Pinnacle Investment Management Ltd Buys New Shares in Meta Platforms, Inc. (NASDAQ:META)

Pinnacle Investment Management Ltd acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 46,000 shares of the social networking company's stock, valued at approximately $26,933,000. Meta Platforms comprises about 19.7% of Pinnacle Investment Management Ltd's portfolio, making the stock its 2nd largest holding.

Other hedge funds also recently made changes to their positions in the company. Regent Peak Wealth Advisors LLC lifted its stake in Meta Platforms by 5.8% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 5,020 shares of the social networking company's stock worth $2,939,000 after purchasing an additional 277 shares during the last quarter. Fjell Capital LLC bought a new position in shares of Meta Platforms during the fourth quarter valued at about $1,836,000. Opulen Financial Group LLC bought a new position in shares of Meta Platforms during the fourth quarter valued at about $325,000. Daner Wealth Management LLC bought a new position in shares of Meta Platforms during the fourth quarter valued at about $334,000. Finally, Sara Bay Financial raised its stake in shares of Meta Platforms by 1.0% during the fourth quarter. Sara Bay Financial now owns 28,250 shares of the social networking company's stock valued at $16,703,000 after acquiring an additional 287 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Performance

Meta Platforms stock traded down $9.51 during midday trading on Friday, reaching $627.06. 8,442,469 shares of the company traded hands, compared to its average volume of 14,494,704. The firm has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The business has a 50 day moving average of $574.80 and a two-hundred day moving average of $609.16. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98.

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

Insider Transactions at Meta Platforms

In other news, Director Robert M. Kimmitt sold 475 shares of Meta Platforms stock in a transaction on Monday, May 19th. The shares were sold at an average price of $628.25, for a total transaction of $298,418.75. Following the transaction, the director now owns 10,272 shares in the company, valued at $6,453,384. This trade represents a 4.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction on Monday, February 24th. The stock was sold at an average price of $686.28, for a total transaction of $417,258.24. Following the transaction, the chief operating officer now owns 9,270 shares in the company, valued at $6,361,815.60. This represents a 6.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,157 shares of company stock worth $49,411,000 in the last 90 days. 13.71% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

META has been the subject of several recent analyst reports. Scotiabank lowered their price objective on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a research note on Monday, April 21st. Moffett Nathanson upped their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Mizuho upped their price objective on shares of Meta Platforms from $675.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Jefferies Financial Group lowered their price objective on shares of Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Bank of America boosted their price target on shares of Meta Platforms from $640.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $701.05.

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.