Sonata Capital Group Inc. Buys 341 Shares of Meta Platforms, Inc. (NASDAQ:META)

Sonata Capital Group Inc. grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 16.3% in the 2nd quarter, Holdings Channel reports. The firm owned 2,438 shares of the social networking company’s stock after acquiring an additional 341 shares during the quarter. Sonata Capital Group Inc.’s holdings in Meta Platforms were worth $1,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Norges Bank bought a new stake in Meta Platforms in the fourth quarter worth approximately $11,285,855,000. Capital Research Global Investors increased its stake in shares of Meta Platforms by 17.2% in the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after acquiring an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management lifted its position in shares of Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after acquiring an additional 3,888,308 shares during the period. Vanguard Group Inc. boosted its stake in Meta Platforms by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after acquiring an additional 3,104,550 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $521.31 on Friday. The firm has a market cap of $1.32 trillion, a price-to-earnings ratio of 29.94, a price-to-earnings-growth ratio of 1.27 and a beta of 1.21. The stock has a fifty day simple moving average of $504.85 and a two-hundred day simple moving average of $492.74. The company has a current ratio of 2.83, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $544.23.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.23 EPS. Analysts anticipate that Meta Platforms, Inc. will post 20.5 earnings per share for the current year.

Insider Activity

In related news, CFO Susan J. Li sold 8,950 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $4,714,502.00. Following the completion of the transaction, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at approximately $39,285,234.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Susan J. Li sold 8,950 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The disclosure for this sale can be found here. Insiders have sold a total of 388,078 shares of company stock valued at $200,792,168 over the last quarter. Company insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Tigress Financial increased their price objective on shares of Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and issued a $525.00 price target on shares of Meta Platforms in a report on Tuesday, July 30th. Sanford C. Bernstein boosted their price objective on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Rosenblatt Securities increased their target price on Meta Platforms from $562.00 to $643.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, TD Securities lifted their price target on shares of Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $574.41.

Meta Platforms 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.