GABELLI & Co INVESTMENT ADVISERS INC. reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 33.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,630 shares of the social networking company’s stock after selling 805 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in Meta Platforms were worth $345,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of META. Fairfield Bush & CO. acquired a new position in Meta Platforms in the 1st quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Meta Platforms by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock worth $499,020,000 after buying an additional 249,926 shares during the period. Ergoteles LLC grew its holdings in shares of Meta Platforms by 284.0% during the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after buying an additional 2,482 shares in the last quarter. First Western Trust Bank acquired a new stake in Meta Platforms in the 1st quarter valued at approximately $813,000. Finally, Oxford Financial Group Ltd. lifted its stake in Meta Platforms by 26.9% in the 1st quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock valued at $420,000 after acquiring an additional 400 shares in the last quarter. 62.87% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on META. Rosenblatt Securities lifted their price objective on shares of Meta Platforms from $333.00 to $372.00 in a report on Thursday, July 27th. Wedbush began coverage on shares of Meta Platforms in a research note on Monday, August 21st. They issued an “outperform” rating and a $350.00 price target on the stock. Jefferies Financial Group increased their price objective on shares of Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. Guggenheim lifted their target price on Meta Platforms from $320.00 to $375.00 in a research report on Thursday, July 27th. Finally, Sanford C. Bernstein boosted their price target on Meta Platforms from $350.00 to $375.00 in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $319.79.
Meta Platforms Trading Up 1.3 %
Shares of NASDAQ:META traded up $4.01 during mid-day trading on Friday, reaching $302.68. 5,486,115 shares of the company’s stock were exchanged, compared to its average volume of 26,501,186. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32. Meta Platforms, Inc. has a twelve month low of $88.09 and a twelve month high of $326.20. The firm has a market capitalization of $778.84 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 0.98 and a beta of 1.23. The business’s fifty day moving average price is $300.12 and its 200-day moving average price is $252.86.
Meta Platforms (NASDAQ:META – Get Free Report) last announced its earnings results on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, topping the consensus estimate of $2.87 by $0.36. The firm had revenue of $32 billion for the quarter, compared to the consensus estimate of $30.91 billion. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. On average, research analysts predict that Meta Platforms, Inc. will post 13.17 EPS for the current fiscal year.
Insider Activity at Meta Platforms
In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $275.00, for a total transaction of $198,550.00. Following the completion of the transaction, the insider now owns 35,922 shares in the company, valued at approximately $9,878,550. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Jennifer Newstead sold 722 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $275.00, for a total transaction of $198,550.00. Following the sale, the insider now owns 35,922 shares in the company, valued at approximately $9,878,550. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Javier Olivan sold 4,277 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $293.00, for a total value of $1,253,161.00. Following the completion of the transaction, the chief operating officer now directly owns 82,858 shares in the company, valued at $24,277,394. The disclosure for this sale can be found here. Insiders have sold 41,231 shares of company stock worth $12,468,122 over the last ninety days. Insiders own 13.75% of the company’s stock.
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.
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