Point72 Hong Kong Ltd Takes $2.21 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Point72 Hong Kong Ltd acquired a new stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,781 shares of the social networking company's stock, valued at approximately $2,214,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Regent Peak Wealth Advisors LLC boosted its position in shares of Meta Platforms by 5.8% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 5,020 shares of the social networking company's stock valued at $2,939,000 after buying an additional 277 shares during the last quarter. RMR Wealth Builders boosted its position in Meta Platforms by 4.9% in the fourth quarter. RMR Wealth Builders now owns 11,830 shares of the social networking company's stock worth $6,927,000 after purchasing an additional 556 shares during the last quarter. Fjell Capital LLC purchased a new position in Meta Platforms in the fourth quarter worth $1,836,000. Ignite Planners LLC boosted its position in Meta Platforms by 1.3% in the fourth quarter. Ignite Planners LLC now owns 7,650 shares of the social networking company's stock worth $4,625,000 after purchasing an additional 98 shares during the last quarter. Finally, Sharper & Granite LLC boosted its position in Meta Platforms by 3.3% in the fourth quarter. Sharper & Granite LLC now owns 2,379 shares of the social networking company's stock worth $1,393,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on META. Benchmark cut their price objective on Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Wedbush boosted their target price on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Oppenheimer boosted their target price on Meta Platforms from $650.00 to $665.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. boosted their target price on Meta Platforms from $610.00 to $675.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Needham & Company LLC restated an "underperform" rating on shares of Meta Platforms in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms has a consensus rating of "Moderate Buy" and an average price target of $701.05.

Insider Buying and Selling

In other Meta Platforms news, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $736.07, for a total value of $447,530.56. Following the completion of the sale, the chief operating officer now owns 9,878 shares of the company's stock, valued at approximately $7,270,899.46. This trade represents a 5.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 907 shares of Meta Platforms stock in a transaction 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 sale, the insider now directly owns 24,749 shares of the company's stock, valued at approximately $15,982,161.73. The trade was a 3.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,852 shares of company stock worth $41,665,958 in the last ninety days. 13.71% of the stock is owned by insiders.

Meta Platforms Trading Down 0.5%

META traded down $3.54 on Friday, hitting $640.34. 18,351,566 shares of the company were exchanged, compared to its average volume of 14,546,315. The firm has a fifty day simple moving average of $571.37 and a two-hundred day simple moving average of $606.82. 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 12 month low of $442.65 and a 12 month high of $740.91. The stock has a market capitalization of $1.61 trillion, a PE ratio of 26.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24.

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