PNC Financial Services Group Inc. Increases Stock Position in Meta Platforms, Inc. (NASDAQ:META)

PNC Financial Services Group Inc. boosted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 12.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,170,358 shares of the social networking company’s stock after buying an additional 128,189 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Meta Platforms were worth $335,869,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Houlihan Financial Resource Group Ltd. acquired a new stake in Meta Platforms in the second quarter valued at approximately $474,000. Atomi Financial Group Inc. grew its position in shares of Meta Platforms by 63.8% during the second quarter. Atomi Financial Group Inc. now owns 8,345 shares of the social networking company’s stock worth $2,395,000 after acquiring an additional 3,251 shares during the last quarter. Stratos Wealth Advisors LLC grew its position in shares of Meta Platforms by 7.7% during the second quarter. Stratos Wealth Advisors LLC now owns 31,498 shares of the social networking company’s stock worth $9,039,000 after acquiring an additional 2,251 shares during the last quarter. Solstein Capital LLC purchased a new position in shares of Meta Platforms during the second quarter worth approximately $100,000. Finally, Ballentine Partners LLC grew its position in shares of Meta Platforms by 2.6% during the second quarter. Ballentine Partners LLC now owns 55,149 shares of the social networking company’s stock worth $15,827,000 after acquiring an additional 1,394 shares during the last quarter. Hedge funds and other institutional investors own 62.87% of the company’s stock.

Wall Street Analyst Weigh In

META has been the topic of a number of research reports. New Street Research upgraded shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $350.00 target price on the stock in a research report on Tuesday, July 25th. Piper Sandler lowered their price objective on shares of Meta Platforms from $365.00 to $355.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Credit Suisse Group lifted their price objective on shares of Meta Platforms from $361.00 to $407.00 in a research report on Thursday, July 27th. KeyCorp lifted their price objective on shares of Meta Platforms from $356.00 to $380.00 and gave the company an “overweight” rating in a research report on Thursday, October 26th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Meta Platforms from $425.00 to $400.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $348.26.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 10,642 shares of Meta Platforms stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $3,579,011.02. Following the completion of the sale, the chief financial officer now owns 89,509 shares in the company, valued at approximately $30,102,771.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Susan J. Li sold 10,642 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $336.31, for a total transaction of $3,579,011.02. Following the completion of the sale, the chief financial officer now owns 89,509 shares of the company’s stock, valued at approximately $30,102,771.79. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 670 shares of the 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 sale, the insider now directly owns 39,020 shares of the company’s stock, valued at approximately $11,255,319. The disclosure for this sale can be found here. Insiders sold 231,873 shares of company stock worth $75,354,118 in the last 90 days. 13.75% of the stock is owned by company insiders.

Meta Platforms Trading Down 0.4 %

META traded down $1.34 during midday trading on Tuesday, hitting $338.63. The company’s stock had a trading volume of 1,489,764 shares, compared to its average volume of 25,131,541. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.13. The firm has a market cap of $870.23 billion, a P/E ratio of 30.01, a PEG ratio of 1.10 and a beta of 1.21. The firm has a 50-day moving average price of $312.20 and a two-hundred day moving average price of $293.76. Meta Platforms, Inc. has a 52-week low of $108.32 and a 52-week high of $341.87.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 EPS for the quarter, beating the consensus estimate of $3.62 by $0.77. The company had revenue of $34.15 billion during the quarter, compared to analysts’ expectations of $33.58 billion. Meta Platforms had a return on equity of 26.40% and a net margin of 23.42%. The firm’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.64 EPS. On average, research analysts anticipate that Meta Platforms, Inc. will post 14.18 earnings per share for the current 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.