Sawgrass Asset Management LLC Has $2.37 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Sawgrass Asset Management LLC reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,708 shares of the social networking company’s stock after selling 207 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Meta Platforms were worth $2,374,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in META. Forsta AP Fonden grew its stake in Meta Platforms by 0.5% in the third quarter. Forsta AP Fonden now owns 533,200 shares of the social networking company’s stock valued at $160,072,000 after purchasing an additional 2,700 shares in the last quarter. Zweig DiMenna Associates LLC raised its position in Meta Platforms by 29.9% during the third quarter. Zweig DiMenna Associates LLC now owns 65,460 shares of the social networking company’s stock worth $19,652,000 after acquiring an additional 15,060 shares in the last quarter. Kennedy Investment Group lifted its stake in Meta Platforms by 38.3% in the third quarter. Kennedy Investment Group now owns 1,536 shares of the social networking company’s stock valued at $461,000 after acquiring an additional 425 shares during the last quarter. Kowal Investment Group LLC grew its position in shares of Meta Platforms by 15.6% in the 3rd quarter. Kowal Investment Group LLC now owns 3,091 shares of the social networking company’s stock valued at $928,000 after acquiring an additional 418 shares during the period. Finally, Jacobsen Capital Management increased its stake in shares of Meta Platforms by 1.4% during the 3rd quarter. Jacobsen Capital Management now owns 3,330 shares of the social networking company’s stock worth $1,000,000 after purchasing an additional 45 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

META has been the subject of a number of research analyst reports. Guggenheim reduced 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. Barclays cut their price target on Meta Platforms from $550.00 to $520.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Benchmark reiterated a “hold” rating on shares of Meta Platforms in a report on Monday, April 22nd. Stifel Nicolaus raised their target price on shares of Meta Platforms from $527.00 to $588.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, BMO Capital Markets increased their price target on shares of Meta Platforms from $397.00 to $450.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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 that occurred on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total value of $305,370.00. Following the transaction, the insider now owns 38,398 shares in the company, valued at $20,043,756. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total transaction of $305,370.00. Following the transaction, the insider now owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas Clegg sold 2,025 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $473.28, for a total value of $958,392.00. Following the completion of the sale, the insider now owns 10,053 shares in the company, valued at $4,757,883.84. The disclosure for this sale can be found here. Insiders have sold a total of 1,223,416 shares of company stock worth $597,392,856 over the last three months. 13.71% of the stock is currently owned by insiders.

Meta Platforms Stock Up 0.9 %

META stock traded up $4.36 during trading on Wednesday, reaching $472.60. The stock had a trading volume of 11,663,995 shares, compared to its average volume of 18,224,012. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $1.20 trillion, a price-to-earnings ratio of 27.15, a P/E/G ratio of 1.18 and a beta of 1.21. Meta Platforms, Inc. has a one year low of $230.72 and a one year high of $531.49. The company’s 50 day moving average is $490.03 and its two-hundred day moving average is $411.78.

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

Meta Platforms Company 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.