On October 28, 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to "reflect its focus on building the metaverse". Despite endeavors into hardware, the company still relies on advertising for a vast majority of its revenue, which in 2022 made up 97.5 percent of its revenue. The average price target is 12.11 with a high forecast. In addition to Facebook, Instagram, Threads and WhatsApp, Meta has also acquired Oculus, Mapillary, CTRL-Labs, and a 9.99% stake in Jio Platforms the company additionally endeavored into non-VR hardware, such as the discontinued Meta Portal smart displays line and presently partners with Luxottica through the Ray-Ban Stories series of smart glasses. Based on 48 Wall Street analysts offering 12 month price targets to METV holdings in the last 3 months. It is considered one of the Big Five American information technology companies, alongside Google's parent company Alphabet, Amazon, Apple, and Microsoft. Meta trades above both up trending 50-day and 200-day moving averages. In addition, Meta analysts are calling for 140.94 billion in. The stock this week broke above the early October high of 330, hit just below 340 and closed at 335. The company owns and operates Facebook, Instagram, Threads, and WhatsApp, among other products and services. The analysts covering Meta are projecting full-year adjusted earnings per share of 15.72 in 2024, up from an EPS of 12.66 in 2023. Meta Platforms, Inc., doing business as Meta, and formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California.
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