Opal Wealth Advisors LLC Trims Holdings in Meta Platforms, Inc. (NASDAQ:META)

Opal Wealth Advisors LLC trimmed its position in shares of Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 9.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,713 shares of the social networking company’s stock after selling 278 shares during the quarter. Meta Platforms comprises about 0.5% of Opal Wealth Advisors LLC’s holdings, making the stock its 26th biggest holding. Opal Wealth Advisors LLC’s holdings in Meta Platforms were worth $603,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of META. StrategIQ Financial Group LLC grew its stake in Meta Platforms by 4.2% in the first quarter. StrategIQ Financial Group LLC now owns 1,600 shares of the social networking company’s stock valued at $356,000 after purchasing an additional 65 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Meta Platforms by 13.0% during the first quarter. Kestra Advisory Services LLC now owns 119,204 shares of the social networking company’s stock worth $26,506,000 after purchasing an additional 13,727 shares during the period. Cabot Wealth Management Inc. lifted its holdings in shares of Meta Platforms by 0.6% during the first quarter. Cabot Wealth Management Inc. now owns 9,474 shares of the social networking company’s stock worth $2,107,000 after purchasing an additional 60 shares during the period. EFG Asset Management North America Corp. acquired a new stake in shares of Meta Platforms during the fourth quarter worth about $7,032,000. Finally, Pacer Advisors Inc. lifted its holdings in Meta Platforms by 149.1% in the first quarter. Pacer Advisors Inc. now owns 506,232 shares of the social networking company’s stock valued at $112,566,000 after acquiring an additional 303,001 shares during the period. 65.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 342 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $158.14, for a total value of $54,083.88. Following the transaction, the insider now directly owns 16,721 shares of the company’s stock, valued at approximately $2,644,258.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Susan J.S. Taylor sold 1,420 shares of the firm’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 transaction, the chief accounting officer now directly owns 1,605 shares of the company’s stock, valued at $324,466.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 342 shares of Meta Platforms stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $158.14, for a total transaction of $54,083.88. Following the completion of the transaction, the insider now directly owns 16,721 shares in the company, valued at $2,644,258.94. The disclosure for this sale can be found here. Insiders have sold a total of 45,236 shares of company stock valued at $8,958,728 in the last three months. 13.59% of the stock is currently owned by company insiders.

Meta Platforms Price Performance

Meta Platforms stock opened at $167.11 on Friday. The firm has a 50-day moving average of $166.98 and a 200-day moving average of $182.37. Meta Platforms, Inc. has a one year low of $154.25 and a one year high of $384.33. The company has a market cap of $449.12 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 2.26 and a beta of 1.32.

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

Analyst Upgrades and Downgrades

META has been the topic of a number of analyst reports. Piper Sandler reduced their price target on Meta Platforms from $220.00 to $190.00 and set a “neutral” rating on the stock in a research report on Thursday, July 28th. Ita├║ Unibanco started coverage on Meta Platforms in a report on Tuesday, July 26th. They issued a “market perform” rating and a $188.00 price target for the company. KeyCorp reduced their price target on Meta Platforms from $280.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, July 26th. Needham & Company LLC cut Meta Platforms from a “hold” rating to an “underperform” rating in a report on Monday, July 11th. Finally, JPMorgan Chase & Co. reduced their price objective on Meta Platforms from $275.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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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