Letko Brosseau & Associates Inc. lowered its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 4.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 389,901 shares of the social networking company’s stock after selling 17,081 shares during the period. Meta Platforms accounts for 2.1% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 15th largest holding. Letko Brosseau & Associates Inc.’s holdings in Meta Platforms were worth $111,894,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Houlihan Financial Resource Group Ltd. bought a new stake in shares of Meta Platforms during the 2nd quarter valued at $474,000. Atomi Financial Group Inc. raised its position in shares of Meta Platforms by 63.8% during the 2nd quarter. Atomi Financial Group Inc. now owns 8,345 shares of the social networking company’s stock valued at $2,395,000 after acquiring an additional 3,251 shares during the last quarter. Stratos Wealth Advisors LLC raised its position in shares of Meta Platforms by 7.7% during the 2nd quarter. Stratos Wealth Advisors LLC now owns 31,498 shares of the social networking company’s stock valued at $9,039,000 after acquiring an additional 2,251 shares during the last quarter. Solstein Capital LLC acquired a new position in shares of Meta Platforms in the 2nd quarter valued at $100,000. Finally, Ballentine Partners LLC grew its holdings in shares of Meta Platforms by 2.6% in the 2nd quarter. Ballentine Partners LLC now owns 55,149 shares of the social networking company’s stock valued at $15,827,000 after buying an additional 1,394 shares during the period. Institutional investors own 62.87% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on META. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Wednesday, August 2nd. Mizuho boosted their price target on shares of Meta Platforms from $280.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Robert W. Baird upped their target price on shares of Meta Platforms from $260.00 to $355.00 in a research note on Thursday, July 27th. KeyCorp upped their target price on shares of Meta Platforms from $356.00 to $380.00 and gave the stock an “overweight” rating in a research note on Thursday, October 26th. Finally, CICC Research began coverage on shares of Meta Platforms in a research note on Monday, August 28th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $348.26.
Meta Platforms Price Performance
Shares of NASDAQ META traded up $4.04 during midday trading on Monday, reaching $339.08. 7,421,476 shares of the company were exchanged, compared to its average volume of 25,193,570. The stock’s 50-day moving average price is $311.55 and its 200-day moving average price is $293.01. The stock has a market cap of $871.39 billion, a P/E ratio of 29.53, a PEG ratio of 1.10 and a beta of 1.21. Meta Platforms, Inc. has a one year low of $108.32 and a one year high of $341.87. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.13.
Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 EPS for the quarter, topping analysts’ consensus estimates of $3.62 by $0.77. The company had revenue of $34.15 billion for the quarter, compared to analyst estimates of $33.58 billion. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. Meta Platforms’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.64 earnings per share. On average, sell-side analysts anticipate that Meta Platforms, Inc. will post 14.18 earnings per share for the current fiscal year.
Insider Transactions at Meta Platforms
In other news, insider Jennifer Newstead sold 670 shares of Meta Platforms stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total transaction of $196,008.50. Following the transaction, the insider now owns 39,690 shares in the company, valued at $11,611,309.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Susan J. Li sold 10,642 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $336.31, for a total value of $3,579,011.02. Following the transaction, the chief financial officer now owns 89,509 shares in the company, valued at $30,102,771.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jennifer Newstead sold 670 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total transaction of $196,008.50. Following the completion of the transaction, the insider now owns 39,690 shares in the company, valued at approximately $11,611,309.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 204,534 shares of company stock worth $66,204,363. Company insiders own 13.75% of the company’s stock.
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.
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