,000 shares, indicating 1.91% ownership. Their previous report indicated 43,118,000 shares, marking a 3.38% decrease in ownership and a 1.94% drop in their portfolio allocation in the last quarter.

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This article originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.