Sunbeam Capital Management LLC Acquires Shares of 3,118 Meta Platforms, Inc. (NASDAQ:META)

Sunbeam Capital Management LLC acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 3,118 shares of the social networking company's stock, valued at approximately $1,825,000. Meta Platforms makes up 1.7% of Sunbeam Capital Management LLC's holdings, making the stock its 15th largest position.

Several other large investors also recently bought and sold shares of META. Suvretta Capital Management LLC raised its position in shares of Meta Platforms by 1.1% during 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 buying an additional 1,850 shares during the period. Skye Global Management LP raised its position in Meta Platforms by 130.9% in the fourth 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 period. Brueske Advisory Services LLC purchased a new stake in Meta Platforms in the fourth quarter valued at approximately $459,000. Apollon Financial LLC raised its position in Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock valued at $866,000 after purchasing an additional 148 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in Meta Platforms by 255.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after purchasing an additional 1,229,350 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 519 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $635.50, for a total transaction of $329,824.50. Following the completion of the sale, the insider now directly owns 30,740 shares of the company's stock, valued at $19,535,270. This represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Javier Olivan sold 608 shares of the business's stock in a transaction that occurred 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 in the company, valued at $2,744,547.96. This represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,628 shares of company stock valued at $48,380,586 over the last ninety days. Insiders own 13.71% of the company's stock.

Meta Platforms Price Performance

Shares of NASDAQ:META traded up $15.26 during trading on Tuesday, reaching $642.32. The company had a trading volume of 9,473,309 shares, compared to its average volume of 14,474,756. The firm's fifty day moving average is $575.66 and its 200 day moving average is $609.55. The firm has a market capitalization of $1.62 trillion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91. 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 (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period in the prior year, the business earned $4.71 earnings per share. The business's quarterly revenue was up 16.1% on a year-over-year basis. On average, equities analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. The Goldman Sachs Group boosted their target price on Meta Platforms from $685.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Citigroup boosted their target price on Meta Platforms from $655.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Guggenheim upped their price objective on Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. KeyCorp upped their price objective on Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus upped their price objective on Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of "Moderate Buy" and an average 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.