Wedgewood Partners Inc. trimmed its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,557 shares of the social networking company's stock after selling 3,291 shares during the quarter. Meta Platforms accounts for 9.2% of Wedgewood Partners Inc.'s holdings, making the stock its 3rd biggest holding. Wedgewood Partners Inc.'s holdings in Meta Platforms were worth $46,581,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in META. Ballentine Partners LLC raised its position in shares of Meta Platforms by 1.4% in the 4th quarter. Ballentine Partners LLC now owns 58,218 shares of the social networking company's stock valued at $34,087,000 after buying an additional 808 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Meta Platforms by 0.6% in the 4th quarter. UMB Bank n.a. now owns 140,585 shares of the social networking company's stock valued at $82,314,000 after purchasing an additional 897 shares in the last quarter. Suvretta Capital Management LLC increased its stake in shares of Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP raised its holdings in shares of Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after buying an additional 43,200 shares in the last quarter. Finally, Brueske Advisory Services LLC bought a new stake in shares of Meta Platforms during the 4th quarter worth $459,000. Institutional investors own 79.91% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on META. Scotiabank decreased 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 reaffirmed an "underperform" rating on shares of Meta Platforms in a research report on Thursday, May 1st. Evercore ISI boosted their price objective on Meta Platforms from $725.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Moffett Nathanson lifted their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Morgan Stanley boosted their price target on shares of Meta Platforms from $615.00 to $650.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. One 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 issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $701.05.
Check Out Our Latest Analysis on META
Insiders Place Their Bets
In other Meta Platforms news, insider Jennifer Newstead sold 907 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $645.77, for a total value of $585,713.39. Following the transaction, the insider now directly owns 24,749 shares of the company's stock, valued at approximately $15,982,161.73. This trade represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Javier Olivan sold 608 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $736.07, for a total transaction of $447,530.56. Following the completion of the transaction, the chief operating officer now owns 9,878 shares in the company, valued at $7,270,899.46. This trade represents a 5.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,852 shares of company stock valued at $41,665,958. Company insiders own 13.71% of the company's stock.
Meta Platforms Price Performance
META stock opened at $640.34 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.42 and a beta of 1.24. The firm has a 50 day moving average price of $571.37 and a 200-day moving average price of $607.10. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The firm had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the prior year, the company posted $4.71 earnings per share. The company's quarterly revenue was up 16.1% on a year-over-year basis. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.
About Meta Platforms
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding META? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meta Platforms, Inc. (NASDAQ:META - Free Report).
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