Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd increased its position in Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 29.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 88,337 shares of the social networking company’s stock after purchasing an additional 20,289 shares during the period. Meta Platforms comprises about 2.7% of ICICI Prudential Asset Management Co Ltd’s investment portfolio, making the stock its 7th biggest holding. ICICI Prudential Asset Management Co Ltd’s holdings in Meta Platforms were worth $20,128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Meta Platforms by 1.2% during the 4th quarter. BlackRock Inc. now owns 158,101,319 shares of the social networking company’s stock valued at $53,177,378,000 after buying an additional 1,909,538 shares during the period. State Street Corp boosted its stake in shares of Meta Platforms by 2.0% during the 4th quarter. State Street Corp now owns 94,303,590 shares of the social networking company’s stock valued at $31,719,012,000 after buying an additional 1,887,737 shares during the period. Capital International Investors boosted its stake in shares of Meta Platforms by 5.9% during the 4th quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock valued at $17,413,576,000 after buying an additional 2,888,336 shares during the period. Geode Capital Management LLC boosted its stake in shares of Meta Platforms by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 40,627,257 shares of the social networking company’s stock valued at $13,629,910,000 after buying an additional 950,662 shares during the period. Finally, Norges Bank acquired a new stake in shares of Meta Platforms during the 4th quarter valued at $9,595,113,000. Institutional investors and hedge funds own 65.49% of the company’s stock.

Insider Buying and Selling

In related news, CAO Susan J.S. Taylor sold 1,420 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total transaction of $287,067.20. Following the completion of the sale, the chief accounting officer now directly owns 1,605 shares of the company’s stock, valued at $324,466.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Susan J.S. Taylor sold 1,420 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total transaction of $287,067.20. Following the completion of the sale, the chief accounting officer now directly owns 1,605 shares of the company’s stock, valued at $324,466.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Andrew Bosworth sold 11,718 shares of the business’s stock in a transaction that occurred on Sunday, May 15th. The stock was sold at an average price of $198.62, for a total transaction of $2,327,429.16. Following the sale, the chief technology officer now directly owns 11,913 shares of the company’s stock, valued at $2,366,160.06. The disclosure for this sale can be found here. Insiders sold a total of 45,236 shares of company stock valued at $8,958,728 over the last ninety days. Insiders own 13.59% of the company’s stock.

Meta Platforms Price Performance

Shares of META stock traded down $3.12 during trading hours on Friday, reaching $167.45. 621,340 shares of the company were exchanged, compared to its average volume of 33,813,188. Meta Platforms, Inc. has a fifty-two week low of $154.25 and a fifty-two week high of $384.33. The stock’s fifty day moving average is $166.69 and its two-hundred day moving average is $182.90. The company has a market cap of $453.17 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 2.24 and a beta of 1.32.

Meta Platforms (NASDAQ:METAGet Rating) last announced its earnings results on Wednesday, July 27th. The social networking company reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.04). The company had revenue of $28.82 billion for the quarter, compared to analyst estimates of $28.95 billion. Meta Platforms had a return on equity of 26.52% and a net margin of 28.16%. Meta Platforms’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.61 earnings per share. On average, research analysts anticipate that Meta Platforms, Inc. will post 9.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

META has been the subject of a number of research reports. Susquehanna decreased their target price on shares of Meta Platforms from $375.00 to $290.00 in a research note on Thursday, April 28th. Mizuho reduced their price objective on shares of Meta Platforms from $325.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, July 25th. Itaú Unibanco started coverage on shares of Meta Platforms in a research note on Tuesday, July 26th. They issued a “market perform” rating and a $188.00 price objective for the company. UBS Group reduced their price objective on shares of Meta Platforms from $215.00 to $195.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Finally, Oppenheimer reduced their price objective on shares of Meta Platforms from $305.00 to $190.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.98.

Meta Platforms Company Profile

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Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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