Personal Capital Advisors Corp reduced its position in Meta Platforms, Inc. (NASDAQ:META – Get Rating) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 398,844 shares of the social networking company’s stock after selling 16,558 shares during the period. Personal Capital Advisors Corp’s holdings in Meta Platforms were worth $88,687,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in META. Landmark Wealth Management LLC acquired a new stake in Meta Platforms during the 1st quarter valued at $26,000. Disciplined Investments LLC grew its holdings in shares of Meta Platforms by 583.3% during the first quarter. Disciplined Investments LLC now owns 123 shares of the social networking company’s stock valued at $27,000 after buying an additional 105 shares in the last quarter. Rise Advisors LLC acquired a new position in Meta Platforms during the fourth quarter valued at $28,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Meta Platforms in the 4th quarter worth about $31,000. Finally, Dravo Bay LLC acquired a new stake in Meta Platforms during the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 61.70% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on META shares. Loop Capital dropped their target price on Meta Platforms from $180.00 to $165.00 and set a “hold” rating on the stock in a report on Monday, August 22nd. Cowen dropped their price objective on shares of Meta Platforms from $300.00 to $275.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 13th. Cowen decreased their target price on shares of Meta Platforms from $300.00 to $275.00 and set an “outperform” rating for the company in a research note on Wednesday, July 13th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Meta Platforms from $265.00 to $235.00 in a research note on Thursday, July 21st. Finally, JMP Securities reduced their price objective on Meta Platforms from $240.00 to $215.00 and set a “market outperform” rating for the company in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $254.78.
Meta Platforms Stock Up 4.4 %
Meta Platforms (NASDAQ:META – Get Rating) last issued its earnings results on Wednesday, July 27th. The social networking company reported $2.46 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.04). Meta Platforms had a net margin of 28.16% and a return on equity of 26.52%. The firm had revenue of $28.82 billion during the quarter, compared to analyst estimates of $28.95 billion. During the same quarter in the previous year, the company posted $3.61 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. On average, analysts expect that Meta Platforms, Inc. will post 9.58 earnings per share for the current fiscal year.
Insider Transactions at Meta Platforms
In other Meta Platforms news, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $165.89, for a total transaction of $56,734.38. Following the sale, the insider now directly owns 19,115 shares of the company’s stock, valued at $3,170,987.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 342 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $165.89, for a total transaction of $56,734.38. Following the completion of the transaction, the insider now directly owns 19,115 shares in the company, valued at $3,170,987.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 17,428 shares of Meta Platforms stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $176.48, for a total value of $3,075,693.44. The disclosure for this sale can be found here. In the last three months, insiders sold 48,276 shares of company stock valued at $8,576,396. Company insiders own 13.59% of the company’s stock.
About Meta Platforms
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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