Triangle Securities Wealth Management raised its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) by 38.4% during the first quarter, HoldingsChannel reports. The firm owned 8,335 shares of the social networking company’s stock after buying an additional 2,312 shares during the quarter. Triangle Securities Wealth Management’s holdings in Meta Platforms were worth $1,853,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of META. Barnett & Company Inc. raised its holdings in shares of Meta Platforms by 105.0% in the fourth quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock worth $28,000 after buying an additional 42 shares during the period. Rise Advisors LLC purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $28,000. Evolution Advisers Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $48,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $31,000. Finally, Advocacy Wealth Management Services LLC raised its holdings in shares of Meta Platforms by 65.9% in the first quarter. Advocacy Wealth Management Services LLC now owns 151 shares of the social networking company’s stock worth $34,000 after buying an additional 60 shares during the period. Institutional investors and hedge funds own 65.49% of the company’s stock.
In related news, insider Jennifer Newstead sold 476 shares of Meta Platforms stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $226.24, for a total value of $107,690.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David M. Wehner sold 1,222 shares of Meta Platforms stock in a transaction dated Sunday, May 15th. The shares were sold at an average price of $198.62, for a total value of $242,713.64. Following the completion of the transaction, the chief financial officer now owns 12,247 shares of the company’s stock, valued at approximately $2,432,499.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,698 shares of company stock valued at $9,181,081. 13.59% of the stock is owned by company insiders.
Meta Platforms (NASDAQ:META – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The firm had revenue of $27.91 billion during the quarter, compared to analyst estimates of $28.21 billion. During the same quarter in the previous year, the business earned $3.30 EPS. Sell-side analysts expect that Meta Platforms, Inc. will post 11.63 earnings per share for the current year.
META has been the topic of several research reports. downgraded Meta Platforms from a “buy” rating to a “hold” rating in a report on Thursday, February 24th. The Goldman Sachs Group reduced their price objective on Meta Platforms from $300.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday, June 9th. Royal Bank of Canada reduced their price objective on Meta Platforms from $245.00 to $240.00 and set an “outperform” rating on the stock in a report on Wednesday, April 13th. Benchmark initiated coverage on Meta Platforms in a report on Tuesday, March 1st. They set a “hold” rating on the stock. Finally, UBS Group reduced their price objective on Meta Platforms from $310.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, June 16th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $305.87.
About Meta Platforms (Get Rating)
Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
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