IBM Retirement Fund trimmed its position in Meta Platforms, Inc. (NASDAQ: META – Get Rating) by 6.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,804 shares of the social networking company stock after selling 2,553 shares during the quarter. Meta Platforms comprises approximately 1.2% of IBM Retirement Fund’s holdings, making the stock its 10th biggest position. IBM Retirement Fund’s holdings in Meta Platforms were worth $ 8,184,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Barnett & Company Inc. grew its holdings in Meta Platforms by 105.0% during the 4th quarter. Barnett & Company Inc. now owns 82 shares of the social networking company stock valued at $ 28,000 after buying an additional 42 shares in the last quarter. Rise Advisors LLC purchased a new stake in Meta Platforms during the 4th quarter valued at approximately $ 28,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at approximately $ 31,000. Advocacy Wealth Management Services LLC grew its holdings in Meta Platforms by 65.9% during the 1st quarter. Advocacy Wealth Management Services LLC now owns 151 shares of the social networking company stock valued at $ 34,000 after buying an additional 60 shares in the last quarter. Finally, Evolution Advisers Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at approximately $ 48,000. 65.49% of the stock is owned by institutional investors.
META opened at $ 170.16 on Friday. The business’s 50-day moving average is $ 188.99 and its two-hundred day moving average is $ 237.88. Meta Platforms, Inc. has a 1 year low of $ 154.25 and a 1 year high of $ 384.33. The firm has a market capitalization of $ 460.51 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.24 and a beta of 1.37.
Meta Platforms (NASDAQ: META – Get Rating) last posted its earnings results on Wednesday, April 27th. The social networking company reported $ 2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 2.54 by $ 0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The company had revenue of $ 27.91 billion for the quarter, compared to analyst estimates of $ 28.21 billion. During the same quarter in the previous year, the firm earned $ 3.30 earnings per share. As a group, research analysts predict that Meta Platforms, Inc. will post 11.63 earnings per share for the current fiscal year.
In related news, CTO Andrew Bosworth sold 11,718 shares of Meta Platforms stock in a transaction dated Sunday, May 15th. The stock was sold at an average price of $ 198.62, for a total transaction of $ 2,327,429.16. Following the completion of the sale, the chief technology officer now owns 11,913 shares of the company stock, valued at $ 2,366,160.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marne L. Levine sold 10,252 shares of Meta Platforms stock in a transaction dated Sunday, May 15th. The stock was sold at an average price of $ 198.62, for a total value of $ 2,036,252.24. Following the sale, the insider now directly owns 23,010 shares of the company stock, valued at approximately $ 4,570,246.20. The disclosure for this sale can be found here. Insiders have sold 46,040 shares of company stock worth $ 9,237,891 in the last 90 days. Insiders own 13.59% of the company stock.
META has been the subject of a number of research analyst reports. Evercore ISI cut their price objective on shares of Meta Platforms from $ 350.00 to $ 325.00 in a report on Thursday, April 28th. Morgan Stanley cut their target price on shares of Meta Platforms from $ 330.00 to $ 300.00 and set an “overweight” rating for the company in a report on Wednesday, June 1st. Credit Suisse Group raised their target price on shares of Meta Platforms to $ 273.00 in a report on Thursday, April 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Meta Platforms in a report on Friday, March 11th. They issued a “buy” rating and a $ 265.00 target price for the company. Finally, Wedbush cut their target price on shares of Meta Platforms from $ 270.00 to $ 220.00 in a report on Thursday, April 28th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $ 305.87.
About Meta Platforms: (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 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.
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