Provence Wealth Management Group Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Provence Wealth Management Group raised its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 12.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,336 shares of the social networking company’s stock after purchasing an additional 945 shares during the period. Meta Platforms makes up about 1.6% of Provence Wealth Management Group’s investment portfolio, making the stock its 17th largest holding. Provence Wealth Management Group’s holdings in Meta Platforms were worth $2,951,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of META. Stone House Investment Management LLC raised its position in shares of Meta Platforms by 625.0% during the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after purchasing an additional 75 shares during the period. Beaird Harris Wealth Management LLC increased its stake in Meta Platforms by 68.9% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after buying an additional 42 shares in the last quarter. PayPay Securities Corp raised its holdings in Meta Platforms by 65.2% during the third quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock valued at $33,000 after acquiring an additional 43 shares during the period. Cranbrook Wealth Management LLC lifted its position in shares of Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after acquiring an additional 45 shares in the last quarter. Finally, Gilfoyle & Co LLC bought a new position in shares of Meta Platforms in the fourth quarter worth about $39,000. 79.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Susquehanna lifted their target price on Meta Platforms from $400.00 to $550.00 and gave the company a “positive” rating in a research note on Friday, February 2nd. The Goldman Sachs Group lowered their target price on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Royal Bank of Canada dropped their target price on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target on shares of Meta Platforms from $535.00 to $480.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Finally, Stifel Nicolaus increased their price objective on shares of Meta Platforms from $527.00 to $588.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $509.80.

Meta Platforms Trading Up 2.3 %

Shares of NASDAQ META traded up $10.28 during trading hours on Friday, reaching $451.96. The stock had a trading volume of 16,489,057 shares, compared to its average volume of 20,698,000. Meta Platforms, Inc. has a 52-week low of $229.85 and a 52-week high of $531.49. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The business’s fifty day moving average price is $490.72 and its two-hundred day moving average price is $408.34. The firm has a market cap of $1.15 trillion, a price-to-earnings ratio of 25.96, a P/E/G ratio of 1.18 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. Analysts expect that Meta Platforms, Inc. will post 20.1 EPS for the current fiscal year.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total transaction of $252,164.25. Following the completion of the sale, the insider now owns 36,643 shares of the company’s stock, valued at $15,794,965.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the sale, the insider now owns 36,643 shares of the company’s stock, valued at $15,794,965.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 34,398 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $457.52, for a total transaction of $15,737,772.96. The disclosure for this sale can be found here. In the last three months, insiders sold 1,257,876 shares of company stock valued at $613,168,252. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Company 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.