Pinnacle Wealth Planning Services Inc. Cuts Stake in Meta Platforms, Inc. (NASDAQ:META)

Pinnacle Wealth Planning Services Inc. decreased its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 24.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,499 shares of the social networking company's stock after selling 3,377 shares during the period. Meta Platforms comprises about 0.9% of Pinnacle Wealth Planning Services Inc.'s holdings, making the stock its 14th largest holding. Pinnacle Wealth Planning Services Inc.'s holdings in Meta Platforms were worth $6,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in META. Millstone Evans Group LLC bought a new stake in shares of Meta Platforms in the 4th quarter valued at $40,000. WealthTrak Capital Management LLC bought a new stake in shares of Meta Platforms in the 4th quarter valued at $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms in the 4th quarter valued at $45,000. Stuart Chaussee & Associates Inc. bought a new stake in shares of Meta Platforms in the 4th quarter valued at $47,000. Finally, Conquis Financial LLC bought a new stake in shares of Meta Platforms in the 4th quarter valued at $59,000. Institutional investors own 79.91% of the company's stock.

Analysts Set New Price Targets

META has been the topic of a number of analyst reports. Susquehanna reduced their price objective on shares of Meta Platforms from $800.00 to $700.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Scotiabank cut their target price on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research note on Monday, April 21st. Needham & Company LLC reissued an "underperform" rating on shares of Meta Platforms in a research note on Thursday, May 1st. Stifel Nicolaus increased their target price on shares of Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Loop Capital increased their target price on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $701.05.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 519 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $635.50, for a total value of $329,824.50. Following the transaction, the insider now owns 30,740 shares of the company's stock, valued at $19,535,270. This represents a 1.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher K. Cox sold 20,000 shares of the 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 transaction, the insider now directly owns 308,686 shares in the company, valued at $209,199,589.06. The trade was a 6.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,628 shares of company stock valued at $48,380,586. Company insiders own 13.61% of the company's stock.

Meta Platforms Stock Performance

Shares of NASDAQ META traded up $1.26 during midday trading on Wednesday, hitting $643.58. The company's stock had a trading volume of 8,858,592 shares, compared to its average volume of 14,452,433. The stock has a fifty day moving average price of $576.79 and a 200 day moving average price of $609.77. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.62 trillion, a price-to-earnings ratio of 26.91, a P/E/G ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. Meta Platforms's revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.71 EPS. On average, research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

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.