Meta Platforms Inc. is one of the fastest growing technology stocks in the market right now, with analysts becoming more and more bullish as the company has undergone drastic cost cuts coupled with stabilizing advertising trends. The stock price has skyrocketed by 140% from its seven-year low in November 2020, due to the implementation of job cuts by the company in order to become more efficient.
Since the second round of job cuts, about two dozen brokerages have increased their price targets on Meta’s stock and analysts have bolstered the company’s 2023 earnings per share estimates by 15% in the past three months. This surge prompted Morgan Stanley’s Brian Nowak to restore the company’s buy-equivalent rating, despite being on the sidelines for less than five months.
Analysts are considering Meta as one of the most durable megacap companies if consumer spending weakens due to the extensive cost cutting measures initiated by the company. Meta’s stock still remains much cheaper than other companies within the same bracket such as Amazon, Microsoft, and the Nasdaq 100 with the trading price of 17 times forward earnings compared to it’s average 10-year ratio of 26 times according to Bloomberg Data.
Mark Zuckerberg, the CEO of Meta, has been successful in steering the company in the right direction and reducing it’s reliance on top-line growth to make up for any mistakes. The short-term projections of Meta remain at 4.7% sales growth this year, with year-over-year growth more than doubling to 11% in 2024. Despite this, some investors remain unsure and uninterested in investing in Meta due to the potentialness of a recession in the foreseeable future.
Mark Zuckerberg is the Chief Executive Officer at Meta Platforms Inc. He has been specialized in technology since he was a young age. He studied computer science and went on to create internet technologies at Harvard. Zuckerberg co-founded Meta in 2004, and since then he has revolutionized the way people interact with each other online. Zuckerberg is widely known to have transformed the tech industry with bold decisions and strategies, and his efforts has led Meta to becoming the biggest social media in the world.
Based in Menlo Park, California, Meta Platforms Inc. is a tech company specialized in the development of web-based services, hardware, and software for different platforms. It is best known for the social media platform, Meta, but the company also runs other products such as Instagram, WhatsApp and Messenger. Meta’s mission is to create a better world through its products, giving people the ability to connect, express themselves, and find community. Meta’s products are used by millions of people across the world, and it continues to grow exponentially each day.