Profund Advisors LLC grew its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,624 shares of the social networking company’s stock after buying an additional 3,273 shares during the quarter. Meta Platforms makes up approximately 2.1% of Profund Advisors LLC’s portfolio, making the stock its 6th largest position. Profund Advisors LLC’s holdings in Meta Platforms were worth $39,782,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Meta Platforms by 101,072.5% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 777,798,687 shares of the social networking company’s stock valued at $223,212,667,000 after purchasing an additional 777,029,902 shares during the period. Norges Bank acquired a new position in Meta Platforms in the 4th quarter valued at approximately $4,223,148,000. Morgan Stanley purchased a new stake in Meta Platforms in the 4th quarter worth approximately $4,072,543,000. Moneta Group Investment Advisors LLC acquired a new stake in shares of Meta Platforms during the 4th quarter valued at $1,796,633,000. Finally, Legal & General Group Plc acquired a new position in Meta Platforms in the 4th quarter worth about $1,731,491,000. Hedge funds and other institutional investors own 62.87% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have commented on META shares. Guggenheim boosted their target price on shares of Meta Platforms from $375.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, September 27th. Robert W. Baird boosted their target price on Meta Platforms from $260.00 to $355.00 in a report on Thursday, July 27th. Wedbush reiterated an “outperform” rating and set a $350.00 price target on shares of Meta Platforms in a report on Thursday, October 26th. Jefferies Financial Group boosted their price objective on shares of Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. Finally, Bank of America raised their target price on shares of Meta Platforms from $350.00 to $375.00 in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $348.26.
Check Out Our Latest Stock Analysis on Meta Platforms
Meta Platforms Trading Up 0.3 %
Meta Platforms stock traded up $0.85 during mid-day trading on Friday, hitting $335.04. The stock had a trading volume of 14,519,213 shares, compared to its average volume of 25,275,752. The stock has a 50-day simple moving average of $311.55 and a two-hundred day simple moving average of $292.62. The stock has a market capitalization of $861.01 billion, a PE ratio of 29.57, a P/E/G ratio of 1.10 and a beta of 1.21. Meta Platforms, Inc. has a 12 month low of $108.32 and a 12 month high of $338.40. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.13.
Meta Platforms (NASDAQ:META – Get Free Report) last posted its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.62 by $0.77. Meta Platforms had a return on equity of 26.40% and a net margin of 23.42%. The business had revenue of $34.15 billion for the quarter, compared to analysts’ expectations of $33.58 billion. During the same quarter last year, the business earned $1.64 earnings per share. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Meta Platforms, Inc. will post 14.18 EPS for the current year.
Insiders Place Their Bets
In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $288.45, for a total transaction of $193,261.50. Following the transaction, the insider now owns 39,020 shares in the company, valued at $11,255,319. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $288.45, for a total transaction of $193,261.50. Following the transaction, the insider now owns 39,020 shares in the company, valued at $11,255,319. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mark Zuckerberg sold 28,009 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $333.84, for a total value of $9,350,524.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 204,534 shares of company stock worth $66,204,363. Insiders own 13.75% 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.
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