558 Shares in Meta Platforms, Inc. (NASDAQ:META) Acquired by Hobart Private Capital LLC

Hobart Private Capital LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 558 shares of the social networking company’s stock, valued at approximately $281,000.

Several other hedge funds have also made changes to their positions in META. Vanguard Group Inc. increased its position in Meta Platforms by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after acquiring an additional 831,047 shares during the period. Capital World Investors increased its position in Meta Platforms by 0.6% in the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock valued at $18,597,382,000 after acquiring an additional 244,803 shares during the period. Capital International Investors increased its position in Meta Platforms by 3.2% in the 4th quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock valued at $12,296,383,000 after acquiring an additional 1,083,719 shares during the period. Capital Research Global Investors increased its position in Meta Platforms by 14.5% in the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock valued at $16,799,612,000 after acquiring an additional 4,379,826 shares during the period. Finally, Norges Bank acquired a new stake in Meta Platforms in the 4th quarter valued at approximately $11,285,855,000. Institutional investors own 79.91% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on META. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research report on Thursday, August 1st. Piper Sandler raised their target price on Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Citigroup raised their target price on Meta Platforms from $550.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Loop Capital raised their target price on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, Sanford C. Bernstein lifted their price target on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $574.41.

Insider Activity at Meta Platforms

In related news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 7,975 shares of Meta Platforms stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $516.36, for a total value of $4,117,971.00. Following the sale, the chief executive officer now directly owns 531,884 shares of the company’s stock, valued at approximately $274,643,622.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 388,078 shares of company stock valued at $200,792,168. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $521.31 on Friday. The stock has a market cap of $1.32 trillion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 1.27 and a beta of 1.21. The business has a fifty day simple moving average of $504.85 and a 200-day simple moving average of $492.97. The company has a quick ratio of 2.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23.

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

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.