Meta Platforms, Inc. (NASDAQ:META – Get Rating) stock price fell ahead of trading on Friday after an insider sold shares of the company. The stock had previously closed at $183.17, but opened at $174.30. Shares of Meta Platforms last traded at $173.83, with volume at 275,408 shares. Specifically, CTO Andrew Bosworth sold 11,718 shares of Meta Platforms in a trade dated Sunday, May 15. The stock was sold at an average price of $198.62, for a total transaction of $2,327,429.16. Following the completion of the sale, the CTO now directly owns 11,913 shares of the company, valued at approximately $2,366,160.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. In other news, insider Jennifer Newstead sold 342 shares of the company in a trade dated Tuesday, July 19. The stock was sold at an average price of $170.37, for a total value of $58,266.54. Following the completion of the sale, the insider now directly owns 17,405 shares of the company, valued at approximately $2,965,289.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, CTO Andrew Bosworth sold 11,718 shares of the company in a trade dated Sunday, May 15. The shares were sold at an average price of $198.62, for a total value of $2,327,429.16. Following the completion of the sale, the CTO now directly owns 11,913 shares of the company, valued at $2,366,160.06. The disclosure of this sale can be found here. Insiders sold 45,504 shares of the company valued at $9,040,633 in the past ninety days. Insiders hold 13.59% of the shares of the company.
Wall Street analysts predict growth
Several analysts have commented on META shares. JMP Securities cut its meta price target from $265.00 to $240.00 and set a “market outperformance” rating for the company in a Thursday, June 30 research note. Needham & Company LLC downgraded Meta Platforms from a “hold” rating to an “underperform” rating in a Monday, July 11 research note. Susquehanna reduced its meta price target from $375.00 to $290.00 in a Thursday, April 28 research note. Morgan Stanley cut its price target on the Meta Platforms from $300.00 to $280.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada reduced its price target on meta platforms from $245.00 to $240.00 and set an “outperform” rating for the company in a Wednesday, April 13 research note. . Two research analysts gave the stock a sell rating, thirteen gave the stock a hold rating, thirty-four gave the stock a buy rating and one gave the stock a high buy rating. Based on data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus price target of $291.60.
Meta platforms are trading down 5.3%
The company has a market capitalization of $469.47 billion, a PE ratio of 13.86, a growth price-earnings ratio of 1.45 and a beta of 1.40. The company has a 50-day simple moving average of $176.90 and a two-hundred-day simple moving average of $215.88.
Meta Platforms (NASDAQ:META – Get Rating) last released its quarterly results on Wednesday, April 27. The social networking company reported earnings per share of $2.72 for the quarter, beating analyst consensus estimates of $2.54 by $0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The company posted revenue of $27.91 billion for the quarter, versus analyst estimates of $28.21 billion. In the same quarter a year earlier, the company posted EPS of $3.30. On average, equity research analysts expect Meta Platforms, Inc. to post earnings per share of 11.22 for the current fiscal year.
Institutional entries and exits
Several large investors have recently changed their positions in the company. Meridian Wealth Advisors LLC raised its position in Meta Platforms shares by 0.7% in the fourth quarter. Meridian Wealth Advisors LLC now owns 5,659 shares of the social networking company worth $1,903,000 after buying 40 additional shares during the period. Barnett & Company Inc. increased its position in Meta Platforms shares by 105.0% in Q4. Barnett & Company Inc. now owns 82 shares of the social networking company worth $28,000 after buying 42 additional shares during the period. Community Bank NA increased its position in Meta Platforms shares by 6.8% in the 4th quarter. Community Bank NA now owns 705 shares of the social networking company worth $237,000 after buying 45 additional shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its position in Meta Platforms shares by 1.5% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 3,034 shares of the social networking company worth $1,020,000 after buying 46 additional shares during the period. Finally, Wealth Dimensions Group Ltd. increased its position in Meta Platforms shares by 3.2% in the 4th quarter. Wealth Dimensions Group Ltd. now owns 1,473 shares of the social networking company worth $495,000 after purchasing 46 additional shares during the period. 65.49% of the shares are held by hedge funds and other institutional investors.
About meta platforms
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Meta Platforms, Inc develops products that allow people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and home devices around the world. It operates in two segments, Family of Apps and Reality Labs. Products in the Family of Apps segment include Facebook, which enables people to share, discover and connect with interests; Instagram, a community for sharing photos, videos and private messages, as well as feeds, stories, reels, videos, live and shops; Messenger, a messaging app allowing users to connect with friends, family, groups and businesses across all platforms and devices via chat, audio and video calls and rooms; and WhatsApp, a messaging app used by individuals and businesses to communicate and transact privately.
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