Sunbeam Capital Management LLC Takes $494,000 Position in Meta Platforms, Inc. (NASDAQ:META)

Sunbeam Capital Management LLC bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 843 shares of the social networking company's stock, valued at approximately $494,000. Meta Platforms comprises approximately 1.1% of Sunbeam Capital Management LLC's holdings, making the stock its 22nd largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC acquired a new stake in Meta Platforms in the 4th quarter valued at about $40,000. WealthTrak Capital Management LLC bought a new stake in Meta Platforms in the fourth quarter valued at approximately $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Meta Platforms in the fourth quarter valued at approximately $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $47,000. Finally, Conquis Financial LLC bought a new position in shares of Meta Platforms during the 4th quarter worth approximately $59,000. 79.91% of the stock is owned by institutional investors.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 921 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $665.75, for a total transaction of $613,155.75. Following the completion of the sale, the insider now owns 34,866 shares of the company's stock, valued at $23,212,039.50. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Javier Olivan sold 406 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now owns 4,608 shares in the company, valued at $2,265,707.52. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,157 shares of company stock valued at $49,411,000. Corporate insiders own 13.71% of the company's stock.

Meta Platforms Stock Down 1.5%

Shares of NASDAQ META opened at $627.06 on Friday. The company's 50 day moving average price is $574.80 and its 200-day moving average price is $608.90. 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 52-week low of $442.65 and a 52-week high of $740.91. The company has a market capitalization of $1.58 trillion, a P/E ratio of 26.21, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion during 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%. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.71 earnings per share. Equities analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

META has been the subject of several research reports. Cantor Fitzgerald raised their price target on Meta Platforms from $624.00 to $676.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Piper Sandler raised their target price on shares of Meta Platforms from $610.00 to $650.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. BMO Capital Markets increased their price target on shares of Meta Platforms from $530.00 to $610.00 and gave the company a "market perform" rating in a report on Thursday, January 30th. Jefferies Financial Group reduced their price objective on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Wedbush increased their target price on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One equities research 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and an average target price of $701.05.

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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