Centre Asset Management LLC bought a new position in Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 16,129 shares of the social networking company’s stock, valued at approximately $3,586,000.
Other institutional investors have also recently modified their holdings of the company. Widmann Financial Services Inc. purchased a new position in Meta Platforms in the fourth quarter worth about $100,000. EFG Asset Management North America Corp. purchased a new position in Meta Platforms in the fourth quarter worth about $7,032,000. Pacer Advisors Inc. raised its holdings in Meta Platforms by 149.1% in the first quarter. Pacer Advisors Inc. now owns 506,232 shares of the social networking company’s stock worth $112,566,000 after buying an additional 303,001 shares during the last quarter. Steigerwald Gordon & Koch Inc. raised its holdings in Meta Platforms by 4.1% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 2,012 shares of the social networking company’s stock worth $677,000 after buying an additional 80 shares during the last quarter. Finally, Colony Group LLC raised its holdings in Meta Platforms by 13.7% in the third quarter. Colony Group LLC now owns 27,256 shares of the social networking company’s stock worth $9,250,000 after buying an additional 3,287 shares during the last quarter. 65.49% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. Benchmark assumed coverage on shares of Meta Platforms in a report on Tuesday, March 1st. They set a “hold” rating for the company. Citigroup raised shares of Meta Platforms from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $258.00 to $300.00 in a report on Wednesday, April 20th. Susquehanna Bancshares decreased their price objective on shares of Meta Platforms from $375.00 to $290.00 in a report on Thursday, April 28th. Morgan Stanley decreased their price objective 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. Finally, TheStreet cut shares of Meta Platforms from a “b-” rating to a “c” rating in a report on Friday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $305.87.
Meta Platforms (NASDAQ:META – Get Rating) last released its earnings results on Wednesday, April 27th. The social networking company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.54 by $0.18. Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. The firm 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 firm earned $3.30 earnings per share. As a group, equities analysts expect that Meta Platforms, Inc. will post 11.63 EPS for the current fiscal year.
In related news, insider Jennifer Newstead sold 476 shares of the company’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $233.92, for a total transaction of $111,345.92. Following the sale, the insider now owns 14,402 shares of the company’s stock, valued at $3,368,915.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David M. Wehner sold 1,222 shares of the company’s 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 sale, the chief financial officer now directly owns 12,247 shares in the company, valued at approximately $2,432,499.14. The disclosure for this sale can be found here. Insiders sold 45,698 shares of company stock worth $9,181,081 in the last three months. Insiders own 13.59% of the company’s stock.
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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