Cottage Street Advisors LLC Reduces Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Cottage Street Advisors LLC trimmed its holdings in shares of Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 52.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,040 shares of the social networking company’s stock after selling 3,400 shares during the period. Cottage Street Advisors LLC’s holdings in Meta Platforms were worth $681,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in META. Barnett & Company Inc. grew its stake in Meta Platforms by 105.0% during the 4th quarter. Barnett & Company Inc. now owns 82 shares of the social networking company’s stock valued at $28,000 after purchasing an additional 42 shares during the last quarter. Rise Advisors LLC purchased a new stake in Meta Platforms during the 4th quarter valued at about $28,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at about $31,000. Advocacy Wealth Management Services LLC grew its stake in Meta Platforms by 65.9% during the 1st quarter. Advocacy Wealth Management Services LLC now owns 151 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 60 shares during the last quarter. Finally, Evolution Advisers Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 65.49% of the company’s stock.

In related news, CFO David M. Wehner sold 1,222 shares of the stock in a transaction that occurred on Sunday, May 15th. The stock was sold at an average price of $198.62, for a total value of $242,713.64. Following the completion of the transaction, the chief financial officer now directly owns 12,247 shares in the company, valued at $2,432,499.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Susan J.S. Taylor sold 1,420 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $202.16, for a total value of $287,067.20. Following the completion of the transaction, the chief accounting officer now owns 1,605 shares of the company’s stock, valued at $324,466.80. The disclosure for this sale can be found here. Insiders sold 45,906 shares of company stock valued at $9,188,306 over the last quarter. 13.59% of the stock is currently owned by company insiders.

Several research firms have weighed in on META. Truist Financial dropped their price target on Meta Platforms from $350.00 to $320.00 in a research note on Thursday, April 28th. StockNews.com started coverage on Meta Platforms in a report on Thursday, March 31st. They issued a “hold” rating for the company. Piper Sandler decreased their price objective on Meta Platforms from $230.00 to $220.00 and set a “neutral” rating for the company in a report on Thursday, June 2nd. Wedbush decreased their price objective on Meta Platforms from $270.00 to $220.00 in a report on Thursday, April 28th. Finally, UBS Group decreased their price objective on Meta Platforms from $310.00 to $215.00 and set a “buy” rating for the company in a report on Thursday, June 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $301.59.

META stock opened at $161.25 on Friday. The business has a 50 day simple moving average of $185.76 and a 200-day simple moving average of $233.34. The firm has a market capitalization of $436.39 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.33 and a beta of 1.37. Meta Platforms, Inc. has a 1 year low of $154.25 and a 1 year high of $384.33.

Meta Platforms (NASDAQ:METAGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.18. The business had revenue of $27.91 billion during the quarter, compared to analyst estimates of $28.21 billion. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. During the same period in the prior year, the business earned $3.30 earnings per share. Equities research analysts forecast that Meta Platforms, Inc. will post 11.63 earnings per share for the current fiscal year.

Meta Platforms Company Profile (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.

Further Reading

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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