Cullen Frost Bankers Inc. Sells 3,326 Shares of Meta Platforms, Inc. (NASDAQ:META)

Cullen Frost Bankers Inc. decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.1% during the fourth quarter, HoldingsChannel reports. The fund owned 158,573 shares of the social networking company’s stock after selling 3,326 shares during the quarter. Meta Platforms accounts for approximately 0.9% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 27th largest holding. Cullen Frost Bankers Inc.’s holdings in Meta Platforms were worth $56,129,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Meta Platforms by 4.0% during the third quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock worth $39,270,443,000 after purchasing an additional 5,001,647 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Meta Platforms by 11,154.4% during the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after acquiring an additional 4,908,251 shares during the period. Concentrum Wealth Management raised its stake in shares of Meta Platforms by 111.0% during the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after acquiring an additional 3,888,308 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Meta Platforms by 55.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,632,631 shares of the social networking company’s stock valued at $2,591,602,000 after purchasing an additional 3,093,715 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Meta Platforms by 1,457.5% in the 4th quarter. Cerity Partners LLC now owns 3,156,360 shares of the social networking company’s stock worth $1,117,225,000 after buying an additional 2,953,704 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Price Performance

META traded up $2.56 during trading on Tuesday, hitting $468.24. The company’s stock had a trading volume of 13,382,768 shares, compared to its average volume of 18,298,424. The firm has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 26.87, a P/E/G ratio of 1.18 and a beta of 1.21. Meta Platforms, Inc. has a twelve month low of $230.27 and a twelve month high of $531.49. The business’s fifty day simple moving average is $490.40 and its 200 day simple moving average is $410.65. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $0.39. The business had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. On average, equities research analysts forecast that Meta Platforms, Inc. will post 20.1 EPS for the current fiscal year.

Analyst Ratings Changes

META has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. UBS Group lowered their target price on Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JMP Securities reaffirmed a “market outperform” rating and set a $550.00 price objective on shares of Meta Platforms in a research report on Monday, April 22nd. The Goldman Sachs Group cut their price objective on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Finally, Roth Mkm increased their target price on shares of Meta Platforms from $500.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $509.80.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the sale, the insider now owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the transaction, the insider now directly owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $488.03, for a total value of $239,134.70. Following the transaction, the chief operating officer now owns 79,944 shares in the company, valued at approximately $39,015,070.32. The disclosure for this sale can be found here. Insiders have sold a total of 1,223,416 shares of company stock worth $597,392,856 over the last quarter. 13.71% of the stock is currently owned by corporate insiders.

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.