Ignite Planners LLC Trims Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Ignite Planners LLC decreased its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,202 shares of the social networking company’s stock after selling 68 shares during the period. Ignite Planners LLC’s holdings in Meta Platforms were worth $1,802,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of META. Ruedi Wealth Management Inc. purchased a new position in shares of Meta Platforms during the 4th quarter worth approximately $25,000. Worth Asset Management LLC boosted its position in shares of Meta Platforms by 248.6% during the first quarter. Worth Asset Management LLC now owns 122 shares of the social networking company’s stock valued at $26,000 after purchasing an additional 87 shares in the last quarter. Sageworth Trust Co purchased a new stake in Meta Platforms in the first quarter worth $26,000. MBM Wealth Consultants LLC bought a new position in Meta Platforms in the fourth quarter worth $26,000. Finally, Chelsea Counsel Co. purchased a new position in Meta Platforms during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 62.87% of the company’s stock.

Meta Platforms Stock Up 0.7 %

Shares of META stock opened at $302.55 on Tuesday. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.14. The stock has a market cap of $778.51 billion, a P/E ratio of 35.26, a PEG ratio of 0.99 and a beta of 1.23. Meta Platforms, Inc. has a 52 week low of $88.09 and a 52 week high of $326.20. The company’s fifty day simple moving average is $302.40 and its two-hundred day simple moving average is $260.80.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, July 26th. The social networking company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.36. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. The company had revenue of $32 billion during the quarter, compared to analyst estimates of $30.91 billion. Analysts predict that Meta Platforms, Inc. will post 13.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Susan J. Li sold 10,643 shares of Meta Platforms stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $3,258,780.17. Following the transaction, the chief financial officer now directly owns 91,617 shares in the company, valued at approximately $28,052,209.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Susan J. Li sold 10,643 shares of Meta Platforms stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $3,258,780.17. Following the transaction, the chief financial officer now owns 91,617 shares of the company’s stock, valued at approximately $28,052,209.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 722 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total transaction of $229,357.74. Following the sale, the insider now directly owns 30,868 shares of the company’s stock, valued at approximately $9,805,837.56. The disclosure for this sale can be found here. Insiders sold 40,457 shares of company stock valued at $12,273,577 over the last 90 days. Corporate insiders own 14.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on META shares. Rosenblatt Securities increased their price target on shares of Meta Platforms from $333.00 to $372.00 in a research note on Thursday, July 27th. Jefferies Financial Group raised their target price on shares of Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. HSBC raised Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 price target on the stock in a research report on Thursday, July 27th. The Goldman Sachs Group raised their price objective on Meta Platforms from $300.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, July 17th. Finally, Tigress Financial increased their target price on Meta Platforms from $285.00 to $380.00 in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, forty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $319.79.

About Meta Platforms

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.