Waycross Partners LLC lowered its stake in shares of Meta Platforms Inc. (NASDAQ:FB) by 33.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,807 shares of the social networking company’s stock after selling 6,046 shares during the period. Meta Platforms comprises 2.5% of Waycross Partners LLC’s portfolio, making the stock its 9th largest holding. Waycross Partners LLC’s holdings in Meta Platforms were worth $4,007,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Capital Directions Investment Advisors LLC acquired a new position in Meta Platforms during the second quarter worth approximately $31,000. Carderock Capital Management Inc. purchased a new position in shares of Meta Platforms in the third quarter valued at $31,000. Benjamin Edwards Inc. purchased a new position in shares of Meta Platforms in the third quarter valued at $33,000. Lion Street Advisors LLC purchased a new position in shares of Meta Platforms in the second quarter valued at $43,000. Finally, Filbrandt Wealth Management LLC purchased a new position in shares of Meta Platforms in the third quarter valued at $43,000. 65.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Mark Zuckerberg sold 77,300 shares of the business’s stock in a transaction that occurred on Monday, October 18th. The stock was sold at an average price of $333.02, for a total value of $25,742,446.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 250 shares of Meta Platforms stock in a transaction on Tuesday, January 11th. The shares were sold at an average price of $328.72, for a total value of $82,180.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 693,940 shares of company stock valued at $230,432,836. 14.01% of the stock is currently owned by company insiders.
Meta Platforms (NASDAQ:FB) last issued its earnings results on Sunday, October 24th. The social networking company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.03. Meta Platforms had a net margin of 35.88% and a return on equity of 30.22%. The firm had revenue of $29.01 billion for the quarter, compared to analysts’ expectations of $29.52 billion. During the same quarter last year, the business earned $2.71 earnings per share. The business’s revenue was up 35.1% on a year-over-year basis. As a group, equities analysts predict that Meta Platforms Inc. will post 13.91 earnings per share for the current fiscal year.
A number of analysts have weighed in on FB shares. Truist dropped their target price on shares of Meta Platforms from $425.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, October 26th. Barclays lowered their target price on shares of Meta Platforms from $430.00 to $420.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 26th. Wells Fargo & Company reduced their price objective on shares of Meta Platforms from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Tuesday, October 26th. Credit Suisse Group cut their target price on shares of Meta Platforms from $500.00 to $430.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 26th. Finally, JPMorgan Chase & Co. set a $390.00 price objective on Meta Platforms in a research report on Monday, November 1st. Eight analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Buy” and an average target price of $398.21.
About Meta Platforms
Meta Platforms, Inc, (formerly known as Facebook, Inc) operates as a global social technology company. The company engages in the development of social media applications as well as virtual and augmented reality products allowing users to connect through mobile devices, personal computers and other platforms.
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