Tremblant Capital Group bought a new stake in Meta Platforms, Inc. (NASDAQ:META – Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 263,923 shares of the social networking company’s stock, valued at approximately $55,936,000. Meta Platforms comprises approximately 5.9% of Tremblant Capital Group’s investment portfolio, making the stock its 2nd biggest position.
Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. raised its position in Meta Platforms by 0.8% in the first quarter. BlackRock Inc. now owns 152,934,920 shares of the social networking company’s stock valued at $32,413,027,000 after purchasing an additional 1,172,997 shares during the last quarter. Geode Capital Management LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $5,424,543,000. Norges Bank acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $4,223,148,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $4,220,171,000. Finally, Morgan Stanley acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $4,072,543,000. 62.87% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Wednesday, August 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $400.00 price target on shares of Meta Platforms in a research note on Friday, August 18th. JMP Securities increased their price target on Meta Platforms from $350.00 to $380.00 and gave the company a “market outperform” rating in a research note on Thursday, July 27th. 92 Resources reissued a “maintains” rating on shares of Meta Platforms in a research note on Monday, June 26th. Finally, Susquehanna raised their target price on Meta Platforms from $310.00 to $400.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $319.79.
Meta Platforms Stock Performance
Shares of META opened at $297.89 on Friday. The firm has a market cap of $766.52 billion, a PE ratio of 34.72, a PEG ratio of 0.98 and a beta of 1.23. The stock’s fifty day moving average price is $300.68 and its two-hundred day moving average price is $254.62. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.32 and a quick ratio of 2.32. Meta Platforms, Inc. has a 1 year low of $88.09 and a 1 year high of $326.20.
Meta Platforms (NASDAQ:META – Get Free Report) last issued its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.36. The firm had revenue of $32 billion for the quarter, compared to analyst estimates of $30.91 billion. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. On average, equities research analysts forecast that Meta Platforms, Inc. will post 13.17 EPS for the current year.
Insider Buying and Selling at Meta Platforms
In related news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction on 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 directly owns 35,922 shares in the company, valued at approximately $9,878,550. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction on 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 directly owns 35,922 shares in the company, valued at approximately $9,878,550. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Andrew Bosworth sold 8,032 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $2,459,318.08. Following the sale, the chief technology officer now owns 11,588 shares in the company, valued at $3,548,129.72. The disclosure for this sale can be found here. Insiders have sold a total of 41,231 shares of company stock worth $12,468,122 over the last ninety days. 13.75% of the stock is currently owned by company insiders.
Meta Platforms Company 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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