Cornerstone Advisory LLC Cuts Position in Meta Platforms, Inc. (NASDAQ:META)

Cornerstone Advisory LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,812 shares of the social networking company's stock after selling 698 shares during the quarter. Meta Platforms accounts for 0.9% of Cornerstone Advisory LLC's investment portfolio, making the stock its 29th largest position. Cornerstone Advisory LLC's holdings in Meta Platforms were worth $7,502,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Regent Peak Wealth Advisors LLC increased its holdings in Meta Platforms by 5.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 5,020 shares of the social networking company's stock valued at $2,939,000 after acquiring an additional 277 shares in the last quarter. Fjell Capital LLC purchased a new position in Meta Platforms during the 4th quarter valued at about $1,836,000. Opulen Financial Group LLC purchased a new position in Meta Platforms during the 4th quarter valued at about $325,000. Daner Wealth Management LLC purchased a new position in Meta Platforms during the 4th quarter valued at about $334,000. Finally, Arbor Trust Wealth Advisors LLC increased its holdings in Meta Platforms by 7.0% during the 4th quarter. Arbor Trust Wealth Advisors LLC now owns 2,813 shares of the social networking company's stock valued at $1,647,000 after acquiring an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Trading Down 0.3%

Shares of META stock opened at $635.50 on Thursday. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. 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 business's 50 day moving average is $573.28 and its two-hundred day moving average is $608.00. The company has a market cap of $1.60 trillion, a PE ratio of 26.57, a price-to-earnings-growth 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. The business had revenue of $42.31 billion for 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%. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company posted $4.71 earnings per share. Equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Oppenheimer lifted their price target on shares of Meta Platforms from $650.00 to $665.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. DA Davidson lowered their price target on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a report on Monday, April 14th. JMP Securities restated a "market outperform" rating and issued a $750.00 target price on shares of Meta Platforms in a report on Wednesday, April 30th. Finally, Roth Capital boosted their target price on shares of Meta Platforms from $580.00 to $620.00 and gave the company a "buy" rating in a report on Thursday, May 1st. One investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $701.05.

Insider Buying and Selling

In related news, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction dated Monday, April 7th. The stock was 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 directly owns 5,622 shares of the company's stock, valued at $2,744,547.96. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 921 shares of Meta Platforms stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $491.87, for a total value of $453,012.27. Following the completion of the transaction, the insider now directly owns 27,498 shares of the company's stock, valued at $13,525,441.26. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,161 shares of company stock valued at $51,551,150 over the last ninety days. 13.71% of the stock is owned by company 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.

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