Commonwealth Equity Services LLC Has $286.63 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Commonwealth Equity Services LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 568,463 shares of the social networking company’s stock after acquiring an additional 30,925 shares during the period. Commonwealth Equity Services LLC’s holdings in Meta Platforms were worth $286,630,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. J. W. Coons Advisors LLC grew its holdings in Meta Platforms by 16.9% during the 2nd quarter. J. W. Coons Advisors LLC now owns 3,466 shares of the social networking company’s stock worth $1,748,000 after acquiring an additional 500 shares during the period. Wealth Alliance Advisory Group LLC boosted its position in shares of Meta Platforms by 1.3% during the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 4,688 shares of the social networking company’s stock worth $2,364,000 after purchasing an additional 62 shares in the last quarter. Baltimore Washington Financial Advisors Inc. boosted its position in shares of Meta Platforms by 7.0% during the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 47,717 shares of the social networking company’s stock worth $24,060,000 after purchasing an additional 3,129 shares in the last quarter. Private Ocean LLC boosted its position in shares of Meta Platforms by 23.2% during the 2nd quarter. Private Ocean LLC now owns 1,193 shares of the social networking company’s stock worth $602,000 after purchasing an additional 225 shares in the last quarter. Finally, Legacy Advisors LLC boosted its position in shares of Meta Platforms by 4.7% during the 2nd quarter. Legacy Advisors LLC now owns 34,143 shares of the social networking company’s stock worth $17,215,000 after purchasing an additional 1,523 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on META. UBS Group increased their price objective on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. TD Securities increased their price objective on shares of Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Wells Fargo & Company increased their price objective on shares of Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Evercore ISI raised their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Wolfe Research initiated coverage on shares of Meta Platforms in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $574.41.

Meta Platforms Trading Up 0.6 %

Shares of META stock opened at $521.31 on Tuesday. The company has a 50 day moving average of $505.30 and a 200-day moving average of $493.37. The company has a quick ratio of 2.83, 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. The firm has a market cap of $1.32 trillion, a P/E ratio of 29.94, a PEG ratio of 1.29 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the business posted $3.23 EPS. Meta Platforms’s quarterly revenue was up 22.1% compared to the same quarter last year. Sell-side analysts anticipate that Meta Platforms, Inc. will post 21.3 earnings per share for the current year.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $500.00, for a total value of $452,500.00. Following the completion of the transaction, the insider now directly owns 40,560 shares in the company, valued at approximately $20,280,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Peggy Alford sold 1,052 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $479.00, for a total transaction of $503,908.00. Following the completion of the transaction, the director now directly owns 6,168 shares in the company, valued at approximately $2,954,472. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $500.00, for a total transaction of $452,500.00. Following the transaction, the insider now owns 40,560 shares of the company’s stock, valued at $20,280,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 387,173 shares of company stock worth $200,360,483. Corporate insiders own 13.71% of the company’s stock.

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.