Thornburg Investment Management Inc. Sells 16,424 Shares of Meta Platforms, Inc. (NASDAQ:META)

Thornburg Investment Management Inc. decreased its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 7.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 202,184 shares of the social networking company's stock after selling 16,424 shares during the period. Meta Platforms comprises approximately 1.6% of Thornburg Investment Management Inc.'s portfolio, making the stock its 18th biggest holding. Thornburg Investment Management Inc.'s holdings in Meta Platforms were worth $118,381,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in META. Millstone Evans Group LLC bought a new position in Meta Platforms during the 4th quarter valued at approximately $40,000. WealthTrak Capital Management LLC purchased a new position in shares of Meta Platforms during the fourth quarter valued at approximately $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms during the fourth quarter valued at approximately $45,000. Cordant Inc. bought a new position in shares of Meta Platforms during the fourth quarter valued at approximately $59,000. Finally, Conquis Financial LLC purchased a new stake in Meta Platforms in the fourth quarter worth $59,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on META shares. Loop Capital raised their target price on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a "buy" rating in a research report on Friday. KeyCorp raised their price objective on shares of Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Evercore ISI lifted their price objective on Meta Platforms from $725.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Moffett Nathanson increased their target price on Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Raymond James dropped their price target on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $701.05.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 907 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $645.77, for a total value of $585,713.39. Following the completion of the transaction, the insider now owns 24,749 shares in the company, valued at approximately $15,982,161.73. The trade was a 3.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Javier Olivan sold 608 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $488.18, for a total value 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. The trade was a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,852 shares of company stock worth $41,665,958. Corporate insiders own 13.71% of the company's stock.

Meta Platforms Stock Performance

META opened at $640.34 on Friday. The stock has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week 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. The company has a fifty day moving average of $571.37 and a 200 day moving average of $606.82.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period last year, the firm posted $4.71 earnings per share. Meta Platforms's revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

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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