American International Group Inc. Makes New Investment in Meta Platforms, Inc. (NASDAQ:META)

American International Group Inc. bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 706,413 shares of the social networking company’s stock, valued at approximately $85,010,000. Meta Platforms comprises about 0.6% of American International Group Inc.’s portfolio, making the stock its 20th biggest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in META. Riverpoint Wealth Management Holdings LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $25,000. NewSquare Capital LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $26,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $26,000. Horan Securities Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $27,000. Finally, New Millennium Group LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $27,000. Institutional investors and hedge funds own 60.92% of the company’s stock.

Meta Platforms Trading Up 2.5 %

Shares of Meta Platforms stock traded up $6.42 during trading hours on Friday, reaching $259.11. 11,254,187 shares of the company’s stock were exchanged, compared to its average volume of 28,524,971. Meta Platforms, Inc. has a 52-week low of $88.09 and a 52-week high of $259.31. The firm has a market capitalization of $664.03 billion, a price-to-earnings ratio of 31.35, a price-to-earnings-growth ratio of 0.94 and a beta of 1.20. The company has a fifty day moving average of $222.84 and a 200-day moving average of $169.95. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.08.

Analyst Ratings Changes

META has been the subject of several analyst reports. Guggenheim boosted their target price on Meta Platforms from $240.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, April 27th. Loop Capital raised Meta Platforms from a “hold” rating to a “buy” rating and boosted their target price for the stock from $220.00 to $320.00 in a research note on Monday, May 15th. Cowen boosted their target price on Meta Platforms from $135.00 to $175.00 and gave the stock a “market perform” rating in a research note on Thursday, February 2nd. Susquehanna lifted their price target on Meta Platforms from $140.00 to $225.00 and gave the stock a “positive” rating in a report on Thursday, February 2nd. Finally, Argus raised Meta Platforms from a “hold” rating to a “buy” rating and set a $270.00 price target for the company in a report on Wednesday, April 5th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, forty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $245.87.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 393 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $171.99, for a total value of $67,592.07. Following the completion of the sale, the insider now directly owns 31,725 shares in the company, valued at approximately $5,456,382.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Jennifer Newstead sold 393 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $171.99, for a total value of $67,592.07. Following the completion of the sale, the insider now directly owns 31,725 shares in the company, valued at approximately $5,456,382.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Clegg sold 2,146 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $233.81, for a total value of $501,756.26. Following the completion of the sale, the insider now owns 9,931 shares of the company’s stock, valued at $2,321,967.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,762 shares of company stock valued at $8,749,860. 13.75% of the stock is currently owned by company insiders.

About Meta Platforms

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.