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Meta Stock Price (NASDAQ: META) Closes Back Above $500 As Target Upgrade Hits

Analyst Team trader
Updated 21 Jun 2024

Meta stock price (NASDAQ: META) may be finding a new level of support, out of previous resistance in the upper $490 range, as the stock added 0.44% on the day, and 0.23% in the after hours session. This uptick brings the closing price of Meta back above $500, to a regular close of $501.70.

For technical traders, support and resistance lines are vital parts on the chart, but for longer term investors there is more bullish news in the way of an analyst price target upgrade.

KeyBank increased its price target on Meta shares from $475.00 to $540.00, whilst keeping an Overweight rating on the stock. The firm are seeing notable increases in Meta's ad pricing, which it believes will see the company hit the higher end of guidance in the next earnings report.


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Whilst year to date gains of 45% will have recent holders of Meta delighted, those who we were able to get in nearer the November 2022 lows, when prices were closer to $90 have seen quite the uptick in sentiment. 400% gains in 20 months is staggering for any company, but the fact that the stock was heavily ‘oversold' on technical charts leading into that point was enough of a signal for many that believed in the fundamentals of the business.

Meta Platforms reported an earnings per share (EPS) of $4.71 for the last quarter, surpassing the Wall Street consensus estimate of $4.32 by a margin of $0.39. The company's revenue for the quarter was $36.46 billion.

Financially, Meta Platforms has declared a quarterly dividend, rewarding shareholders of record on June 14th with $0.50 per share. This announcement corresponds to a dividend yield of 0.40% and reflects the company's ongoing commitment to returning value to its shareholders.

With a market capitalization of $1.27 trillion, the financial metrics of Meta Platforms stand robust, with a PE ratio of 28.74, a PEG ratio of 1.30, and a beta of 1.21. These figures reflect a stable and potentially growth-oriented financial posture in the market.

The recent upgrades, combined with Meta Platforms' solid financial results and strategic product offerings, continue to affirm the company's influential role in the technology sector and its potential for ongoing growth and investor confidence.

The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.