Sunbeam Capital Management LLC Acquires Shares of 843 Meta Platforms, Inc. (NASDAQ:META)

Sunbeam Capital Management LLC bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 843 shares of the social networking company’s stock, valued at approximately $494,000. Meta Platforms accounts for about 1.1% of Sunbeam Capital Management LLC’s investment portfolio, making the stock its 22nd biggest position.

A number of other institutional investors also recently modified their holdings of META. Millstone Evans Group LLC bought a new stake in Meta Platforms during the 4th quarter valued at $40,000. WealthTrak Capital Management LLC acquired a new position in shares of Meta Platforms during the fourth quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms during the fourth quarter worth about $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Meta Platforms in the 4th quarter worth about $47,000. Finally, Conquis Financial LLC acquired a new stake in shares of Meta Platforms in the 4th quarter worth about $59,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

META has been the subject of a number of recent research reports. Roth Capital boosted their price objective on Meta Platforms from $580.00 to $620.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Jefferies Financial Group decreased their price target on Meta Platforms from $725.00 to $600.00 and set a “buy” rating for the company in a report on Monday, April 7th. Susquehanna lowered their price target on Meta Platforms from $800.00 to $700.00 and set a “positive” rating for the company in a research report on Thursday, May 1st. Piper Sandler raised their price objective on Meta Platforms from $610.00 to $650.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $610.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $701.05.

Meta Platforms Stock Down 1.5%

META opened at $627.06 on Friday. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The company has a market cap of $1.58 trillion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $574.80 and a 200 day moving average of $608.90.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. The business had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The firm’s revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the company earned $4.71 EPS. On average, sell-side analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Insider Activity

In other Meta Platforms news, Director Robert M. Kimmitt sold 475 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $628.25, for a total value of $298,418.75. Following the sale, the director now owns 10,272 shares of the company’s stock, valued at $6,453,384. This trade represents a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer Newstead sold 519 shares of Meta Platforms stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $635.50, for a total value of $329,824.50. Following the sale, the insider now owns 30,740 shares of the company’s stock, valued at approximately $19,535,270. This trade represents a 1.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,157 shares of company stock worth $49,411,000 in the last three months. Corporate insiders own 13.71% of the company’s stock.

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.