Elite Wealth Management Inc. boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 53.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,755 shares of the social networking company's stock after purchasing an additional 8,231 shares during the quarter. Meta Platforms accounts for about 0.4% of Elite Wealth Management Inc.'s investment portfolio, making the stock its 7th biggest holding. Elite Wealth Management Inc.'s holdings in Meta Platforms were worth $11,535,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the company. Donoghue Forlines LLC boosted its holdings in shares of Meta Platforms by 94.4% in the fourth quarter. Donoghue Forlines LLC now owns 8,349 shares of the social networking company's stock valued at $2,955,000 after buying an additional 4,054 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Meta Platforms by 7.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 451,581 shares of the social networking company's stock worth $159,841,000 after purchasing an additional 32,423 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. boosted its holdings in Meta Platforms by 400.0% during the fourth quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 2,500 shares of the social networking company's stock worth $885,000 after purchasing an additional 2,000 shares during the last quarter. Bank of Stockton boosted its holdings in Meta Platforms by 9.2% during the fourth quarter. Bank of Stockton now owns 4,743 shares of the social networking company's stock worth $1,819,000 after purchasing an additional 400 shares during the last quarter. Finally, Signify Wealth acquired a new position in Meta Platforms during the fourth quarter worth $228,000. Institutional investors and hedge funds own 79.91% of the company's stock.
Meta Platforms Stock Performance
Shares of NASDAQ:META traded down $2.00 during midday trading on Thursday, reaching $465.78. The company had a trading volume of 11,731,512 shares, compared to its average volume of 17,531,096. The company's 50 day moving average price is $484.18 and its 200 day moving average price is $424.15. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The stock has a market cap of $1.18 trillion, a P/E ratio of 26.75, a P/E/G ratio of 1.20 and a beta of 1.21. Meta Platforms, Inc. has a 52-week low of $244.95 and a 52-week high of $531.49.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The business had revenue of $36.46 billion for the quarter, compared to analysts' expectations of $36.28 billion. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 20.18 EPS for the current fiscal year.
Analysts Set New Price Targets
Several analysts have issued reports on META shares. Monness Crespi & Hardt upped their price target on shares of Meta Platforms from $370.00 to $540.00 and gave the stock a "buy" rating in a research report on Friday, February 2nd. BNP Paribas started coverage on shares of Meta Platforms in a research report on Thursday, May 2nd. They set an "underperform" rating and a $360.00 price target on the stock. Bank of America upped their price target on shares of Meta Platforms from $425.00 to $510.00 and gave the stock a "buy" rating in a research report on Friday, February 2nd. Tigress Financial upped their price target on shares of Meta Platforms from $435.00 to $575.00 and gave the stock a "strong-buy" rating in a research report on Friday, February 9th. Finally, Royal Bank of Canada dropped their price target on shares of Meta Platforms from $600.00 to $570.00 and set an "outperform" rating on the stock in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $509.80.
Check Out Our Latest Research Report on META
Insider Activity at Meta Platforms
In other Meta Platforms news, COO Javier Olivan sold 490 shares of the company's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $488.03, for a total value of $239,134.70. Following the completion of the sale, the chief operating officer now owns 79,944 shares of the company's stock, valued at $39,015,070.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, COO Javier Olivan sold 490 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $488.03, for a total transaction of $239,134.70. Following the completion of the sale, the chief operating officer now owns 79,944 shares of the company's stock, valued at $39,015,070.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $467.57, for a total value of $423,150.85. Following the sale, the insider now directly owns 43,275 shares of the company's stock, valued at approximately $20,234,091.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 918,449 shares of company stock worth $454,175,035. Company insiders own 13.71% of the company's stock.
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.
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