Richard Bernstein Advisors LLC cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 5.5% during the second quarter, Holdings Channel.com reports. The fund owned 48,698 shares of the social networking company’s stock after selling 2,849 shares during the period. Richard Bernstein Advisors LLC’s holdings in Meta Platforms were worth $13,975,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Meta Platforms by 101,072.5% in the second 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 purchasing an additional 777,029,902 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Meta Platforms by 0.8% in the first quarter. BlackRock Inc. now owns 152,934,920 shares of the social networking company’s stock worth $32,413,027,000 after purchasing an additional 1,172,997 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Meta Platforms by 19.2% in 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 purchasing an additional 6,735,038 shares during the last quarter. Norges Bank bought a new stake in shares of Meta Platforms in the fourth quarter worth about $4,223,148,000. Finally, Morgan Stanley bought a new stake in shares of Meta Platforms in the fourth quarter worth about $4,072,543,000. 62.87% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently commented on the company. Citigroup reiterated a “buy” rating and issued a $385.00 price target on shares of Meta Platforms in a research report on Friday, September 22nd. Roth Mkm lifted their price target on Meta Platforms from $360.00 to $365.00 and gave the stock a “buy” rating in a research report on Thursday, October 26th. Jefferies Financial Group lifted their price target on Meta Platforms from $360.00 to $400.00 in a research report on Thursday, July 27th. Credit Suisse Group lifted their price target on Meta Platforms from $361.00 to $407.00 in a research report on Thursday, July 27th. Finally, Sanford C. Bernstein boosted their target price on Meta Platforms from $350.00 to $375.00 in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $348.26.
Meta Platforms Stock Performance
Shares of META traded down $3.68 during trading hours on Tuesday, reaching $336.29. 2,718,089 shares of the company traded hands, compared to its average volume of 25,134,746. The stock has a market capitalization of $864.22 billion, a P/E ratio of 30.01, a P/E/G ratio of 1.10 and a beta of 1.21. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.13. Meta Platforms, Inc. has a 12-month low of $108.32 and a 12-month high of $341.87. The business has a fifty day moving average price of $312.20 and a 200-day moving average price of $293.76.
Meta Platforms (NASDAQ:META – Get Free Report) last announced 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. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. The firm had revenue of $34.15 billion for the quarter, compared to analyst estimates of $33.58 billion. During the same period in the previous year, the company earned $1.64 earnings per share. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. Equities analysts anticipate that Meta Platforms, Inc. will post 14.18 EPS for the current fiscal year.
Insider Buying and Selling at Meta Platforms
In other news, CFO Susan J. Li sold 10,642 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly 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 is available at this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $288.45, for a total value of $193,261.50. Following the completion of the sale, the insider now owns 39,020 shares in the company, valued at approximately $11,255,319. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Susan J. Li sold 10,642 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 231,873 shares of company stock valued at $75,354,118. 13.75% of the stock is owned by insiders.
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.
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