Abacus Planning Group Inc. trimmed its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,962 shares of the social networking company’s stock after selling 507 shares during the quarter. Abacus Planning Group Inc.’s holdings in Meta Platforms were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of META. Barnett & Company Inc. grew its position in shares of Meta Platforms by 105.0% in the 4th 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 last quarter. Rise Advisors LLC bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $28,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $31,000. Advocacy Wealth Management Services LLC grew its position in shares of Meta Platforms by 65.9% in the 1st 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 last quarter. Finally, Evolution Advisers Inc. bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 65.49% of the company’s stock.
A number of equities research analysts have recently weighed in on META shares. StockNews.com started coverage on Meta Platforms in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Susquehanna Bancshares dropped their price target on Meta Platforms from $375.00 to $290.00 in a research report on Thursday, April 28th. Royal Bank of Canada dropped their price target on Meta Platforms from $245.00 to $240.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 13th. The Goldman Sachs Group dropped their price target on Meta Platforms from $300.00 to $290.00 and set a “buy” rating on the stock in a research report on Thursday, June 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Meta Platforms in a research report on Friday, March 11th. They set a “buy” rating and a $265.00 price target on the stock. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, thirty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $305.87.
Meta Platforms (NASDAQ:META – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The social networking company reported $2.72 EPS for the quarter, topping 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 company 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 company posted $3.30 earnings per share. On average, research analysts anticipate that Meta Platforms, Inc. will post 11.63 earnings per share for the current fiscal year.
In other Meta Platforms news, insider Jennifer Newstead sold 476 shares of the business’s stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $226.24, for a total transaction of $107,690.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Susan J.S. Taylor sold 1,420 shares of the business’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total value of $287,067.20. Following the sale, the chief accounting officer now directly owns 1,605 shares of the company’s stock, valued at approximately $324,466.80. The disclosure for this sale can be found here. Insiders have sold 45,698 shares of company stock valued at $9,181,081 in the last three months. 13.59% of the stock is currently owned by corporate insiders.
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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