JPL Wealth Management LLC Purchases 603 Shares of Meta Platforms, Inc. (NASDAQ:META)

JPL Wealth Management LLC grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 101.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,199 shares of the social networking company’s stock after acquiring an additional 603 shares during the quarter. JPL Wealth Management LLC’s holdings in Meta Platforms were worth $605,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of META. Norges Bank purchased a new stake in shares of Meta Platforms in the fourth quarter worth approximately $11,285,855,000. Capital Research Global Investors raised its position in 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 buying an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management lifted its stake in 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 in the last quarter. Vanguard Group Inc. boosted its holdings in Meta Platforms by 1.7% during the 4th 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 during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Meta Platforms by 24.7% in the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after acquiring an additional 2,748,620 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 completion of the sale, the insider now owns 40,560 shares of the company’s stock, valued at approximately $20,280,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $500.00, for a total transaction of $452,500.00. Following the transaction, the insider now directly owns 40,560 shares of the company’s stock, valued at approximately $20,280,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the sale, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 390,072 shares of company stock valued at $201,913,948. 13.71% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on META shares. TD Cowen increased their price objective on shares of Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Wells Fargo & Company lifted their price target on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Loop Capital upped their price objective on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Benchmark reiterated a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, Citigroup increased their price target on shares of Meta Platforms from $550.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $574.41.

Meta Platforms Trading Up 0.2 %

Shares of META stock opened at $512.74 on Thursday. The company has a current ratio of 2.83, a quick 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 stock has a market capitalization of $1.30 trillion, a P/E ratio of 29.45, a P/E/G ratio of 1.29 and a beta of 1.21. The firm’s 50 day moving average is $505.31 and its 200 day moving average is $493.77.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company 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 for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.23 earnings per share. Research analysts expect that Meta Platforms, Inc. will post 21.3 earnings per share for the current 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.