Otter Creek Advisors LLC Takes $4.60 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Otter Creek Advisors LLC bought a new position in shares of Meta Platforms, Inc. (NASDAQ:METAGet Rating) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,700 shares of the social networking company’s stock, valued at approximately $4,603,000. Meta Platforms accounts for about 1.9% of Otter Creek Advisors LLC’s holdings, making the stock its 16th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Meta Platforms by 1.2% in the 4th quarter. BlackRock Inc. now owns 158,101,319 shares of the social networking company’s stock valued at $53,177,378,000 after buying an additional 1,909,538 shares in the last quarter. State Street Corp increased its position in Meta Platforms by 2.0% during the 4th quarter. State Street Corp now owns 94,303,590 shares of the social networking company’s stock worth $31,719,012,000 after purchasing an additional 1,887,737 shares in the last quarter. Capital International Investors increased its position in Meta Platforms by 5.9% during the 4th quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock worth $17,413,576,000 after purchasing an additional 2,888,336 shares in the last quarter. Geode Capital Management LLC increased its position in Meta Platforms by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 40,627,257 shares of the social networking company’s stock worth $13,629,910,000 after purchasing an additional 950,662 shares in the last quarter. Finally, Norges Bank acquired a new position in Meta Platforms during the 4th quarter worth approximately $9,595,113,000. Institutional investors own 65.49% of the company’s stock.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $158.12, for a total value of $54,077.04. Following the sale, the insider now owns 18,089 shares in the company, valued at $2,860,232.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $158.12, for a total value of $54,077.04. Following the sale, the insider now owns 18,089 shares in the company, valued at $2,860,232.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David M. Wehner sold 1,222 shares of Meta Platforms stock in a transaction on Sunday, May 15th. The shares were sold at an average price of $198.62, for a total transaction of $242,713.64. Following the completion of the sale, the chief financial officer now owns 12,247 shares in the company, valued at approximately $2,432,499.14. The disclosure for this sale can be found here. Insiders have sold a total of 45,236 shares of company stock valued at $8,958,728 over the last three months. 13.59% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on META shares. Credit Suisse Group reduced their target price on shares of Meta Platforms from $245.00 to $214.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Raymond James reduced their target price on shares of Meta Platforms from $340.00 to $290.00 in a report on Thursday, April 28th. KeyCorp reduced their target price on shares of Meta Platforms from $280.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, July 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Meta Platforms from $265.00 to $235.00 in a research note on Thursday, July 21st. Finally, Royal Bank of Canada reduced their price objective on shares of Meta Platforms from $245.00 to $240.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 13th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.98.

Meta Platforms Trading Down 2.0 %

Shares of META stock traded down $3.46 during trading hours on Friday, hitting $167.11. 25,832,699 shares of the company’s stock were exchanged, compared to its average volume of 30,145,862. The company has a market capitalization of $449.12 billion, a PE ratio of 13.85, a PEG ratio of 2.26 and a beta of 1.32. Meta Platforms, Inc. has a 12-month low of $154.25 and a 12-month high of $384.33. The business’s 50 day simple moving average is $166.98 and its 200-day simple moving average is $182.37.

Meta Platforms (NASDAQ:METAGet Rating) last issued its earnings results on Wednesday, July 27th. The social networking company reported $2.46 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.04). Meta Platforms had a return on equity of 26.52% and a net margin of 28.16%. The firm had revenue of $28.82 billion during the quarter, compared to analysts’ expectations of $28.95 billion. During the same period in the previous year, the firm earned $3.61 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Equities analysts anticipate that Meta Platforms, Inc. will post 9.58 EPS for the current year.

Meta Platforms Profile

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Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

Further Reading

Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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