3,918 Shares in Meta Platforms, Inc. (NASDAQ:META) Acquired by Perennial Advisors LLC

Perennial Advisors LLC acquired a new position in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,918 shares of the social networking company's stock, valued at approximately $2,294,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. acquired a new stake in Meta Platforms during the 4th quarter worth $303,000. AlphaCore Capital LLC boosted its holdings in shares of Meta Platforms by 10.4% in the fourth quarter. AlphaCore Capital LLC now owns 4,858 shares of the social networking company's stock valued at $2,844,000 after buying an additional 456 shares during the period. Mackenzie Financial Corp increased its position in shares of Meta Platforms by 32.5% during the fourth quarter. Mackenzie Financial Corp now owns 1,321,997 shares of the social networking company's stock worth $774,042,000 after acquiring an additional 324,144 shares in the last quarter. Griffith & Werner Inc. acquired a new stake in shares of Meta Platforms during the fourth quarter worth $5,533,000. Finally, Sunbeam Capital Management LLC bought a new stake in Meta Platforms in the 4th quarter valued at $494,000. 79.91% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Jennifer Newstead sold 519 shares of Meta Platforms stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $635.50, for a total transaction of $329,824.50. Following the sale, the insider now directly owns 30,740 shares of the company's stock, valued at approximately $19,535,270. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the sale, the chief technology officer now directly owns 16,463 shares in the company, valued at $10,855,043.68. The trade was a 23.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,628 shares of company stock valued at $48,380,586. 13.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on META shares. Guggenheim increased their target price on Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Roth Capital increased their target price on Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. JMP Securities reaffirmed a "market outperform" rating and set a $750.00 price target on shares of Meta Platforms in a research report on Wednesday, April 30th. Argus set a $775.00 price target on Meta Platforms in a research report on Tuesday, February 4th. Finally, UBS Group upped their price target on Meta Platforms from $650.00 to $683.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $701.05.

Meta Platforms Price Performance

NASDAQ:META traded up $15.26 during trading hours on Tuesday, hitting $642.32. The company's stock had a trading volume of 9,473,309 shares, compared to its average volume of 14,474,756. The stock has a fifty day simple moving average of $575.66 and a 200-day simple moving average of $609.55. The company has a market capitalization of $1.62 trillion, a P/E ratio of 26.85, a PEG ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. The business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm posted $4.71 earnings per share. On average, analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

About Meta Platforms

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.