Charter Research & Investment Group Inc. lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,416 shares of the social networking company’s stock after selling 69 shares during the period. Meta Platforms makes up approximately 2.0% of Charter Research & Investment Group Inc.’s holdings, making the stock its 15th biggest position. Charter Research & Investment Group Inc.’s holdings in Meta Platforms were worth $2,415,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Altshuler Shaham Ltd bought a new position in shares of Meta Platforms in the 2nd quarter worth approximately $30,000. Sageworth Trust Co purchased a new stake in Meta Platforms in the 1st quarter worth approximately $26,000. HBC Financial Services PLLC increased its holdings in Meta Platforms by 2,500.0% in the 1st quarter. HBC Financial Services PLLC now owns 130 shares of the social networking company’s stock worth $28,000 after acquiring an additional 125 shares in the last quarter. Sanctuary Wealth Management L.L.C. purchased a new stake in Meta Platforms in the 2nd quarter worth approximately $45,000. Finally, V Square Quantitative Management LLC purchased a new stake in Meta Platforms in the 2nd quarter worth approximately $48,000. Institutional investors own 62.87% of the company’s stock.
Insider Transactions at Meta Platforms
In related news, insider Jennifer Newstead sold 670 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $288.45, for a total transaction of $193,261.50. Following the completion of the sale, the insider now directly owns 39,020 shares in the company, valued at $11,255,319. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jennifer Newstead sold 670 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $288.45, for a total value of $193,261.50. Following the transaction, the insider now owns 39,020 shares of the company’s stock, valued at approximately $11,255,319. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 28,009 shares of the company’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $316.16, for a total value of $8,855,325.44. The disclosure for this sale can be found here. Insiders sold a total of 176,082 shares of company stock valued at $56,635,671 in the last three months. 13.75% of the stock is currently owned by company insiders.
Meta Platforms Trading Down 0.6 %
Meta Platforms (NASDAQ:META – Get Free Report) last announced its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.62 by $0.77. Meta Platforms had a return on equity of 26.40% and a net margin of 23.42%. The company had revenue of $34.15 billion during the quarter, compared to the consensus estimate of $33.58 billion. During the same period in the previous year, the company posted $1.64 earnings per share. Meta Platforms’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, analysts forecast that Meta Platforms, Inc. will post 14.18 EPS for the current year.
Wall Street Analyst Weigh In
Several research firms recently issued reports on META. Truist Financial increased their target price on shares of Meta Platforms from $390.00 to $405.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Rosenblatt Securities raised their target price on shares of Meta Platforms from $372.00 to $411.00 and gave the company a “buy” rating in a report on Thursday, October 26th. Guggenheim raised their target price on shares of Meta Platforms from $375.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, September 27th. JPMorgan Chase & Co. cut their target price on shares of Meta Platforms from $425.00 to $400.00 and set an “overweight” rating for the company in a report on Wednesday, October 4th. Finally, Loop Capital raised their target price on shares of Meta Platforms from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, August 18th. Two analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms 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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