Steamboat Capital Partners LLC Trims Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Steamboat Capital Partners LLC reduced its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 33,600 shares of the social networking company's stock after selling 684 shares during the quarter. Meta Platforms makes up 6.1% of Steamboat Capital Partners LLC's portfolio, making the stock its 5th biggest position. Steamboat Capital Partners LLC's holdings in Meta Platforms were worth $19,673,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of META. Ballentine Partners LLC lifted its position in 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 purchasing an additional 808 shares during the last quarter. UMB Bank n.a. lifted its position in 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 during the last quarter. Suvretta Capital Management LLC lifted its position in 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 lifted its position in Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after purchasing an additional 43,200 shares during the last quarter. Finally, Brueske Advisory Services LLC bought a new stake in Meta Platforms in the 4th quarter valued at about $459,000. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Performance

Meta Platforms stock opened at $640.34 on Friday. The firm's 50 day simple moving average is $571.37 and its 200-day simple moving average is $606.82. The company has a market cap of $1.61 trillion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. 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, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

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. 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 firm's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm posted $4.71 earnings per share. As a group, equities research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Needham & Company LLC reiterated an "underperform" rating on shares of Meta Platforms in a research report on Thursday, May 1st. Barclays cut their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Scotiabank cut their price objective on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. KeyCorp lifted their price objective on shares of Meta Platforms from $645.00 to $655.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, Wells Fargo & Company cut their price objective on shares of Meta Platforms from $752.00 to $664.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of "Moderate Buy" and a consensus price target of $701.05.

Insider Buying and Selling

In related news, COO Javier Olivan sold 608 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $736.07, for a total transaction of $447,530.56. Following the completion of the sale, the chief operating officer now directly owns 9,878 shares in the company, valued at approximately $7,270,899.46. This trade represents a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 19,668 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $703.21, for a total transaction of $13,830,734.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,852 shares of company stock worth $41,665,958. 13.71% of the stock is owned by company insiders.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.