State Board of Administration of Florida Retirement System lowered its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,471,166 shares of the social networking company’s stock after selling 62,130 shares during the quarter. Meta Platforms makes up about 1.2% of State Board of Administration of Florida Retirement System’s portfolio, making the stock its 9th biggest position. State Board of Administration of Florida Retirement System owned approximately 0.10% of Meta Platforms worth $523,739,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of META. Worth Asset Management LLC lifted its stake in Meta Platforms by 248.6% in the first quarter. Worth Asset Management LLC now owns 122 shares of the social networking company’s stock worth $26,000 after acquiring an additional 87 shares during the period. Sageworth Trust Co purchased a new stake in shares of Meta Platforms in the 1st quarter worth approximately $26,000. HBC Financial Services PLLC boosted its stake in shares of Meta Platforms by 2,500.0% during the first quarter. HBC Financial Services PLLC now owns 130 shares of the social networking company’s stock valued at $28,000 after purchasing an additional 125 shares in the last quarter. Rise Advisors LLC boosted its stake in shares of Meta Platforms by 59.3% during the first quarter. Rise Advisors LLC now owns 137 shares of the social networking company’s stock valued at $29,000 after purchasing an additional 51 shares in the last quarter. Finally, Stephens Consulting LLC increased its holdings in Meta Platforms by 44.6% during the first quarter. Stephens Consulting LLC now owns 162 shares of the social networking company’s stock valued at $34,000 after buying an additional 50 shares during the period. 62.87% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
META has been the topic of several recent research reports. JMP Securities increased their target price on Meta Platforms from $350.00 to $380.00 and gave the company a “market outperform” rating in a research report on Thursday, July 27th. UBS Group increased their price target on shares of Meta Platforms from $335.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. HSBC upgraded shares of Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 price target on the stock in a report on Thursday, July 27th. Wedbush initiated coverage on shares of Meta Platforms in a report on Monday, August 21st. They issued an “outperform” rating and a $350.00 price target on the stock. Finally, Mizuho upped their price target on Meta Platforms from $280.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Two 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.79.
Insiders Place Their Bets
In other news, insider Jennifer Newstead sold 722 shares of Meta Platforms stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $282.00, for a total value of $203,604.00. Following the sale, the insider now owns 34,478 shares in the company, valued at $9,722,796. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Jennifer Newstead sold 722 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $282.00, for a total value of $203,604.00. Following the sale, the insider now directly owns 34,478 shares of the company’s stock, valued at $9,722,796. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Clegg sold 2,146 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $657,083.74. Following the sale, the insider now owns 12,631 shares of the company’s stock, valued at $3,867,485.89. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,509 shares of company stock worth $12,269,572. Company insiders own 13.75% of the company’s stock.
Meta Platforms Stock Performance
NASDAQ META opened at $305.06 on Thursday. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14. Meta Platforms, Inc. has a twelve month low of $88.09 and a twelve month high of $326.20. The stock has a 50-day moving average of $301.64 and a 200 day moving average of $257.43. The stock has a market capitalization of $784.97 billion, a price-to-earnings ratio of 35.55, a PEG ratio of 0.98 and a beta of 1.23.
Meta Platforms (NASDAQ:META – Get Free Report) last announced its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.36. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. The business had revenue of $32 billion during the quarter, compared to the consensus estimate of $30.91 billion. Sell-side analysts anticipate that Meta Platforms, Inc. will post 13.17 EPS for the current fiscal year.
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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