Castlekeep Investment Advisors LLC Makes New $55.88 Million Investment in Meta Platforms, Inc. (NASDAQ:META)

Castlekeep Investment Advisors LLC purchased a new stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 95,438 shares of the social networking company's stock, valued at approximately $55,880,000. Meta Platforms comprises approximately 9.2% of Castlekeep Investment Advisors LLC's portfolio, making the stock its 2nd biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Drucker Wealth 3.0 LLC boosted its stake in Meta Platforms by 5.1% in the 4th quarter. Drucker Wealth 3.0 LLC now owns 9,486 shares of the social networking company's stock valued at $5,554,000 after purchasing an additional 463 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in shares of Meta Platforms in the 4th quarter valued at $5,823,000. Ball & Co Wealth Management Inc. acquired a new position in Meta Platforms during the fourth quarter worth about $59,000. Jupiter Wealth Management LLC lifted its stake in Meta Platforms by 7.8% in the 4th quarter. Jupiter Wealth Management LLC now owns 7,251 shares of the social networking company's stock valued at $4,246,000 after purchasing an additional 525 shares during the last quarter. Finally, ARQ Wealth Advisors LLC boosted its holdings in shares of Meta Platforms by 36.3% during the 4th quarter. ARQ Wealth Advisors LLC now owns 751 shares of the social networking company's stock valued at $440,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 79.91% of the company's stock.

Meta Platforms Stock Up 2.4%

Shares of NASDAQ:META traded up $15.26 on Tuesday, hitting $642.32. 9,463,898 shares of the company traded hands, compared to its average volume of 17,063,326. The stock has a 50 day simple moving average of $575.66 and a 200-day simple moving average of $609.55. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.62 trillion, a PE ratio of 26.85, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.71 earnings per share. As a group, research analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Insider Buying and Selling at Meta Platforms

In related news, insider Christopher K. Cox sold 20,000 shares of the company's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $677.71, for a total transaction of $13,554,200.00. Following the completion of the sale, the insider now owns 308,686 shares in the company, valued at approximately $209,199,589.06. This represents a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Javier Olivan sold 608 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $673.96, for a total value of $409,767.68. Following the sale, the chief operating officer now owns 8,662 shares of the company's stock, valued at approximately $5,837,841.52. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,628 shares of company stock worth $48,380,586. Company insiders own 13.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Citigroup upped their price target on shares of Meta Platforms from $655.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Royal Bank of Canada reissued an "outperform" rating and set a $740.00 target price on shares of Meta Platforms in a research note on Thursday, May 1st. TD Securities cut their target price on Meta Platforms from $725.00 to $700.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. BMO Capital Markets increased their price objective on Meta Platforms from $530.00 to $610.00 and gave the stock a "market perform" rating in a research note on Thursday, January 30th. Finally, Wedbush boosted their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Meta Platforms has a consensus rating of "Moderate Buy" and an average target price of $701.05.

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.