Radnor Capital Management LLC acquired a new position in Meta Platforms, Inc. (NASDAQ:META – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,825 shares of the social networking company’s stock, valued at approximately $524,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Meta Platforms by 0.8% in the 1st 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 period. Geode Capital Management LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $5,424,543,000. Price T Rowe Associates Inc. MD raised its position in Meta Platforms by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 41,803,774 shares of the social networking company’s stock worth $8,859,893,000 after acquiring an additional 6,735,038 shares during the period. Norges Bank acquired a new position in Meta Platforms during the fourth quarter worth $4,223,148,000. Finally, Morgan Stanley acquired a new position in Meta Platforms during the fourth quarter worth $4,072,543,000. Hedge funds and other institutional investors own 62.87% of the company’s stock.
Insider Buying and Selling at Meta Platforms
In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $278.73, for a total value of $201,243.06. Following the transaction, the insider now directly owns 35,200 shares in the company, valued at $9,811,296. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Javier Olivan sold 4,277 shares of the firm’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 transaction of $1,253,161.00. Following the transaction, the chief operating officer now directly owns 82,858 shares in the company, valued at $24,277,394. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 722 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $278.73, for a total transaction of $201,243.06. Following the transaction, the insider now owns 35,200 shares in the company, valued at $9,811,296. The disclosure for this sale can be found here. Insiders have sold 41,179 shares of company stock worth $12,474,820 over the last three months. Insiders own 13.75% of the company’s stock.
Meta Platforms Stock Performance
Meta Platforms (NASDAQ:META – Get Free Report) last announced its quarterly earnings results on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.87 by $0.36. The company had revenue of $32 billion for the quarter, compared to analyst estimates of $30.91 billion. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. Research analysts forecast that Meta Platforms, Inc. will post 13.17 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts have weighed in on META shares. Jefferies Financial Group upped their price objective on shares of Meta Platforms from $360.00 to $400.00 in a research report on Thursday, July 27th. Truist Financial upped their price objective on shares of Meta Platforms from $340.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Evercore ISI upped their price objective on shares of Meta Platforms from $350.00 to $435.00 in a research report on Thursday, July 27th. Wedbush initiated coverage on shares of Meta Platforms in a research report on Monday, August 21st. They set an “outperform” rating and a $350.00 price objective for the company. Finally, Credit Suisse Group upped their target price on shares of Meta Platforms from $361.00 to $407.00 in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, forty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $319.79.
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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