Centre Asset Management LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 16,129 shares of the social networking company’s stock, valued at approximately $3,586,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Meta Platforms during the fourth quarter valued at approximately $9,595,113,000. Dodge & Cox raised its holdings in shares of Meta Platforms by 78.7% during the fourth quarter. Dodge & Cox now owns 6,655,324 shares of the social networking company’s stock valued at $2,238,518,000 after acquiring an additional 2,931,894 shares during the last quarter. Capital International Investors raised its holdings in shares of Meta Platforms by 5.9% during the fourth quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock valued at $17,413,576,000 after acquiring an additional 2,888,336 shares during the last quarter. HS Management Partners LLC raised its holdings in shares of Meta Platforms by 463.7% during the fourth quarter. HS Management Partners LLC now owns 2,826,830 shares of the social networking company’s stock valued at $182,104,000 after acquiring an additional 2,325,382 shares during the last quarter. Finally, TD Asset Management Inc. raised its holdings in shares of Meta Platforms by 52.7% during the fourth quarter. TD Asset Management Inc. now owns 6,124,750 shares of the social networking company’s stock valued at $2,060,059,000 after acquiring an additional 2,114,636 shares during the last quarter. 65.49% of the stock is owned by institutional investors.
Meta Platforms stock opened at $155.85 on Thursday. Meta Platforms, Inc. has a 12 month low of $155.44 and a 12 month high of $384.33. The business has a 50 day simple moving average of $190.82 and a 200-day simple moving average of $239.46. The stock has a market capitalization of $421.78 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37.
A number of equities analysts have commented on META shares. Benchmark started coverage on Meta Platforms in a report on Tuesday, March 1st. They set a “hold” rating for the company. Truist Financial reduced their target price on Meta Platforms from $350.00 to $320.00 in a report on Thursday, April 28th. MKM Partners cut their price target on Meta Platforms from $315.00 to $295.00 in a report on Thursday, April 28th. Moffett Nathanson cut their price target on Meta Platforms to $280.00 in a report on Thursday, May 26th. Finally, BMO Capital Markets cut their price target on Meta Platforms from $290.00 to $225.00 in a report on Friday, April 22nd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $305.87.
In related news, insider Jennifer Newstead sold 476 shares of the stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $226.24, for a total transaction of $107,690.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Susan J.S. Taylor sold 1,420 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total value of $287,067.20. Following the sale, the chief accounting officer now directly owns 1,605 shares in the company, valued at approximately $324,466.80. The disclosure for this sale can be found here. Insiders have sold 45,698 shares of company stock valued at $9,181,081 in the last 90 days. Company insiders own 13.59% of the company’s stock.
About Meta Platforms (Get Rating)
Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
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