Lakeshore Capital Group Inc. Takes $1.53 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Lakeshore Capital Group Inc. acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,606 shares of the social networking company's stock, valued at approximately $1,526,000. Meta Platforms comprises approximately 2.3% of Lakeshore Capital Group Inc.'s portfolio, making the stock its 11th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. Suvretta Capital Management LLC raised its stake in Meta Platforms by 1.1% during the fourth 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 last quarter. Skye Global Management LP increased its stake in shares of Meta Platforms by 130.9% in 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 acquiring an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new stake in Meta Platforms in the fourth quarter valued at $459,000. Apollon Financial LLC increased its position in Meta Platforms by 11.1% in the 4th 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 increased its holdings in shares of 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 valued at $1,001,044,000 after acquiring an additional 1,229,350 shares in the last quarter. Institutional investors own 79.91% of the company's stock.

Meta Platforms Stock Up 0.3%

Shares of META traded up $1.79 during mid-day trading on Thursday, hitting $645.37. 5,262,093 shares of the company's stock were exchanged, compared to its average volume of 16,867,680. 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 stock has a market cap of $1.62 trillion, a price-to-earnings ratio of 26.98, a P/E/G ratio of 1.42 and a beta of 1.24. The firm has a fifty day moving average of $577.74 and a two-hundred day moving average of $610.01. 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 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. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same quarter last year, the company posted $4.71 earnings per share. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 921 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $644.00, for a total transaction of $593,124.00. Following the transaction, the insider now directly owns 33,945 shares in the company, valued at approximately $21,860,580. This represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Susan J. Li sold 6,874 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $4,532,440.64. Following the transaction, the chief financial officer now directly owns 70,040 shares in the company, valued at approximately $46,181,574.40. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,628 shares of company stock worth $34,826,386 over the last 90 days. Corporate insiders own 13.61% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on META shares. Wells Fargo & Company decreased their price target on Meta Platforms from $752.00 to $664.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. DA Davidson reduced their target price on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Barclays cut their target price on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Loop Capital raised their price target on Meta Platforms from $695.00 to $888.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, Piper Sandler raised their price objective on shares of Meta Platforms from $610.00 to $650.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. One research 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $701.05.

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.