Lake Street Financial LLC Acquires 667 Shares of Meta Platforms, Inc. (NASDAQ:META)

Lake Street Financial LLC increased its position in Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,001 shares of the social networking company’s stock after purchasing an additional 667 shares during the quarter. Meta Platforms makes up 0.8% of Lake Street Financial LLC’s holdings, making the stock its 26th largest position. Lake Street Financial LLC’s holdings in Meta Platforms were worth $4,670,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of META. Landmark Wealth Management LLC bought a new stake in shares of Meta Platforms in the 1st quarter valued at about $26,000. Disciplined Investments LLC raised its holdings in Meta Platforms by 583.3% in the 1st quarter. Disciplined Investments LLC now owns 123 shares of the social networking company’s stock valued at $27,000 after acquiring an additional 105 shares during the period. Barnett & Company Inc. raised its holdings in Meta Platforms by 105.0% in the 4th quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock valued at $28,000 after acquiring an additional 42 shares during the period. Rise Advisors LLC bought a new position in Meta Platforms in the 4th quarter valued at about $28,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in Meta Platforms in the 4th quarter valued at about $31,000. 65.49% of the stock is owned by institutional investors.

Meta Platforms Trading Down 2.0 %

Shares of META opened at $167.11 on Friday. The firm has a fifty day moving average price of $166.98 and a 200-day moving average price of $182.37. The firm has a market capitalization of $449.12 billion, a P/E ratio of 13.85, a P/E/G ratio of 2.26 and a beta of 1.32. Meta Platforms, Inc. has a 12-month low of $154.25 and a 12-month high of $384.33.

Meta Platforms (NASDAQ:METAGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The social networking company reported $2.46 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.04). The firm had revenue of $28.82 billion during the quarter, compared to the consensus estimate of $28.95 billion. Meta Platforms had a net margin of 28.16% and a return on equity of 26.52%. The business’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.61 earnings per share. Analysts predict that Meta Platforms, Inc. will post 9.58 earnings per share for the current year.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 342 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $158.12, for a total value of $54,077.04. Following the completion of the transaction, the insider now directly owns 18,089 shares in the company, valued at $2,860,232.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jennifer Newstead sold 342 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $158.12, for a total transaction of $54,077.04. Following the transaction, the insider now owns 18,089 shares in the company, valued at $2,860,232.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 10,126 shares of the company’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $203.35, for a total transaction of $2,059,122.10. Following the transaction, the chief technology officer now owns 4,544 shares in the company, valued at approximately $924,022.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,236 shares of company stock worth $8,958,728. 13.59% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on META. Cowen lowered their price target on shares of Meta Platforms from $300.00 to $275.00 and set an “outperform” rating on the stock in a report on Wednesday, July 13th. JPMorgan Chase & Co. decreased their target price on shares of Meta Platforms from $275.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 29th. Mizuho decreased their target price on shares of Meta Platforms from $325.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, July 25th. KeyCorp decreased their target price on shares of Meta Platforms from $280.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 26th. Finally, Susquehanna decreased their target price on shares of Meta Platforms from $375.00 to $290.00 in a research report on Thursday, April 28th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $257.98.

About Meta Platforms

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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.

Further Reading

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

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