Meta Platforms, Inc. (NASDAQ:META) Stock Holdings Trimmed by State Street Corp

State Street Corp decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,996,038 shares of the social networking company’s stock after selling 1,262,653 shares during the period. Meta Platforms makes up approximately 2.0% of State Street Corp’s holdings, making the stock its 5th largest holding. State Street Corp owned approximately 3.37% of Meta Platforms worth $48,655,132,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in META. Safe Harbor Fiduciary LLC purchased a new position in shares of Meta Platforms in the third quarter worth about $36,000. POM Investment Strategies LLC bought a new stake in shares of Meta Platforms in the second quarter worth about $38,000. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. bought a new stake in shares of Meta Platforms in the third quarter worth about $46,000. Finally, West Financial Advisors LLC bought a new stake in shares of Meta Platforms in the third quarter worth about $49,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

META has been the topic of several recent analyst reports. Mizuho raised their target price on Meta Platforms from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Hsbc Global Res raised Meta Platforms to a “hold” rating in a research note on Thursday, October 24th. Rosenblatt Securities reissued a “buy” rating and issued a $811.00 target price on shares of Meta Platforms in a research note on Thursday, October 31st. Stifel Nicolaus raised their target price on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group lifted their price objective on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $634.71.

Meta Platforms Stock Up 0.0 %

META opened at $613.78 on Thursday. The firm has a 50-day simple moving average of $576.78 and a two-hundred day simple moving average of $529.92. Meta Platforms, Inc. has a 52 week low of $315.39 and a 52 week high of $617.78. The company has a market capitalization of $1.55 trillion, a PE ratio of 28.91, a price-to-earnings-growth ratio of 1.35 and a beta of 1.20. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Analysts forecast that Meta Platforms, Inc. will post 22.68 earnings per share for the current fiscal year.

Insider Activity

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $522.00, for a total value of $215,586.00. Following the completion of the sale, the chief operating officer now owns 13,598 shares of the company’s stock, valued at $7,098,156. This trade represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the sale, the chief accounting officer now directly owns 3,414 shares of the company’s stock, valued at $1,901,598. This represents a 17.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,668 shares of company stock worth $81,288,334. 13.71% of the stock is currently owned by corporate 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.