It’s no exaggeration to say that there’s a lot going on with Meta Platforms (NASDAQ:META) right now. An insider at the company sold some META stock shares, but a famous financier bought a bunch of them. Plus, a Wall Street expert envisions the Meta Platforms share price heading much higher.
Also, as we’ll discover, Meta Platforms’ ability to generate revenue from its popular social media apps isn’t limited to the U.S. and Europe. As the company extends its market footprint in multiple world regions, Meta Platforms can continue to provide outstanding value to its shareholders.
So, are you positioned for profits, or are you just waiting and watching? At least one investing legend is definitely on board with Meta Platforms’ undeniable bullish thesis, so let’s delve into the details now.
What Legend Bought META Stock?
Here’s the scoop. David Tepper, who founded the giant hedge fund Appaloosa Management, reportedly increased his position in META stock to an 8% portfolio position. Apparently Tepper’s fund has been purchasing Meta Platforms since March of 2016.
In the big-money world of hedge funds, an 8% portfolio position in a single stock is quite large. But then, I can’t blame Tepper for having strong conviction in Meta Platforms. After all, with its Facebook, Instagram, WhatsApp, Reels and Threads apps, Meta Platforms is a powerful player in the social media domain.
I also heard that Meta Platforms Chief Legal Officer Jennifer Newstead recently sold 670 shares of META stock. That’s not a huge amount, though, so Meta Platforms’ investors shouldn’t lose sleep over this insider share sale.
Citigroup analyst Ronald Josey recently assigned Meta Platforms a “buy” rating and a $385 price target on the company’s shares. Clearly, Josey has conviction in Meta Platforms’ ability to leverage advertising opportunities across its social media platforms.
Josey observed (and I agree) that Meta Platforms is “taking share of the broader online advertising market.” In addition, the analyst believes that “there remains upside” for Meta Platforms “as engagement grows.”
Meta Platforms Taps Into India’s Vast Market
Speaking of engagement for Meta Platforms, the company isn’t exclusively commercializing its social media apps in North America and Europe. There another vast market to conquer, and Meta Platforms is already tapping into it.
According to a Bloomberg report, Meta Platforms is currently “expanding its WhatsApp payment feature to India.” This will allow the WhatsApp users in India to “purchase goods and services directly from local businesses via chat.”
Meta Platforms had already launched this WhatsApp service in Brazil and Singapore. However, according to Barron’s, India is the “largest single market” for the WhatsApp app.
Barron’s reported that the number of Indian users of WhatsApp Pay could increase from 100 million to over 400 million. Investors should consider the revenue-generating potential of Meta Platforms’ savvy move into this burgeoning international market.
META Stock: The Next Destination Is $375
Josey sees the Meta Platforms share price reaching $385, and that’s an optimistic price target. Yet, it’s not unrealistic, as Meta Platforms is a global powerhouse among social media app providers.
We’ve observed that a Meta Platforms insider recently sold a relatively small number of shares. In contrast, Tepper’s large share position signals confidence in Meta Platforms’ growth story.
Therefore, I fully expect META stock to reach $375 and probably even higher than that. All things considered, it’s a great time to start or add to a share position in Meta Platforms.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
