RNC Capital Management LLC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,870 shares of the social networking company’s stock, valued at approximately $225,000.
Other large investors also recently modified their holdings of the company. Fairfield Bush & CO. acquired a new position in Meta Platforms in the 1st quarter worth about $66,000. MinichMacGregor Wealth Management LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at approximately $48,000. Bramshill Investments LLC bought a new position in Meta Platforms in the 2nd quarter valued at approximately $97,000. Heritage Wealth Management LLC acquired a new stake in Meta Platforms during the 2nd quarter worth approximately $146,000. Finally, West Financial Advisors LLC bought a new stake in Meta Platforms during the 4th quarter worth approximately $117,000. 60.92% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Meta Platforms from $125.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. The Goldman Sachs Group lifted their target price on Meta Platforms from $164.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, February 2nd. Bank of America increased their price target on Meta Platforms from $220.00 to $230.00 in a research note on Tuesday, March 14th. Evercore ISI lifted their price objective on Meta Platforms from $275.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 14th. Finally, New Street Research started coverage on shares of Meta Platforms in a research report on Wednesday, January 4th. They set a “buy” rating and a $145.00 target price for the company. Four analysts have rated the stock with a sell rating, nine have issued a hold rating, thirty-six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $209.27.
Meta Platforms Stock Down 4.5 %
Meta Platforms (NASDAQ:META – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The social networking company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.88. Meta Platforms had a net margin of 19.90% and a return on equity of 21.23%. The company had revenue of $32.17 billion for the quarter, compared to the consensus estimate of $31.69 billion. During the same period in the previous year, the firm earned $3.67 EPS. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. Analysts expect that Meta Platforms, Inc. will post 10.38 EPS for the current year.
In related news, insider Marne L. Levine sold 23,317 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $191.00, for a total value of $4,453,547.00. Following the transaction, the insider now owns 4,136 shares in the company, valued at $789,976. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Javier Olivan sold 13,341 shares of Meta Platforms stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $170.23, for a total value of $2,271,038.43. Following the completion of the sale, the chief operating officer now owns 67,111 shares of the company’s stock, valued at approximately $11,424,305.53. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marne L. Levine sold 23,317 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $191.00, for a total transaction of $4,453,547.00. Following the sale, the insider now directly owns 4,136 shares in the company, valued at $789,976. The disclosure for this sale can be found here. Insiders sold 68,342 shares of company stock valued at $12,285,012 in the last three months. Company insiders own 14.03% of the company’s stock.
About Meta Platforms
Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.
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