Pinnacle Investment Management Ltd acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 46,000 shares of the social networking company's stock, valued at approximately $26,933,000. Meta Platforms accounts for approximately 19.7% of Pinnacle Investment Management Ltd's portfolio, making the stock its 2nd biggest position.
Other hedge funds have also modified their holdings of the company. McIlrath & Eck LLC increased its holdings in Meta Platforms by 5.1% in the fourth quarter. McIlrath & Eck LLC now owns 2,012 shares of the social networking company's stock valued at $1,178,000 after buying an additional 98 shares during the last quarter. Monograph Wealth Advisors LLC increased its holdings in shares of Meta Platforms by 9.4% in the 4th quarter. Monograph Wealth Advisors LLC now owns 11,111 shares of the social networking company's stock valued at $6,505,000 after acquiring an additional 957 shares during the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Meta Platforms during the 4th quarter worth about $15,574,000. Castleark Management LLC lifted its stake in Meta Platforms by 3.4% during the fourth quarter. Castleark Management LLC now owns 126,828 shares of the social networking company's stock worth $74,259,000 after purchasing an additional 4,220 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Meta Platforms by 3.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 612,043 shares of the social networking company's stock worth $358,357,000 after buying an additional 20,195 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.
Meta Platforms Stock Performance
Shares of META opened at $637.10 on Wednesday. The company has a market capitalization of $1.60 trillion, a price-to-earnings ratio of 26.63, a PEG ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The company's 50 day simple moving average is $572.72 and its 200 day simple moving average is $607.81.
Meta Platforms (NASDAQ:META - Get Free Report) last released its 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. 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 business posted $4.71 earnings per share. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. On average, sell-side analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Insider Activity at Meta Platforms
In other news, insider Jennifer Newstead sold 519 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $636.72, for a total transaction of $330,457.68. Following the completion of the sale, the insider now owns 31,259 shares in the company, valued at approximately $19,903,230.48. The trade was a 1.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Javier Olivan sold 2,615 shares of the 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 $1,724,226.40. Following the sale, the chief operating officer now directly owns 5,437 shares of the company's stock, valued at approximately $3,584,940.32. This trade represents a 32.48% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,169 shares of company stock worth $50,927,926. 13.71% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. Moffett Nathanson raised their price target on Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. The Goldman Sachs Group upped their price target on Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Rosenblatt Securities lifted their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Arete Research raised shares of Meta Platforms to a "hold" rating in a research note on Friday, January 24th. Finally, KeyCorp raised their target price 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. 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $701.05.
Check Out Our Latest Report on META
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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