Spire Wealth Management Has $26.07 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Spire Wealth Management grew its position in Meta Platforms, Inc. (NASDAQ:META) by 13.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,996 shares of the social networking company’s stock after buying an additional 7,942 shares during the quarter. Meta Platforms accounts for about 0.9% of Spire Wealth Management’s portfolio, making the stock its 19th largest holding. Spire Wealth Management’s holdings in Meta Platforms were worth $26,072,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Stone House Investment Management LLC increased its holdings in shares of Meta Platforms by 625.0% during the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after buying an additional 75 shares in the last quarter. Gilfoyle & Co LLC acquired a new position in Meta Platforms in the 4th quarter worth about $39,000. Cranbrook Wealth Management LLC boosted its stake in shares of Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after purchasing an additional 45 shares in the last quarter. Beaird Harris Wealth Management LLC grew its holdings in shares of Meta Platforms by 68.9% during the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after purchasing an additional 42 shares during the last quarter. Finally, PayPay Securities Corp increased its stake in shares of Meta Platforms by 65.2% in the third quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock valued at $33,000 after buying an additional 43 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

NASDAQ:META traded up $10.28 during mid-day trading on Friday, hitting $451.96. 16,489,057 shares of the stock traded hands, compared to its average volume of 20,698,000. The business’s 50-day moving average price is $490.72 and its 200 day moving average price is $409.58. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.15 trillion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.21. Meta Platforms, Inc. has a 12-month low of $229.85 and a 12-month high of $531.49.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The firm had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. On average, analysts expect that Meta Platforms, Inc. will post 20.1 EPS for the current fiscal year.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 34,398 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $457.52, for a total value of $15,737,772.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 34,398 shares of Meta Platforms stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $457.52, for a total transaction of $15,737,772.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 552 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $464.00, for a total transaction of $256,128.00. Following the completion of the sale, the insider now directly owns 34,168 shares of the company’s stock, valued at approximately $15,853,952. The disclosure for this sale can be found here. Insiders have sold 1,257,876 shares of company stock valued at $613,168,252 over the last three months. 13.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein reduced their target price on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. BNP Paribas assumed coverage on shares of Meta Platforms in a report on Thursday. They set an “underperform” rating and a $360.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of Meta Platforms from $527.00 to $588.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Susquehanna boosted their target price on shares of Meta Platforms from $400.00 to $550.00 and gave the stock a “positive” rating in a report on Friday, February 2nd. Finally, Wolfe Research cut their price objective on Meta Platforms from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $509.80.

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.