Blue Grotto Capital LLC purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 51,114 shares of the social networking company’s stock, valued at approximately $10,833,000. Meta Platforms comprises approximately 2.7% of Blue Grotto Capital LLC’s holdings, making the stock its 15th largest holding.
Several other hedge funds and other institutional investors have also made changes to their positions in META. Ruedi Wealth Management Inc. bought a new position in shares of Meta Platforms in the fourth quarter worth $25,000. Worth Asset Management LLC lifted its stake 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 worth $26,000 after acquiring an additional 87 shares during the period. Sageworth Trust Co bought a new stake in Meta Platforms during the first quarter worth approximately $26,000. MBM Wealth Consultants LLC bought a new position in Meta Platforms during the 4th quarter valued at $26,000. Finally, Corrado Advisors LLC acquired a new position in shares of Meta Platforms during the 4th quarter valued at $27,000. 62.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, CFO Susan J. Li sold 10,643 shares of Meta Platforms stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $3,258,780.17. Following the transaction, the chief financial officer now owns 91,617 shares in the company, valued at approximately $28,052,209.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Andrew Bosworth sold 8,032 shares of the firm’s stock in a transaction on 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 sale, the chief technology officer now owns 11,588 shares in the company, valued at $3,548,129.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Susan J. Li sold 10,643 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $3,258,780.17. Following the transaction, the chief financial officer now owns 91,617 shares of the company’s stock, valued at $28,052,209.23. The disclosure for this sale can be found here. In the last three months, insiders sold 40,509 shares of company stock valued at $12,269,572. Company insiders own 13.75% of the company’s stock.
Meta Platforms Stock Performance
Meta Platforms (NASDAQ:META – Get Free Report) last announced its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share (EPS) 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 firm had revenue of $32 billion during the quarter, compared to analysts’ expectations of $30.91 billion. As a group, equities research analysts forecast that Meta Platforms, Inc. will post 13.17 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research analysts recently weighed in on the company. HSBC raised Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 target price for the company in a research note on Thursday, July 27th. Mizuho boosted their target price on shares of Meta Platforms from $280.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. 92 Resources restated a “maintains” rating on shares of Meta Platforms in a report on Monday, June 26th. KeyCorp upped their price target on Meta Platforms from $280.00 to $335.00 in a report on Thursday, July 6th. Finally, Susquehanna lifted their target price on Meta Platforms from $310.00 to $400.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $319.79.
Read Our Latest Analysis on META
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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