Abacus Planning Group Inc. Acquires 95 Shares of Meta Platforms, Inc. (NASDAQ:META)

Abacus Planning Group Inc. boosted its holdings in Meta Platforms, Inc. (NASDAQ:META) by 2.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 3,915 shares of the social networking company’s stock after purchasing an additional 95 shares during the quarter. Abacus Planning Group Inc.’s holdings in Meta Platforms were worth $1,974,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted 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 in the last quarter. Capital World Investors lifted 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 in the last quarter. Capital International Investors lifted its position in shares of Meta Platforms by 3.2% during the 4th quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock worth $12,296,383,000 after buying an additional 1,083,719 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of 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 worth $16,799,612,000 after buying an additional 4,379,826 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Meta Platforms in the 4th quarter worth approximately $11,285,855,000. Institutional investors own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

META has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Raymond James boosted their target price on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 1st. TD Cowen boosted their target price on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Roth Mkm boosted their target price on Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America boosted their target price on Meta Platforms from $550.00 to $563.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have assigned 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, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus price target of $574.41.

Meta Platforms Trading Up 0.6 %

Shares of META stock opened at $521.31 on Monday. The company’s fifty day simple moving average is $504.85 and its two-hundred day simple moving average is $493.11. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $544.23. The stock has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 29.94, a PEG ratio of 1.29 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results 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 firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.23 earnings per share. As a group, analysts anticipate that Meta Platforms, Inc. will post 21.3 earnings per share for the current year.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 7,975 shares of the company’s 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 transaction, the chief executive officer now owns 531,884 shares of the company’s stock, valued at $274,643,622.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Javier Olivan sold 412 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $492.98, for a total value of $203,107.76. Following the transaction, the chief operating officer now owns 8,443 shares of the company’s stock, valued at $4,162,230.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 7,975 shares of the 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 completion of the transaction, the chief executive officer now directly owns 531,884 shares in the company, valued at approximately $274,643,622.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 388,078 shares of company stock valued at $200,792,168. 13.71% of the stock is currently owned by company insiders.

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.