Trek Financial LLC Sells 127 Shares of Meta Platforms, Inc. (NASDAQ:META)

Posted by Defense World Staff on Sep 11th, 2023

Trek Financial LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,655 shares of the social networking company’s stock after selling 127 shares during the quarter. Trek Financial LLC’s holdings in Meta Platforms were worth $351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Avengers Inc. boosted its stake in Meta Platforms by 10.4% during the 1st quarter. Financial Avengers Inc. now owns 457 shares of the social networking company’s stock valued at $97,000 after purchasing an additional 43 shares during the period. Guyasuta Investment Advisors Inc. boosted its position in shares of Meta Platforms by 0.8% during the first quarter. Guyasuta Investment Advisors Inc. now owns 5,570 shares of the social networking company’s stock worth $1,181,000 after buying an additional 45 shares during the period. Riverview Trust Co grew its holdings in Meta Platforms by 0.7% in the 1st quarter. Riverview Trust Co now owns 7,177 shares of the social networking company’s stock worth $1,521,000 after buying an additional 47 shares in the last quarter. Francis Financial Inc. raised its stake in Meta Platforms by 1.5% during the 1st quarter. Francis Financial Inc. now owns 3,168 shares of the social networking company’s stock valued at $671,000 after acquiring an additional 47 shares in the last quarter. Finally, Stockman Wealth Management Inc. raised its stake in Meta Platforms by 1.5% during the 1st quarter. Stockman Wealth Management Inc. now owns 3,127 shares of the social networking company’s stock valued at $663,000 after acquiring an additional 47 shares in the last quarter. 62.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

META has been the subject of several research analyst reports. New Street Research raised shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $350.00 price objective for the company in a report on Tuesday, July 25th. Truist Financial raised their price objective on shares of Meta Platforms from $340.00 to $390.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. China Renaissance upgraded Meta Platforms from a “hold” rating to a “buy” rating and set a $380.00 target price for the company in a research report on Friday, July 28th. TD Cowen raised Meta Platforms from a “market perform” rating to an “outperform” rating and increased their price target for the company from $220.00 to $345.00 in a research note on Thursday, July 13th. Finally, Loop Capital boosted their price objective on Meta Platforms from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average target price of $319.79.

Read Our Latest Stock Analysis on Meta Platforms

Meta Platforms Stock Performance

NASDAQ:META opened at $297.89 on Monday. The stock has a 50 day simple moving average of $300.68 and a 200 day simple moving average of $255.21. The stock has a market cap of $766.52 billion, a P/E ratio of 34.72, a PEG ratio of 0.98 and a beta of 1.23. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $326.20. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14.

Meta Platforms (NASDAQ:META – Get Free Report) last posted its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.36. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. The company had revenue of $32 billion during the quarter, compared to the consensus estimate of $30.91 billion. Research analysts anticipate that Meta Platforms, Inc. will post 13.17 earnings per share for the current year.

Insider Activity

In related news, CFO Susan J. Li sold 10,643 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total transaction of $3,258,780.17. Following the sale, the chief financial officer now owns 91,617 shares of the company’s stock, valued at $28,052,209.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other 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 transaction of $3,258,780.17. Following the sale, the chief financial officer now directly owns 91,617 shares of the company’s stock, valued at approximately $28,052,209.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Andrew Bosworth sold 8,032 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $2,459,318.08. Following the completion of the transaction, the chief technology officer now directly owns 11,588 shares of the company’s stock, valued at approximately $3,548,129.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,231 shares of company stock worth $12,468,122. Corporate insiders own 13.75% of the company’s stock.

Meta Platforms Company Profile

(Free Report)

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.