Richelieu Gestion SA Lowers Stake in Meta Platforms, Inc. (NASDAQ:META)

Richelieu Gestion SA decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 38.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,010 shares of the social networking company’s stock after selling 1,267 shares during the period. Richelieu Gestion SA’s holdings in Meta Platforms were worth $577,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Platform Technology Partners increased its stake in Meta Platforms by 3.3% in the second quarter. Platform Technology Partners now owns 10,371 shares of the social networking company’s stock valued at $3,094,000 after purchasing an additional 331 shares during the last quarter. Pacific Sun Financial Corp acquired a new position in shares of Meta Platforms during the 2nd quarter valued at about $717,000. Ullmann Wealth Partners Group LLC purchased a new position in shares of Meta Platforms during the 2nd quarter worth about $258,000. LifePro Asset Management purchased a new position in shares of Meta Platforms during the 2nd quarter worth about $446,000. Finally, Worth Asset Management LLC boosted its position in shares of Meta Platforms by 218.0% in the second quarter. Worth Asset Management LLC now owns 388 shares of the social networking company’s stock worth $111,000 after acquiring an additional 266 shares during the last quarter. Institutional investors and hedge funds own 62.87% of the company’s stock.

Meta Platforms Stock Performance

Shares of META stock opened at $302.55 on Tuesday. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average of $302.40 and a two-hundred day moving average of $260.80. The company has a market cap of $778.51 billion, a P/E ratio of 35.26, a PEG ratio of 0.99 and a beta of 1.23. Meta Platforms, Inc. has a 52 week low of $88.09 and a 52 week high of $326.20.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $2.87 by $0.36. The firm had revenue of $32 billion during the quarter, compared to the consensus estimate of $30.91 billion. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. As a group, analysts anticipate that Meta Platforms, Inc. will post 13.17 EPS for the current year.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of Meta Platforms stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $317.67, for a total transaction of $229,357.74. Following the sale, the insider now owns 30,868 shares of the company’s stock, valued at approximately $9,805,837.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Javier Olivan sold 4,277 shares of Meta Platforms stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $293.00, for a total value of $1,253,161.00. Following the transaction, the chief operating officer now directly owns 82,858 shares in the company, valued at approximately $24,277,394. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 722 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total value of $229,357.74. Following the transaction, the insider now directly owns 30,868 shares in the company, valued at $9,805,837.56. The disclosure for this sale can be found here. Insiders sold 40,457 shares of company stock valued at $12,273,577 in the last ninety days. Company insiders own 14.03% of the company’s stock.

Wall Street Analyst Weigh In

META has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of Meta Platforms from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday, July 12th. JPMorgan Chase & Co. increased their target price on Meta Platforms from $305.00 to $425.00 in a research report on Thursday, July 27th. Bank of America boosted their price target on Meta Platforms from $350.00 to $375.00 in a research report on Thursday, July 27th. Barclays raised their price objective on Meta Platforms from $320.00 to $410.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Finally, Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, forty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.79.

About Meta Platforms

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, 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, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.