Asset Dedication LLC reduced its holdings in Meta Platforms, Inc. (NASDAQ:META – Get Rating) by 1.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,470 shares of the social networking company’s stock after selling 126 shares during the period. Asset Dedication LLC’s holdings in Meta Platforms were worth $2,538,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Meta Platforms in the fourth quarter worth $9,595,113,000. Dodge & Cox increased its position in shares of Meta Platforms by 78.7% during the fourth quarter. Dodge & Cox now owns 6,655,324 shares of the social networking company’s stock worth $2,238,518,000 after acquiring an additional 2,931,894 shares in the last quarter. Capital International Investors increased its position in shares of Meta Platforms by 5.9% during the fourth quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock worth $17,413,576,000 after acquiring an additional 2,888,336 shares in the last quarter. HS Management Partners LLC increased its position in shares of Meta Platforms by 463.7% during the fourth quarter. HS Management Partners LLC now owns 2,826,830 shares of the social networking company’s stock worth $182,104,000 after acquiring an additional 2,325,382 shares in the last quarter. Finally, TD Asset Management Inc. increased its position in shares of Meta Platforms by 52.7% during the fourth quarter. TD Asset Management Inc. now owns 6,124,750 shares of the social networking company’s stock worth $2,060,059,000 after acquiring an additional 2,114,636 shares in the last quarter. Institutional investors and hedge funds own 65.49% of the company’s stock.
A number of research analysts recently weighed in on the stock. Credit Suisse Group raised their target price on shares of Meta Platforms to $273.00 in a research report on Thursday, April 28th. Jefferies Financial Group cut their target price on shares of Meta Platforms from $330.00 to $310.00 in a research note on Tuesday, May 24th. Piper Sandler cut their target price on shares of Meta Platforms from $230.00 to $220.00 and set a “neutral” rating for the company in a research note on Thursday, June 2nd. Morgan Stanley dropped their price objective on shares of Meta Platforms from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Wednesday, June 1st. Finally, Canaccord Genuity Group dropped their price objective on shares of Meta Platforms from $360.00 to $330.00 in a research note on Thursday, April 28th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $301.59.
In related news, insider Jennifer Newstead sold 311 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $199.60, for a total transaction of $62,075.60. Following the sale, the insider now owns 12,187 shares of the company’s stock, valued at $2,432,525.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Marne L. Levine sold 10,252 shares of the stock in a transaction dated Sunday, May 15th. The shares were sold at an average price of $198.62, for a total value of $2,036,252.24. Following the completion of the sale, the insider now owns 23,010 shares of the company’s stock, valued at $4,570,246.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,906 shares of company stock worth $9,188,306. 13.59% of the stock is owned by corporate insiders.
Shares of Meta Platforms stock opened at $160.03 on Friday. The stock’s fifty day moving average is $185.28 and its two hundred day moving average is $231.44. The company has a market capitalization of $433.09 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.27 and a beta of 1.40. Meta Platforms, Inc. has a 52 week low of $154.25 and a 52 week high of $384.33.
Meta Platforms (NASDAQ:META – Get Rating) last posted its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.54 by $0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The business had revenue of $27.91 billion for the quarter, compared to the consensus estimate of $28.21 billion. During the same quarter in the previous year, the company earned $3.30 EPS. On average, equities analysts anticipate that Meta Platforms, Inc. will post 11.46 EPS for the current year.
Meta Platforms Profile: (Get Rating)
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 feeds, stories, reels, videos, 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.
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