Formidable Asset Management LLC Acquires 767 Shares of Meta Platforms, Inc. (NASDAQ:META)

Formidable Asset Management LLC increased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,913 shares of the social networking company’s stock after buying an additional 767 shares during the quarter. Meta Platforms accounts for approximately 2.6% of Formidable Asset Management LLC’s holdings, making the stock its 7th largest holding. Formidable Asset Management LLC’s holdings in Meta Platforms were worth $15,758,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in META. Ballentine Partners LLC increased its holdings in Meta Platforms by 1.4% during the 4th quarter. Ballentine Partners LLC now owns 58,218 shares of the social networking company’s stock worth $34,087,000 after purchasing an additional 808 shares in the last quarter. Suvretta Capital Management LLC increased its holdings in Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company’s stock worth $99,735,000 after purchasing an additional 1,850 shares in the last quarter. Skye Global Management LP increased its holdings in Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company’s stock worth $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new position in Meta Platforms during the 4th quarter worth about $459,000. Finally, Apollon Financial LLC increased its holdings in Meta Platforms by 11.1% during the 4th quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company’s stock worth $866,000 after purchasing an additional 148 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Trading Down 1.5%

Shares of META stock opened at $627.06 on Friday. The firm has a 50 day moving average price of $574.80 and a two-hundred day moving average price of $608.90. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.58 trillion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period last year, the business posted $4.71 earnings per share. As a group, analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 406 shares of Meta Platforms stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $491.69, for a total value of $199,626.14. Following the completion of the sale, the chief operating officer now directly owns 4,608 shares in the company, valued at approximately $2,265,707.52. The trade was a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 921 shares of Meta Platforms stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $665.75, for a total transaction of $613,155.75. Following the completion of the sale, the insider now owns 34,866 shares of the company’s stock, valued at approximately $23,212,039.50. The trade was a 2.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,157 shares of company stock worth $49,411,000 over the last three months. Insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on META. TD Securities decreased their price objective on Meta Platforms from $725.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Guggenheim raised their price objective on Meta Platforms from $675.00 to $725.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Arete Research upgraded Meta Platforms to a “hold” rating in a report on Friday, January 24th. Barclays decreased their price objective on Meta Platforms from $705.00 to $640.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Finally, Morgan Stanley raised their price objective on Meta Platforms from $615.00 to $650.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $701.05.

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.