Hennion & Walsh Asset Management Inc. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,884 shares of the social networking company’s stock after selling 106 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Meta Platforms were worth $1,035,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in META. Riverpoint Wealth Management Holdings LLC bought a new stake in shares of Meta Platforms during the 4th quarter valued at $25,000. Ruedi Wealth Management Inc. acquired a new stake in Meta Platforms during the fourth quarter worth about $25,000. NewSquare Capital LLC bought a new position in Meta Platforms in the 4th quarter valued at about $26,000. Arcadia Investment Management Corp MI acquired a new position in shares of Meta Platforms in the 4th quarter valued at approximately $26,000. Finally, Worth Asset Management LLC raised its position in shares of Meta Platforms by 248.6% in the 1st quarter. Worth Asset Management LLC now owns 122 shares of the social networking company’s stock valued at $26,000 after buying an additional 87 shares in the last quarter. 62.54% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Meta Platforms
In related news, insider Jennifer Newstead sold 393 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $210.93, for a total value of $82,895.49. Following the completion of the transaction, the insider now directly owns 28,581 shares in the company, valued at approximately $6,028,590.33. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Jennifer Newstead sold 393 shares of the business’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $210.93, for a total value of $82,895.49. Following the completion of the transaction, the insider now owns 28,581 shares in the company, valued at $6,028,590.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Andrew Bosworth sold 8,032 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $233.81, for a total value of $1,877,961.92. Following the sale, the chief technology officer now directly owns 8,166 shares in the company, valued at $1,909,292.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,736 shares of company stock worth $9,488,930. Corporate insiders own 13.75% of the company’s stock.
Meta Platforms Stock Performance
Meta Platforms (NASDAQ:META – Free Report) last posted its quarterly earnings data on Wednesday, April 26th. The social networking company reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.68. Meta Platforms had a return on equity of 20.67% and a net margin of 18.27%. The company had revenue of $28.65 billion during the quarter, compared to analyst estimates of $27.49 billion. On average, equities analysts forecast that Meta Platforms, Inc. will post 11.94 earnings per share for the current fiscal year.
Analysts Set New Price Targets
META has been the topic of a number of recent analyst reports. OTR Global raised shares of Meta Platforms from a “mixed” rating to a “positive” rating in a research note on Tuesday, April 11th. Oppenheimer boosted their price target on Meta Platforms from $285.00 to $350.00 in a report on Monday, June 5th. Loop Capital upgraded Meta Platforms from a “hold” rating to a “buy” rating and upped their price objective for the stock from $220.00 to $320.00 in a research report on Monday, May 15th. JMP Securities lifted their target price on Meta Platforms from $270.00 to $300.00 in a research report on Monday, June 5th. Finally, Wolfe Research increased their target price on shares of Meta Platforms from $300.00 to $330.00 in a report on Wednesday, June 14th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.48.
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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