Veritable L.P. Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Veritable L.P. grew its position in Meta Platforms, Inc. (NASDAQ:META) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,055 shares of the social networking company’s stock after purchasing an additional 730 shares during the quarter. Veritable L.P.’s holdings in Meta Platforms were worth $14,652,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of META. Bank Julius Baer & Co. Ltd Zurich raised its stake in Meta Platforms by 101,072.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 777,798,687 shares of the social networking company’s stock worth $223,212,667,000 after acquiring an additional 777,029,902 shares in the last quarter. Norges Bank acquired a new stake in Meta Platforms during the 4th quarter worth $4,223,148,000. Morgan Stanley acquired a new stake in Meta Platforms during the 4th quarter worth $4,072,543,000. Moneta Group Investment Advisors LLC acquired a new stake in Meta Platforms during the 4th quarter worth $1,796,633,000. Finally, Legal & General Group Plc acquired a new stake in Meta Platforms during the 4th quarter worth $1,731,491,000. 62.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jennifer Newstead sold 670 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total value of $196,008.50. Following the completion of the transaction, the insider now owns 39,690 shares of the company’s stock, valued at $11,611,309.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Jennifer Newstead sold 670 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total transaction of $196,008.50. Following the completion of the transaction, the insider now owns 39,690 shares of the company’s stock, valued at $11,611,309.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 28,009 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $310.60, for a total transaction of $8,699,595.40. The disclosure for this sale can be found here. Insiders sold a total of 124,341 shares of company stock valued at $39,293,937 over the last 90 days. Insiders own 14.03% of the company’s stock.

Meta Platforms Stock Up 1.9 %

Shares of NASDAQ META opened at $335.31 on Tuesday. The firm’s 50-day moving average is $308.71 and its two-hundred day moving average is $290.35. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market capitalization of $861.70 billion, a PE ratio of 29.05, a price-to-earnings-growth ratio of 1.09 and a beta of 1.21. Meta Platforms, Inc. has a 12-month low of $108.32 and a 12-month high of $335.70.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 25th. The social networking company reported $4.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.62 by $0.77. The business had revenue of $34.15 billion during the quarter, compared to analyst estimates of $33.58 billion. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. The company’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.64 earnings per share. Equities analysts anticipate that Meta Platforms, Inc. will post 14.13 EPS for the current fiscal year.

Analyst Ratings Changes

META has been the topic of a number of recent research reports. Robert W. Baird lifted their price objective on shares of Meta Platforms from $260.00 to $355.00 in a research note on Thursday, July 27th. Roth Mkm lifted their price objective on shares of Meta Platforms from $360.00 to $365.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. Jefferies Financial Group lifted their price objective on shares of Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. CICC Research initiated coverage on shares of Meta Platforms in a research note on Monday, August 28th. They issued an “outperform” rating on the stock. Finally, Mizuho lifted their price objective on shares of Meta Platforms from $280.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $346.65.

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.