Connecticut Wealth Management LLC Has $2.38 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Connecticut Wealth Management LLC raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,065 shares of the social networking company’s stock after acquiring an additional 37 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Meta Platforms were worth $2,380,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in META. Regent Peak Wealth Advisors LLC lifted its stake in Meta Platforms by 5.8% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 5,020 shares of the social networking company’s stock valued at $2,939,000 after acquiring an additional 277 shares during the last quarter. Fjell Capital LLC acquired a new stake in Meta Platforms in the fourth quarter valued at approximately $1,836,000. Opulen Financial Group LLC acquired a new stake in shares of Meta Platforms in the fourth quarter worth $325,000. Daner Wealth Management LLC acquired a new stake in shares of Meta Platforms in the fourth quarter worth $334,000. Finally, Arbor Trust Wealth Advisors LLC lifted its stake in shares of Meta Platforms by 7.0% in the fourth quarter. Arbor Trust Wealth Advisors LLC now owns 2,813 shares of the social networking company’s stock worth $1,647,000 after buying an additional 185 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Meta Platforms from $752.00 to $664.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. TD Securities cut their target price on shares of Meta Platforms from $725.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Jefferies Financial Group cut their target price on shares of Meta Platforms from $725.00 to $600.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Argus set a $775.00 target price on shares of Meta Platforms in a research note on Tuesday, February 4th. Finally, KeyCorp upped their target price on shares of Meta Platforms from $645.00 to $655.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $701.05.

Insider Buying and Selling

In other Meta Platforms news, COO Javier Olivan sold 608 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $488.18, for a total value of $296,813.44. Following the transaction, the chief operating officer now directly owns 5,622 shares in the company, valued at $2,744,547.96. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Newstead sold 921 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $665.75, for a total transaction of $613,155.75. Following the completion of the transaction, the insider now owns 34,866 shares in the company, valued at approximately $23,212,039.50. This represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,161 shares of company stock worth $51,551,150. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of META opened at $635.50 on Thursday. The firm’s 50 day moving average price is $573.28 and its two-hundred day moving average price is $608.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market cap of $1.60 trillion, a P/E ratio of 26.57, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.71 earnings per share. On average, analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

About Meta Platforms

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.