Atreides Management LP Takes $158.73 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Posted by Defense World Staff on Jun 14th, 2023

Atreides Management LP acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,318,993 shares of the social networking company’s stock, valued at approximately $158,728,000. Meta Platforms comprises about 6.3% of Atreides Management LP’s portfolio, making the stock its 4th largest holding. Atreides Management LP owned about 0.05% of Meta Platforms as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC bought a new position in Meta Platforms in the fourth quarter worth about $5,424,543,000. Price T Rowe Associates Inc. MD bought a new position in Meta Platforms in the fourth quarter worth about $4,220,171,000. Amundi bought a new position in Meta Platforms in the fourth quarter worth about $1,759,688,000. Charles Schwab Investment Management Inc. bought a new position in Meta Platforms in the fourth quarter worth about $1,528,305,000. Finally, Sanders Capital LLC bought a new position in Meta Platforms in the fourth quarter worth about $1,341,425,000. 60.92% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Jennifer Newstead sold 375 shares of the firm’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $231.08, for a total transaction of $86,655.00. Following the sale, the insider now directly owns 27,813 shares in the company, valued at approximately $6,427,028.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nicholas Clegg sold 2,146 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $233.81, for a total transaction of $501,756.26. Following the completion of the transaction, the insider now directly owns 9,931 shares of the company’s stock, valued at $2,321,967.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 375 shares of the firm’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $231.08, for a total transaction of $86,655.00. Following the transaction, the insider now directly owns 27,813 shares of the company’s stock, valued at $6,427,028.04. The disclosure for this sale can be found here. Insiders have sold 38,027 shares of company stock worth $8,920,773 in the last three months. Company insiders own 14.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on META shares. Huber Research raised shares of Meta Platforms from a “neutral” rating to an “overweight” rating in a research note on Thursday, April 27th. Piper Sandler increased their price target on shares of Meta Platforms from $250.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, April 27th. Wells Fargo & Company started coverage on shares of Meta Platforms in a report on Wednesday, June 7th. They issued an “equal weight” rating and a $276.00 price objective on the stock. Bank of America upped their price objective on shares of Meta Platforms from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, April 27th. Finally, Arete Research restated a “sell” rating on shares of Meta Platforms in a report on Monday, March 6th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $247.11.

Meta Platforms Stock Up 0.1 %

Shares of META stock opened at $271.32 on Wednesday. The company 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 one year low of $88.09 and a one year high of $276.57. The company’s fifty day moving average price is $239.09 and its 200-day moving average price is $185.23. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.07 and a quick ratio of 2.07.

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.