Meta Platforms, Inc. (NASDAQ:META) Position Raised by Mackenzie Financial Corp

Mackenzie Financial Corp raised its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 32.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,321,997 shares of the social networking company's stock after buying an additional 324,144 shares during the quarter. Meta Platforms makes up about 1.0% of Mackenzie Financial Corp's investment portfolio, making the stock its 19th largest holding. Mackenzie Financial Corp owned about 0.05% of Meta Platforms worth $774,042,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Griffith & Werner Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $5,533,000. Sunbeam Capital Management LLC bought a new position in shares of Meta Platforms in the fourth quarter worth $494,000. Amiral Gestion bought a new position in shares of Meta Platforms in the fourth quarter worth $21,610,000. Michels Family Financial LLC bought a new position in shares of Meta Platforms in the fourth quarter worth $1,509,000. Finally, Castlekeep Investment Advisors LLC bought a new position in shares of Meta Platforms in the fourth quarter worth $55,880,000. 79.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on META. KeyCorp upped their price target on shares of Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Mizuho upped their price target on shares of Meta Platforms from $675.00 to $750.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Pivotal Research dropped their price objective on Meta Platforms from $875.00 to $830.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Stifel Nicolaus boosted their price objective on Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $740.00 price objective on shares of Meta Platforms in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $701.05.

Meta Platforms Trading Down 1.5%

Shares of META stock opened at $627.06 on Friday. The firm has a 50-day moving average price of $574.80 and a 200 day moving average price of $608.90. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The company has a market capitalization of $1.58 trillion, a P/E ratio of 26.21, a P/E/G ratio of 1.42 and a beta of 1.24. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last issued 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. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the prior year, the firm earned $4.71 EPS. The company's revenue was up 16.1% on a year-over-year basis. Research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the transaction, the chief financial officer now directly owns 70,040 shares of the company's stock, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their position. 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 406 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now directly owns 4,608 shares in the company, valued at $2,265,707.52. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 77,157 shares of company stock valued at $49,411,000. 13.71% of the stock is currently owned by insiders.

About Meta Platforms

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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