Suvretta Capital Management LLC Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Suvretta Capital Management LLC boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 170,338 shares of the social networking company’s stock after buying an additional 1,850 shares during the period. Meta Platforms makes up approximately 3.4% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 7th largest position. Suvretta Capital Management LLC’s holdings in Meta Platforms were worth $99,735,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Millstone Evans Group LLC acquired a new stake in Meta Platforms during the fourth quarter worth about $40,000. WealthTrak Capital Management LLC acquired a new stake in Meta Platforms during the fourth quarter worth about $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms during the fourth quarter worth about $45,000. Cordant Inc. acquired a new stake in Meta Platforms during the fourth quarter worth about $59,000. Finally, Conquis Financial LLC acquired a new stake in Meta Platforms during the fourth quarter worth about $59,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

NASDAQ:META opened at $640.34 on Friday. The company has a fifty day moving average of $571.37 and a 200-day moving average of $606.72. The firm has a market capitalization of $1.62 trillion, a P/E ratio of 26.77, a P/E/G ratio of 1.42 and a beta of 1.24. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:META) last released 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 company had revenue of $42.31 billion during 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%. Meta Platforms’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.71 EPS. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Scotiabank reduced their price target on shares of Meta Platforms from $627.00 to $525.00 and set a “sector perform” rating on the stock in a research note on Monday, April 21st. JMP Securities restated a “market outperform” rating and issued a $750.00 price target on shares of Meta Platforms in a research note on Wednesday, April 30th. Arete Research upgraded shares of Meta Platforms to a “hold” rating in a research note on Friday, January 24th. BMO Capital Markets raised their price target on shares of Meta Platforms from $530.00 to $610.00 and gave the company a “market perform” rating in a research note on Thursday, January 30th. Finally, Loop Capital raised their price target on shares of Meta Platforms from $695.00 to $888.00 and gave the company a “buy” rating in a research note on Friday. One equities research 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $701.05.

Insider Activity

In other Meta Platforms news, insider Christopher K. Cox sold 20,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $677.71, for a total transaction of $13,554,200.00. Following the completion of the sale, the insider now owns 308,686 shares in the company, valued at approximately $209,199,589.06. The trade was a 6.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Javier Olivan sold 406 shares of the business’s stock in a transaction on Monday, April 21st. The shares were sold at an average price of $491.69, for a total transaction of $199,626.14. Following the sale, the chief operating officer now owns 4,608 shares of the company’s stock, valued at $2,265,707.52. This trade represents a 8.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,852 shares of company stock worth $41,665,958 in the last quarter. 13.71% of the stock is owned by corporate insiders.

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.