Berger Financial Group Inc boosted its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 3.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,032 shares of the social networking company’s stock after buying an additional 94 shares during the quarter. Berger Financial Group Inc’s holdings in Meta Platforms were worth $870,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Meta Platforms by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 13,031,727 shares of the social networking company’s stock worth $3,739,845,000 after purchasing an additional 126,176 shares during the period. Egerton Capital UK LLP grew its position in shares of Meta Platforms by 5.4% in the 2nd quarter. Egerton Capital UK LLP now owns 1,850,552 shares of the social networking company’s stock valued at $531,071,000 after buying an additional 95,015 shares during the last quarter. Beverly Hills Private Wealth LLC increased its stake in shares of Meta Platforms by 56.8% in the second quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the social networking company’s stock valued at $1,027,000 after buying an additional 1,197 shares during the period. Financial Architects Inc boosted its holdings in Meta Platforms by 5.1% in the second quarter. Financial Architects Inc now owns 14,482 shares of the social networking company’s stock valued at $4,156,000 after acquiring an additional 706 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in Meta Platforms by 1.3% during the 2nd quarter. Cetera Investment Advisers now owns 131,736 shares of the social networking company’s stock worth $37,806,000 after purchasing an additional 1,730 shares during the last quarter. 62.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Meta Platforms
In other news, CEO Mark Zuckerberg sold 28,009 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $310.60, for a total transaction of $8,699,595.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Mark Zuckerberg sold 28,009 shares of Meta Platforms stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $310.60, for a total transaction of $8,699,595.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 658 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $317.00, for a total value of $208,586.00. Following the completion of the transaction, the insider now directly owns 32,332 shares in the company, valued at approximately $10,249,244. The disclosure for this sale can be found here. Insiders have sold a total of 176,082 shares of company stock valued at $56,635,671 in the last 90 days. Corporate insiders own 14.03% of the company’s stock.
Meta Platforms Stock Performance
Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 earnings per share for the quarter, topping the consensus estimate of $3.62 by $0.77. The firm had revenue of $34.15 billion for the quarter, compared to analysts’ expectations of $33.58 billion. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.64 earnings per share. As a group, analysts expect that Meta Platforms, Inc. will post 14.18 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on META. Oppenheimer reissued an “outperform” rating and set a $385.00 target price on shares of Meta Platforms in a research note on Thursday, September 28th. Evercore ISI boosted their price target on Meta Platforms from $350.00 to $435.00 in a research note on Thursday, July 27th. Robert W. Baird raised their price objective on shares of Meta Platforms from $260.00 to $355.00 in a research report on Thursday, July 27th. Barclays dropped their target price on shares of Meta Platforms from $410.00 to $400.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Finally, Bank of America raised their price target on shares of Meta Platforms from $350.00 to $375.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus price target of $348.26.
About Meta Platforms
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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