Summitry LLC Purchases 8,613 Shares of Meta Platforms, Inc. (NASDAQ:META)

Summitry LLC boosted its position in shares of Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 3.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 272,901 shares of the social networking company’s stock after buying an additional 8,613 shares during the period. Meta Platforms makes up approximately 3.6% of Summitry LLC’s investment portfolio, making the stock its 10th largest position. Summitry LLC’s holdings in Meta Platforms were worth $60,682,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Dixon Hughes Goodman Wealth Advisors LLC acquired a new stake in shares of Meta Platforms in the 4th quarter valued at approximately $97,000. American Financial Advisors LLC boosted its stake in shares of Meta Platforms by 14.8% in the 4th quarter. American Financial Advisors LLC now owns 3,733 shares of the social networking company’s stock valued at $1,256,000 after purchasing an additional 480 shares in the last quarter. Meridian Wealth Advisors LLC boosted its stake in shares of Meta Platforms by 0.7% in the 4th quarter. Meridian Wealth Advisors LLC now owns 5,659 shares of the social networking company’s stock valued at $1,903,000 after purchasing an additional 40 shares in the last quarter. Blodgett Wealth Advisors LLC acquired a new stake in shares of Meta Platforms in the 4th quarter valued at approximately $452,000. Finally, Castle Rock Wealth Management LLC boosted its position in Meta Platforms by 12.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 6,303 shares of the social networking company’s stock worth $1,913,000 after buying an additional 688 shares during the period. 65.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 311 shares of the business’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $199.60, for a total value of $62,075.60. Following the transaction, the insider now directly owns 12,187 shares of the company’s stock, valued at approximately $2,432,525.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jennifer Newstead sold 311 shares of the business’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $199.60, for a total value of $62,075.60. Following the transaction, the insider now directly owns 12,187 shares of the company’s stock, valued at approximately $2,432,525.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Andrew Bosworth sold 11,718 shares of the business’s stock in a transaction dated Sunday, May 15th. The stock was sold at an average price of $198.62, for a total transaction of $2,327,429.16. Following the completion of the transaction, the chief technology officer now directly owns 11,913 shares in the company, valued at $2,366,160.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,236 shares of company stock valued at $8,958,728. 13.59% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on META shares. Canaccord Genuity Group cut their target price on shares of Meta Platforms from $360.00 to $330.00 in a research report on Thursday, April 28th. UBS Group cut their target price on shares of Meta Platforms from $215.00 to $195.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Susquehanna cut their target price on shares of Meta Platforms from $375.00 to $290.00 in a research report on Thursday, April 28th. The Goldman Sachs Group cut their target price on shares of Meta Platforms from $290.00 to $255.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Finally, Raymond James cut their target price on shares of Meta Platforms from $340.00 to $290.00 in a research report on Thursday, April 28th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $257.98.

Meta Platforms Stock Performance

META traded down $4.04 during mid-day trading on Friday, reaching $166.53. 550,830 shares of the stock were exchanged, compared to its average volume of 33,813,188. The stock has a market capitalization of $450.68 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 2.24 and a beta of 1.32. The company has a 50 day moving average price of $166.69 and a two-hundred day moving average price of $182.90. Meta Platforms, Inc. has a 1 year low of $154.25 and a 1 year high of $384.33.

Meta Platforms (NASDAQ:METAGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The social networking company reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.04). The firm had revenue of $28.82 billion for the quarter, compared to analysts’ expectations of $28.95 billion. Meta Platforms had a return on equity of 26.52% and a net margin of 28.16%. Meta Platforms’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.61 earnings per share. Sell-side analysts expect that Meta Platforms, Inc. will post 9.58 EPS for the current fiscal year.

Meta Platforms Profile

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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.

See Also

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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