AG Asset Advisory LLC Purchases New Stake in Meta Platforms, Inc. (NASDAQ:META)

AG Asset Advisory LLC bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 87,058 shares of the social networking company's stock, valued at approximately $50,973,000. Meta Platforms makes up 50.9% of AG Asset Advisory LLC's holdings, making the stock its biggest holding.

A number of other institutional investors have also recently bought and sold shares of the business. Suvretta Capital Management LLC lifted its position in shares of Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after buying an additional 1,850 shares during the period. Skye Global Management LP lifted its holdings in Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after purchasing an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC acquired a new position in Meta Platforms in the fourth quarter valued at about $459,000. Apollon Financial LLC boosted its position in Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock valued at $866,000 after buying an additional 148 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC grew its stake in Meta Platforms by 255.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after buying an additional 1,229,350 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on META shares. Rosenblatt Securities boosted their target price on Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Robert W. Baird increased their target price on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Piper Sandler raised their target price on Meta Platforms from $610.00 to $650.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Citigroup lifted their target price on Meta Platforms from $655.00 to $690.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Barclays cut their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Meta Platforms has a consensus rating of "Moderate Buy" and an average price target of $701.05.

Meta Platforms Stock Up 0.2%

NASDAQ META traded up $1.26 during trading on Wednesday, hitting $643.58. The stock had a trading volume of 8,878,338 shares, compared to its average volume of 14,470,527. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The company's 50-day moving average price is $576.79 and its two-hundred day moving average price is $609.77. The company has a market capitalization of $1.62 trillion, a PE ratio of 26.91, a P/E/G ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 37.91% and a return on equity of 38.17%. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.71 earnings per share. As a group, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $488.18, for a total value of $296,813.44. Following the completion of the transaction, the chief operating officer now owns 5,622 shares of the company's stock, valued at $2,744,547.96. This trade represents a 9.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Andrew Bosworth sold 5,057 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares in the company, valued at $10,855,043.68. This represents a 23.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,628 shares of company stock valued at $48,380,586 in the last three months. 13.61% of the stock is currently owned by corporate insiders.

Meta Platforms Company 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.