Corient Private Wealth LLC Grows Position in Meta Platforms, Inc. (NASDAQ:META)

by · The Cerbat Gem

Corient Private Wealth LLC raised its position in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 4.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 791,974 shares of the social networking company’s stock after acquiring an additional 31,806 shares during the period. Corient Private Wealth LLC’s holdings in Meta Platforms were worth $237,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stephens Investment Management Group LLC purchased a new position in shares of Meta Platforms in the 2nd quarter worth approximately $30,000. Altshuler Shaham Ltd purchased a new stake in shares of Meta Platforms in the second quarter valued at $30,000. PayPay Securities Corp lifted its holdings in shares of Meta Platforms by 65.2% in the 3rd quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock worth $33,000 after acquiring an additional 43 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Meta Platforms during the 3rd quarter worth about $40,000. Finally, Hibernia Wealth Partners LLC bought a new position in Meta Platforms during the 3rd quarter valued at about $47,000. 62.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on META. JPMorgan Chase & Co. dropped their target price on Meta Platforms from $425.00 to $400.00 and set an “overweight” rating for the company in a research report on Wednesday, October 4th. Wells Fargo & Company upped their price objective on Meta Platforms from $402.00 to $438.00 and gave the company an “overweight” rating in a research report on Wednesday, January 17th. Oppenheimer reiterated an “outperform” rating and set a $385.00 target price on shares of Meta Platforms in a research report on Thursday, September 28th. Royal Bank of Canada restated an “outperform” rating and issued a $400.00 price target on shares of Meta Platforms in a report on Monday. Finally, Guggenheim lifted their price objective on shares of Meta Platforms from $375.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, September 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, forty-one have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and a consensus price target of $367.51.

View Our Latest Research Report on META

Meta Platforms Stock Performance

Shares of NASDAQ META traded up $1.12 during midday trading on Tuesday, reaching $382.90. 11,341,909 shares of the stock were exchanged, compared to its average volume of 16,058,261. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.13. The firm has a market cap of $984.00 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 1.03 and a beta of 1.22. The firm has a 50-day simple moving average of $346.56 and a two-hundred day simple moving average of $320.02. Meta Platforms, Inc. has a twelve month low of $140.31 and a twelve month high of $390.35.

Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings data on Wednesday, October 25th. The social networking company reported $4.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.62 by $0.77. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. The company had revenue of $34.15 billion during the quarter, compared to analysts’ expectations of $33.58 billion. During the same quarter in the previous year, the company earned $1.64 earnings per share. The firm’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, analysts anticipate that Meta Platforms, Inc. will post 14.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mark Zuckerberg sold 19,681 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $381.77, for a total transaction of $7,513,615.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Jennifer Newstead sold 658 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $317.00, for a total value of $208,586.00. Following the completion of the transaction, the insider now directly owns 32,332 shares of the company’s stock, valued at approximately $10,249,244. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 19,681 shares of the company’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $381.77, for a total transaction of $7,513,615.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 803,247 shares of company stock valued at $272,507,763. 14.03% of the stock is owned by company insiders.

About Meta Platforms

(Free Report)

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.

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