Ignite Planners LLC Has $1.80 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Ignite Planners LLC cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 1.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,202 shares of the social networking company’s stock after selling 68 shares during the quarter. Ignite Planners LLC’s holdings in Meta Platforms were worth $1,802,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. BlackRock Inc. increased its position in shares of Meta Platforms by 0.8% during the first quarter. BlackRock Inc. now owns 152,934,920 shares of the social networking company’s stock worth $32,413,027,000 after acquiring an additional 1,172,997 shares in the last quarter. Geode Capital Management LLC acquired a new stake in shares of Meta Platforms in the 4th quarter valued at about $5,424,543,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Meta Platforms by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,803,774 shares of the social networking company’s stock valued at $8,859,893,000 after purchasing an additional 6,735,038 shares in the last quarter. Norges Bank bought a new stake in shares of Meta Platforms in the fourth quarter valued at about $4,223,148,000. Finally, Morgan Stanley acquired a new position in shares of Meta Platforms during the fourth quarter worth about $4,072,543,000. 62.87% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on META. HSBC upgraded Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 target price on the stock in a research note on Thursday, July 27th. New Street Research raised shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $350.00 target price for the company in a research report on Tuesday, July 25th. Citigroup boosted their price target on shares of Meta Platforms from $360.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Wells Fargo & Company upgraded shares of Meta Platforms from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $313.00 to $389.00 in a research note on Thursday, July 27th. Finally, Credit Suisse Group upped their target price on Meta Platforms from $361.00 to $407.00 in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, forty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $319.79.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of Meta Platforms stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $286.70, for a total transaction of $206,997.40. Following the transaction, the insider now directly owns 33,756 shares of the company’s stock, valued at approximately $9,677,845.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jennifer Newstead sold 722 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $286.70, for a total transaction of $206,997.40. Following the completion of the sale, the insider now directly owns 33,756 shares in the company, valued at $9,677,845.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Andrew Bosworth sold 8,032 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $2,459,318.08. Following the completion of the transaction, the chief technology officer now owns 11,588 shares in the company, valued at approximately $3,548,129.72. The disclosure for this sale can be found here. Insiders sold 40,457 shares of company stock valued at $12,273,577 over the last quarter. 14.03% of the stock is owned by company insiders.

Meta Platforms Trading Up 0.7 %

META opened at $302.55 on Tuesday. The company has a market cap of $778.51 billion, a P/E ratio of 35.26, a PEG ratio of 0.99 and a beta of 1.23. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $302.40 and its 200-day moving average is $260.80. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $326.20.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.36. The firm had revenue of $32 billion for the quarter, compared to analyst estimates of $30.91 billion. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. Equities research analysts predict that Meta Platforms, Inc. will post 13.17 earnings per share for the current fiscal year.

Meta Platforms Profile

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.