Harmony Asset Management LLC Has $868,000 Holdings in Meta Platforms, Inc. (NASDAQ:META)

Harmony Asset Management LLC lessened its holdings in Meta Platforms, Inc. (NASDAQ:META) by 10.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,482 shares of the social networking company’s stock after selling 170 shares during the period. Harmony Asset Management LLC’s holdings in Meta Platforms were worth $868,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Meta Platforms by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company’s stock valued at $111,948,344,000 after buying an additional 1,502,553 shares during the last quarter. Geode Capital Management LLC increased its stake in Meta Platforms by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 49,181,127 shares of the social networking company’s stock valued at $28,719,970,000 after buying an additional 1,020,519 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Meta Platforms by 2.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 42,317,434 shares of the social networking company’s stock valued at $24,777,282,000 after buying an additional 1,049,121 shares during the last quarter. Capital World Investors increased its stake in Meta Platforms by 2.9% in the 4th quarter. Capital World Investors now owns 40,317,105 shares of the social networking company’s stock valued at $23,606,338,000 after buying an additional 1,141,355 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Meta Platforms during the 4th quarter worth approximately $19,949,512,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $740.00 price target on shares of Meta Platforms in a research note on Thursday, May 1st. Wedbush raised their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Argus set a $775.00 price target on shares of Meta Platforms in a research note on Tuesday, February 4th. Monness Crespi & Hardt raised their price target on shares of Meta Platforms from $775.00 to $780.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Finally, TD Securities decreased their price target 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $701.05.

Insider Activity

In related news, COO Javier Olivan sold 406 shares of Meta Platforms stock in a transaction on Monday, April 21st. The shares were sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now owns 4,608 shares in the company, valued at $2,265,707.52. This trade represents a 8.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer now owns 1,183 shares in the company, valued at approximately $753,393.55. The trade was a 94.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,161 shares of company stock worth $51,551,150. 13.71% of the stock is currently owned by corporate insiders.

Meta Platforms Stock Performance

Meta Platforms stock opened at $635.50 on Thursday. The firm’s fifty day moving average price is $573.28 and its 200-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 stock has a market cap of $1.60 trillion, a P/E ratio of 26.57, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

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

Meta Platforms Profile

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.