Sonora Investment Management Group LLC Boosts Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

by · The Cerbat Gem

Sonora Investment Management Group LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 5.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,741 shares of the social networking company’s stock after purchasing an additional 1,764 shares during the period. Sonora Investment Management Group LLC’s holdings in Meta Platforms were worth $10,730,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in META. Fairfield Bush & CO. purchased a new position in Meta Platforms in the first quarter valued at about $66,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Meta Platforms by 12.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock valued at $499,020,000 after buying an additional 249,926 shares in the last quarter. Ergoteles LLC increased its holdings in Meta Platforms by 284.0% in the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock valued at $746,000 after buying an additional 2,482 shares in the last quarter. First Western Trust Bank purchased a new position in Meta Platforms in the first quarter valued at about $813,000. Finally, Oxford Financial Group Ltd. increased its holdings in Meta Platforms by 26.9% in the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock valued at $420,000 after buying an additional 400 shares in the last quarter. 62.87% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Shares of NASDAQ META traded up $5.36 during midday trading on Friday, hitting $381.49. The company’s stock had a trading volume of 7,466,319 shares, compared to its average volume of 15,192,553. Meta Platforms, Inc. has a 1-year low of $134.61 and a 1-year high of $382.59. The firm’s fifty day moving average price is $344.41 and its 200-day moving average price is $318.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market cap of $980.38 billion, a P/E ratio of 33.20, a P/E/G ratio of 0.98 and a beta of 1.22.

Meta Platforms (NASDAQ:META – Get Free Report) last posted its quarterly earnings results on Wednesday, October 25th. The social networking company reported $4.39 EPS for the quarter, beating the consensus estimate of $3.62 by $0.77. Meta Platforms had a net margin of 23.42% and a return on equity of 26.40%. The business had revenue of $34.15 billion during the quarter, compared to analyst estimates of $33.58 billion. During the same period in the previous year, the business posted $1.64 EPS. The company’s quarterly revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 14.35 EPS for the current fiscal year.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $364.99, for a total transaction of $7,183,368.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $316.78, for a total transaction of $212,242.60. Following the sale, the insider now directly owns 33,660 shares in the company, valued at approximately $10,662,814.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $364.99, for a total transaction of $7,183,368.19. The disclosure for this sale can be found here. In the last three months, insiders sold 784,236 shares of company stock valued at $265,206,391. Company insiders own 13.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on META. Morgan Stanley reaffirmed an “overweight” rating and issued a $375.00 target price on shares of Meta Platforms in a report on Thursday, September 28th. Rosenblatt Securities increased their price target on shares of Meta Platforms from $372.00 to $411.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Barclays lowered their price target on shares of Meta Platforms from $410.00 to $400.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Truist Financial increased their price target on shares of Meta Platforms from $390.00 to $405.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Finally, Wedbush increased their price target on shares of Meta Platforms from $350.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, forty-two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus target price of $360.75.

Get Our Latest Research Report on META

Meta Platforms Company Profile

(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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