Freedom Wealth Alliance LLC Acquires Shares of 374 Meta Platforms, Inc. (NASDAQ:META)

Posted by on Jun 14th, 2023

Freedom Wealth Alliance LLC acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 374 shares of the social networking company’s stock, valued at approximately $45,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RF&L Wealth Management LLC purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $794,000. Zullo Investment Group Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $1,507,000. Scge Management L.P. purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $149,823,000. Intact Investment Management Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $1,143,000. Finally, Earnest Partners LLC purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $135,000. 60.92% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

NASDAQ META opened at $271.32 on Wednesday. The stock has a market capitalization of $695.32 billion, a price-to-earnings ratio of 33.66, a PEG ratio of 1.01 and a beta of 1.19. Meta Platforms, Inc. has a twelve month low of $88.09 and a twelve month high of $276.57. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $239.09 and a 200 day moving average of $185.23.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on META shares. Canaccord Genuity Group increased their price target on Meta Platforms from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, April 27th. 92 Resources reissued a “maintains” rating on shares of Meta Platforms in a research note on Thursday, April 27th. Rosenblatt Securities increased their price objective on Meta Platforms from $257.00 to $263.00 and gave the stock a “buy” rating in a research note on Thursday, April 27th. TheStreet raised Meta Platforms from a “c” rating to a “b-” rating in a research note on Monday, March 20th. Finally, JMP Securities increased their price objective on Meta Platforms from $270.00 to $300.00 in a research note on Monday, June 5th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $247.11.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $270.14, for a total transaction of $195,041.08. Following the completion of the sale, the insider now directly owns 36,644 shares in the company, valued at approximately $9,899,010.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $270.14, for a total transaction of $195,041.08. Following the completion of the sale, the insider now directly owns 36,644 shares in the company, valued at approximately $9,899,010.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nicholas Clegg sold 2,146 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $233.81, for a total value of $501,756.26. Following the sale, the insider now owns 9,931 shares of the company’s stock, valued at $2,321,967.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,027 shares of company stock valued at $8,920,773. 14.03% of the stock is owned by company insiders.

Meta Platforms Profile

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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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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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