Platform Technology Partners Takes Position in Meta Platforms, Inc. (NASDAQ:META)

Platform Technology Partners purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,702 shares of the social networking company’s stock, valued at approximately $1,408,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of META. Charles Schwab Investment Management Inc. boosted its stake in shares of Meta Platforms by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,830,209 shares of the social networking company’s stock worth $2,630,566,000 after acquiring an additional 128,126 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Meta Platforms by 310.7% during the 1st quarter. Renaissance Technologies LLC now owns 3,001,000 shares of the social networking company’s stock worth $667,302,000 after purchasing an additional 2,270,300 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. lifted its position in shares of Meta Platforms by 7.2% during the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 2,834,735 shares of the social networking company’s stock worth $630,332,000 after purchasing an additional 189,688 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Meta Platforms by 12.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock valued at $499,020,000 after acquiring an additional 249,926 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new position in Meta Platforms in the 1st quarter valued at approximately $402,287,000. Hedge funds and other institutional investors own 60.92% of the company’s stock.

Insider Activity

In other news, insider Jennifer Newstead sold 393 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $187.25, for a total transaction of $73,589.25. Following the transaction, the insider now directly owns 30,939 shares of the company’s stock, valued at approximately $5,793,327.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Susan J.S. Taylor sold 1,400 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $172.96, for a total value of $242,144.00. Following the transaction, the chief accounting officer now directly owns 2,949 shares of the company’s stock, valued at approximately $510,059.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $187.25, for a total value of $73,589.25. Following the completion of the transaction, the insider now directly owns 30,939 shares in the company, valued at $5,793,327.75. The disclosure for this sale can be found here. Insiders have sold 68,342 shares of company stock valued at $12,285,012 in the last ninety days. 14.03% of the stock is currently owned by company insiders.

Analyst Ratings Changes

META has been the subject of a number of recent research reports. New Street Research began coverage on Meta Platforms in a report on Wednesday, January 4th. They issued a “buy” rating and a $145.00 target price for the company. Wells Fargo & Company increased their price objective on Meta Platforms from $250.00 to $280.00 in a research report on Thursday. The Goldman Sachs Group increased their price target on Meta Platforms from $164.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Royal Bank of Canada increased their price target on Meta Platforms from $160.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, February 2nd. Finally, Mizuho raised their price objective on Meta Platforms from $210.00 to $235.00 in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, thirty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $209.27.

Meta Platforms Stock Down 4.5 %

META stock traded down $9.32 during midday trading on Friday, hitting $195.61. The company’s stock had a trading volume of 50,141,098 shares, compared to its average volume of 33,964,027. The company has a market cap of $507.15 billion, a PE ratio of 22.80, a P/E/G ratio of 1.89 and a beta of 1.18. Meta Platforms, Inc. has a 12 month low of $88.09 and a 12 month high of $236.86. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average is $166.42 and its 200-day moving average is $140.33.

Meta Platforms (NASDAQ:META – Get Rating) last released its quarterly earnings data on Wednesday, February 1st. The social networking company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.88. The business had revenue of $32.17 billion for the quarter, compared to analysts’ expectations of $31.69 billion. Meta Platforms had a return on equity of 21.23% and a net margin of 19.90%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $3.67 EPS. On average, equities research analysts forecast that Meta Platforms, Inc. will post 9.95 earnings per share for the current fiscal year.

Meta Platforms Company Profile

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.