Meta Platforms (META, Financial) dropped 1.5% on Wednesday, trading at $565 after Tuesday's close of $573.54. The decline coincided with an insider transaction, as COO Javier Olivan sold 413 shares on November 25 at an average price of $562.77, totaling $232,424. Olivan now holds 19,579 shares, reducing his stake by 2.07%. Trading volume was notably lower than usual, with 2.09 million shares changing hands, compared to the average daily volume of 14.89 million.
Despite this, several firms have increased their price targets for Meta. Oppenheimer raised its target to $615, Loop Capital to $575, and Evercore ISI to $600. Mizuho also updated its target to $675. Currently, 35 analysts have rated Meta as a "BUY," with an average target price of $634.71. However, two analysts maintain a "Sell" recommendation, and four others suggest a "Hold" due to valuation concerns. Despite short-term price fluctuations, Meta continues to enjoy positive sentiment from Wall Street traders, indicating that the recent price dip may be a short-term adjustment in an overall favorable outlook for the company.
