Silvercrest Asset Management Group LLC Lowers Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Silvercrest Asset Management Group LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 169,937 shares of the social networking company's stock after selling 7,134 shares during the quarter. Silvercrest Asset Management Group LLC's holdings in Meta Platforms were worth $99,500,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in META. Rafferty Asset Management LLC raised its holdings in Meta Platforms by 15.8% during the fourth quarter. Rafferty Asset Management LLC now owns 261,989 shares of the social networking company's stock valued at $153,397,000 after acquiring an additional 35,771 shares during the period. Raiffeisen Bank International AG purchased a new stake in shares of Meta Platforms during the fourth quarter worth about $28,177,000. Ratan Capital Management LP raised its stake in Meta Platforms by 47.5% during the 4th quarter. Ratan Capital Management LP now owns 45,806 shares of the social networking company's stock valued at $26,820,000 after purchasing an additional 14,760 shares during the period. Point72 Europe London LLP lifted its holdings in Meta Platforms by 1,563.4% in the 4th quarter. Point72 Europe London LLP now owns 70,295 shares of the social networking company's stock worth $41,158,000 after purchasing an additional 66,069 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Meta Platforms in the 4th quarter worth approximately $2,214,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on META. Roth Capital increased their price objective on shares of Meta Platforms from $580.00 to $620.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Susquehanna cut their target price on shares of Meta Platforms from $800.00 to $700.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. KeyCorp boosted their target price on Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Benchmark cut their price target on Meta Platforms from $820.00 to $640.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company lowered their target price on Meta Platforms from $752.00 to $664.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms presently has an average rating of "Moderate Buy" and an average price target of $696.45.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 4,706 shares of the business's stock in a transaction dated Saturday, February 15th. The shares were sold at an average price of $736.67, for a total transaction of $3,466,769.02. Following the transaction, the chief operating officer now owns 20,935 shares of the company's stock, valued at approximately $15,422,186.45. The trade was a 18.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 907 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $645.77, for a total transaction 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. This trade represents a 3.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,171 shares of company stock worth $55,161,016. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Trading Down 2.3%

Shares of Meta Platforms stock opened at $643.88 on Friday. The stock has a market cap of $1.63 trillion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The firm has a fifty day moving average price of $570.68 and a 200 day moving average price of $606.39. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data 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 company had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter in the previous year, the company earned $4.71 earnings per share. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. Equities research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

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.

Want to see what other hedge funds are holding META? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meta Platforms, Inc. (NASDAQ:META - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.