Centre Asset Management LLC Has $10.33 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Centre Asset Management LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 6.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,916 shares of the social networking company’s stock after selling 1,267 shares during the period. Meta Platforms comprises about 2.7% of Centre Asset Management LLC’s investment portfolio, making the stock its 9th largest position. Centre Asset Management LLC’s holdings in Meta Platforms were worth $10,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millstone Evans Group LLC acquired a new position in Meta Platforms in the fourth quarter worth $40,000. WealthTrak Capital Management LLC acquired a new position in Meta Platforms in the fourth quarter worth $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms in the fourth quarter worth $45,000. Stuart Chaussee & Associates Inc. acquired a new position in Meta Platforms in the fourth quarter worth $47,000. Finally, Conquis Financial LLC acquired a new position in Meta Platforms in the fourth quarter worth $59,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $643.58 on Thursday. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $577.74 and its two-hundred day moving average price is $610.01. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91. The stock has a market cap of $1.62 trillion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. During the same period in the previous year, the business earned $4.71 earnings per share. Meta Platforms’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on META. Tigress Financial reaffirmed a “strong-buy” rating on shares of Meta Platforms in a report on Tuesday, February 11th. Oppenheimer boosted their price target on shares of Meta Platforms from $650.00 to $665.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Robert W. Baird boosted their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. boosted their price target on shares of Meta Platforms from $610.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Finally, Citigroup boosted their price target on shares of Meta Platforms from $655.00 to $690.00 and gave the company a “buy” rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and an average price target of $701.05.

Insiders Place Their Bets

In other Meta Platforms news, COO Javier Olivan sold 608 shares of the business’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $488.18, for a total transaction of $296,813.44. Following the sale, the chief operating officer now owns 5,622 shares in the company, valued at approximately $2,744,547.96. The trade was a 9.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $3,334,383.52. Following the sale, the chief technology officer now owns 16,463 shares in the company, valued at approximately $10,855,043.68. The trade was a 23.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,628 shares of company stock worth $34,826,386. 13.61% of the stock is owned by corporate insiders.

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.