Pointe Capital Management LLC Cuts Position in Meta Platforms, Inc. (NASDAQ:META)

Pointe Capital Management LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 11.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,485 shares of the social networking company’s stock after selling 454 shares during the period. Meta Platforms comprises about 0.9% of Pointe Capital Management LLC’s holdings, making the stock its 25th largest holding. Pointe Capital Management LLC’s holdings in Meta Platforms were worth $1,234,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of META. FMR LLC raised its position in Meta Platforms by 4.0% in the 3rd quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock valued at $39,270,443,000 after purchasing an additional 5,001,647 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Meta Platforms by 11,154.4% during the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after purchasing an additional 4,908,251 shares during the last quarter. Concentrum Wealth Management lifted its position in shares of 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 worth $2,616,000 after buying an additional 3,888,308 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Meta Platforms by 55.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,632,631 shares of the social networking company’s stock valued at $2,591,602,000 after acquiring an additional 3,093,715 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Meta Platforms by 1,457.5% in the 4th quarter. Cerity Partners LLC now owns 3,156,360 shares of the social networking company’s stock valued at $1,117,225,000 after purchasing an additional 2,953,704 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Up 2.3 %

Shares of META traded up $10.28 during midday trading on Friday, reaching $451.96. 16,489,057 shares of the company were exchanged, compared to its average volume of 20,698,000. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 1-year low of $229.85 and a 1-year high of $531.49. The stock has a 50-day moving average price of $490.72 and a 200-day moving average price of $408.34. The company has a market cap of $1.15 trillion, a price-to-earnings ratio of 25.96, a P/E/G ratio of 1.15 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The firm had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Research analysts expect that Meta Platforms, Inc. will post 20.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on META. KeyCorp cut their target price on shares of Meta Platforms from $575.00 to $555.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Barclays dropped their target price on Meta Platforms from $550.00 to $520.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. Guggenheim decreased their price target on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Truist Financial dropped their price objective on shares of Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, The Goldman Sachs Group reduced their target price on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $509.80.

Insider Buying and Selling at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total transaction of $252,164.25. Following the completion of the transaction, the insider now directly owns 36,643 shares in the company, valued at approximately $15,794,965.15. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the transaction, the insider now owns 36,643 shares in the company, valued at approximately $15,794,965.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 97,093 shares of Meta Platforms stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $469.67, for a total value of $45,601,669.31. The disclosure for this sale can be found here. Insiders sold a total of 1,257,876 shares of company stock worth $613,168,252 over the last 90 days. Insiders own 13.71% of the company’s stock.

About Meta Platforms

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.