Cypress Asset Management Inc. TX Takes $6.22 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Cypress Asset Management Inc. TX acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,330 shares of the social networking company's stock, valued at approximately $6,222,000. Meta Platforms accounts for 1.5% of Cypress Asset Management Inc. TX's portfolio, making the stock its 18th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Millstone Evans Group LLC bought a new position in shares of Meta Platforms during the fourth quarter worth about $40,000. WealthTrak Capital Management LLC bought a new position in shares of Meta Platforms during the 4th quarter worth approximately $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $47,000. Finally, Conquis Financial LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $59,000. 79.91% of the stock is owned by institutional investors.

Meta Platforms Price Performance

Shares of META traded up $15.26 during trading hours on Tuesday, reaching $642.32. 9,473,309 shares of the stock traded hands, compared to its average volume of 14,474,756. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The company's 50-day moving average price is $575.66 and its two-hundred day moving average price is $609.55. The company has a market cap of $1.62 trillion, a P/E ratio of 26.85, 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 results on Wednesday, April 30th. The social networking company reported $6.43 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 analysts' expectations of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.71 EPS. On average, analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on META. Roth Capital lifted their price objective 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. Guggenheim lifted their price objective on shares of Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Monness Crespi & Hardt lifted their price objective on shares of Meta Platforms from $775.00 to $780.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Mizuho increased their price target on Meta Platforms from $675.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Wells Fargo & Company reduced their price target on Meta Platforms from $752.00 to $664.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $701.05.

Insiders Place Their Bets

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the business's stock in a transaction on 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 owns 16,463 shares in the company, valued at $10,855,043.68. The trade was a 23.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Javier Olivan sold 608 shares of the business's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $488.18, for a total transaction of $296,813.44. Following the completion of the sale, the chief operating officer now owns 5,622 shares in the company, valued at approximately $2,744,547.96. The trade was a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,628 shares of company stock worth $48,380,586 in the last 90 days. 13.71% 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.