Picton Mahoney Asset Management Reduces Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Picton Mahoney Asset Management lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 22.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 65,653 shares of the social networking company’s stock after selling 19,263 shares during the quarter. Meta Platforms makes up 0.6% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 16th biggest position. Picton Mahoney Asset Management’s holdings in Meta Platforms were worth $23,238,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Stone House Investment Management LLC increased its position in shares of Meta Platforms by 625.0% in the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after purchasing an additional 75 shares during the last quarter. Gilfoyle & Co LLC acquired a new stake in Meta Platforms during the fourth quarter valued at approximately $39,000. Cranbrook Wealth Management LLC lifted its holdings in Meta Platforms by 80.4% during the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after buying an additional 45 shares during the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of Meta Platforms by 68.9% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after acquiring an additional 42 shares in the last quarter. Finally, PayPay Securities Corp increased 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 valued at $33,000 after acquiring an additional 43 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Trading Up 0.5 %

Shares of NASDAQ:META traded up $2.56 during midday trading on Tuesday, reaching $468.24. The company had a trading volume of 13,382,768 shares, compared to its average volume of 18,298,424. The company has a fifty day simple moving average of $490.40 and a two-hundred day simple moving average of $410.65. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 1.18 and a beta of 1.21. Meta Platforms, Inc. has a 1-year low of $230.27 and a 1-year high of $531.49.

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

Insiders Place Their Bets

In related news, insider Nicholas Clegg sold 2,025 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $473.28, for a total transaction of $958,392.00. Following the transaction, the insider now directly owns 10,053 shares of the company’s stock, valued at $4,757,883.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Meta Platforms news, insider Nicholas Clegg sold 2,025 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $473.28, for a total value of $958,392.00. Following the transaction, the insider now owns 10,053 shares in the company, valued at approximately $4,757,883.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 34,398 shares of Meta Platforms stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $469.69, for a total value of $16,156,396.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,223,416 shares of company stock worth $597,392,856. Corporate insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays reduced their price objective on Meta Platforms from $550.00 to $520.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Bank of America lifted their price target on shares of Meta Platforms from $425.00 to $510.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Citigroup dropped their price objective on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Raymond James decreased their target price on Meta Platforms from $550.00 to $525.00 and set a “strong-buy” rating for the company in a research note on Thursday, April 25th. Finally, Jefferies Financial Group dropped their price target on Meta Platforms from $585.00 to $540.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $509.80.

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.