The standing lateral raise targets the shoulders - the lateral deltoid whilst also working the the anterior (front) deltoid, posterior (back) deltoid, upper trap, supraspinatus (a rotator cuff muscle) and serratus anterior (the muscles along your ribs under your armpit).
Note, that you can use this machine facing either way. In this video we start with showing you facing the machine. First, grasp the metal handles, with a slight bend in the knees, leaning forward and bringing your torso forward whilst ensuring your elbows don't lock. When ready focus on driving your elbows up towards the ceiling in a slow controlled movement without momentum.
On a forward facing position, ensure your back is firmly against the pad, again driving your elbows up in a controlled movement without momentum.
You can also use this machine as a single arm front deltoid raise by facing out to the left or right of the machine with a tall posture driving your elbow upwards.