Jag Capital Management LLC cut its position in shares of Meta Platforms, Inc. (NASDAQ:FB – Get Rating) by 35.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,595 shares of the social networking company’s stock after selling 33,568 shares during the period. Meta Platforms comprises 1.6% of Jag Capital Management LLC’s portfolio, making the stock its 25th biggest position. Jag Capital Management LLC’s holdings in Meta Platforms were worth $20,381,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in FB. Widmann Financial Services Inc. purchased a new stake in Meta Platforms in the fourth quarter valued at $100,000. Steigerwald Gordon & Koch Inc. increased its position in Meta Platforms by 4.1% during the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 2,012 shares of the social networking company’s stock worth $677,000 after purchasing an additional 80 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of Meta Platforms by 6.2% in the 3rd quarter. Evergreen Capital Management LLC now owns 40,602 shares of the social networking company’s stock worth $13,780,000 after acquiring an additional 2,357 shares during the period. Colony Group LLC grew its holdings in Meta Platforms by 13.7% during the 3rd quarter. Colony Group LLC now owns 27,256 shares of the social networking company’s stock valued at $9,250,000 after buying an additional 3,287 shares during the last quarter. Finally, Ibex Wealth Advisors acquired a new stake in Meta Platforms during the 3rd quarter valued at $1,190,000. 65.49% of the stock is owned by hedge funds and other institutional investors.
FB stock traded up $7.80 during midday trading on Thursday, reaching $191.63. The stock had a trading volume of 23,041,105 shares, compared to its average volume of 35,572,336. The firm has a fifty day simple moving average of $206.84 and a two-hundred day simple moving average of $260.30. The stock has a market cap of $518.61 billion, a PE ratio of 14.50, a P/E/G ratio of 1.21 and a beta of 1.37. Meta Platforms, Inc. has a 52-week low of $169.00 and a 52-week high of $384.33.
In other news, CTO Andrew Bosworth sold 11,718 shares of Meta Platforms stock in a transaction that occurred on Sunday, May 15th. The shares were sold at an average price of $198.62, for a total value of $2,327,429.16. Following the transaction, the chief technology officer now owns 11,913 shares of the company’s stock, valued at approximately $2,366,160.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Susan J.S. Taylor sold 1,420 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $202.16, for a total transaction of $287,067.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,605 shares in the company, valued at $324,466.80. The disclosure for this sale can be found here. Insiders have sold 46,100 shares of company stock worth $9,279,275 in the last three months. Insiders own 13.59% of the company’s stock.
FB has been the subject of several recent analyst reports. Morgan Stanley raised their target price on Meta Platforms from $325.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, April 28th. Rosenblatt Securities assumed coverage on Meta Platforms in a report on Tuesday, April 19th. They set a “neutral” rating and a $228.00 price target on the stock. Susquehanna Bancshares dropped their price target on Meta Platforms from $375.00 to $290.00 in a report on Thursday, April 28th. Bank of America dropped their price target on Meta Platforms from $410.00 to $333.00 and set a “buy” rating on the stock in a report on Thursday, February 3rd. Finally, Monness Crespi & Hardt cut their target price on shares of Meta Platforms from $460.00 to $375.00 and set a “buy” rating on the stock in a research note on Thursday, February 3rd. One equities research analyst has rated the stock with a sell rating, fourteen have given 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, the stock currently has a consensus rating of “Buy” and an average price target of $312.24.
About Meta Platforms (Get Rating)
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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