Weitz Investment Management Inc. cut its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 14.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 422,800 shares of the social networking company’s stock after selling 70,000 shares during the period. Meta Platforms comprises approximately 5.2% of Weitz Investment Management Inc.’s investment portfolio, making the stock its 3rd biggest holding. Weitz Investment Management Inc.’s holdings in Meta Platforms were worth $89,608,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbert Fund Advisors Inc. acquired a new position in Meta Platforms during the first quarter worth $2,437,000. Cooper Creek Partners Management LLC acquired a new position in Meta Platforms during the first quarter worth $2,866,000. Veritable L.P. increased its holdings in shares of Meta Platforms by 3.3% in the first quarter. Veritable L.P. now owns 50,325 shares of the social networking company’s stock valued at $10,666,000 after purchasing an additional 1,629 shares during the last quarter. Koss Olinger Consulting LLC increased its holdings in shares of Meta Platforms by 46.3% in the first quarter. Koss Olinger Consulting LLC now owns 11,860 shares of the social networking company’s stock valued at $2,514,000 after purchasing an additional 3,753 shares during the last quarter. Finally, Prospera Financial Services Inc increased its holdings in shares of Meta Platforms by 152.4% in the first quarter. Prospera Financial Services Inc now owns 44,123 shares of the social networking company’s stock valued at $9,352,000 after purchasing an additional 26,643 shares during the last quarter. 62.87% of the stock is currently owned by institutional investors and hedge funds.
Meta Platforms Price Performance
META stock opened at $297.89 on Friday. The company has a market capitalization of $766.52 billion, a P/E ratio of 34.72, a PEG ratio of 0.98 and a beta of 1.23. The company has a fifty day moving average price of $300.47 and a 200-day moving average price of $253.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32. Meta Platforms, Inc. has a 52-week low of $88.09 and a 52-week high of $326.20.
Insider Activity at Meta Platforms
In related news, CFO Susan J. Li sold 10,643 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $3,258,780.17. Following the completion of the sale, the chief financial officer now directly owns 91,617 shares in the company, valued at $28,052,209.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Susan J. Li sold 10,643 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $3,258,780.17. Following the completion of the sale, the chief financial officer now directly owns 91,617 shares in the company, valued at $28,052,209.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 722 shares of the stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $278.73, for a total value of $201,243.06. Following the completion of the sale, the insider now owns 35,200 shares of the company’s stock, valued at $9,811,296. The disclosure for this sale can be found here. Insiders sold 41,231 shares of company stock worth $12,468,122 over the last three months. Company insiders own 13.75% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have commented on META. Credit Suisse Group upped their price objective on shares of Meta Platforms from $361.00 to $407.00 in a report on Thursday, July 27th. Barclays upped their price objective on shares of Meta Platforms from $320.00 to $410.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Wedbush began coverage on shares of Meta Platforms in a report on Monday, August 21st. They issued an “outperform” rating and a $350.00 price objective on the stock. Tigress Financial upped their price objective on shares of Meta Platforms from $285.00 to $380.00 in a report on Thursday, July 6th. Finally, Guggenheim upped their price objective on shares of Meta Platforms from $320.00 to $375.00 in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $319.79.
Check Out Our Latest Analysis on META
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.
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