Parr Mcknight Wealth Management Group LLC Takes $4.58 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Parr Mcknight Wealth Management Group LLC acquired a new position in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,813 shares of the social networking company's stock, valued at approximately $4,575,000.

Several other institutional investors have also bought and sold shares of the stock. Valley Financial Group Inc. grew its position in shares of Meta Platforms by 2.4% during the 4th quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock worth $344,000 after purchasing an additional 14 shares in the last quarter. Lantern Wealth Advisors LLC raised its position in shares of Meta Platforms by 0.5% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company's stock valued at $1,743,000 after buying an additional 14 shares in the last quarter. Seelaus Asset Management LLC boosted its stake in shares of Meta Platforms by 0.9% in the fourth quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company's stock valued at $960,000 after buying an additional 15 shares during the period. Meredith Wealth Planning boosted its stake in shares of Meta Platforms by 0.8% in the fourth quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company's stock valued at $1,097,000 after buying an additional 15 shares during the period. Finally, Maiden Cove Capital LLC grew its position in Meta Platforms by 3.2% during the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company's stock worth $282,000 after buying an additional 15 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on META. Moffett Nathanson lifted their price objective on Meta Platforms from $525.00 to $605.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Roth Capital boosted their price target on Meta Platforms from $580.00 to $620.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. DA Davidson reduced their price objective on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus raised their target price on Meta Platforms from $628.00 to $655.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Finally, Guggenheim boosted their price target on Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $701.05.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 921 shares of Meta Platforms stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $665.75, for a total value of $613,155.75. Following the completion of the sale, the insider now owns 34,866 shares of the company's stock, valued at approximately $23,212,039.50. This trade represents a 2.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Javier Olivan sold 608 shares of the business's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $488.18, for a total transaction of $296,813.44. Following the sale, the chief operating officer now owns 5,622 shares of the company's stock, valued at $2,744,547.96. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,157 shares of company stock valued at $49,411,000 over the last ninety days. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Price Performance

META stock opened at $636.57 on Friday. 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 firm has a market cap of $1.60 trillion, a price-to-earnings ratio of 26.61, a PEG ratio of 1.42 and a beta of 1.24. The company's fifty day simple moving average is $573.91 and its 200 day simple moving average is $608.53. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-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, 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 company had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the previous year, the business earned $4.71 EPS. The firm's revenue was up 16.1% compared to the same quarter last year. On average, analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

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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