Occidental Asset Management LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 23,700 shares of the social networking company’s stock after selling 476 shares during the quarter. Meta Platforms makes up approximately 1.5% of Occidental Asset Management LLC’s portfolio, making the stock its 14th largest position. Occidental Asset Management LLC’s holdings in Meta Platforms were worth $6,801,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. bought a new position in shares of Meta Platforms in the fourth quarter worth $25,000. Worth Asset Management LLC increased its position in shares of Meta Platforms by 248.6% in the first quarter. Worth Asset Management LLC now owns 122 shares of the social networking company’s stock worth $26,000 after purchasing an additional 87 shares during the period. Sageworth Trust Co bought a new position in shares of Meta Platforms in the first quarter worth $26,000. MBM Wealth Consultants LLC bought a new position in shares of Meta Platforms in the fourth quarter worth $26,000. Finally, Chelsea Counsel Co. bought a new position in shares of Meta Platforms in the fourth quarter worth $27,000. Institutional investors own 62.87% of the company’s stock.
Meta Platforms Stock Performance
NASDAQ:META opened at $302.55 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32. Meta Platforms, Inc. has a 52-week low of $88.09 and a 52-week high of $326.20. The firm has a market cap of $778.51 billion, a price-to-earnings ratio of 35.26, a PEG ratio of 0.99 and a beta of 1.23. The business’s fifty day moving average is $302.40 and its 200 day moving average is $260.80.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on META shares. Jefferies Financial Group raised their price objective on Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. TD Cowen raised Meta Platforms from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $220.00 to $345.00 in a research note on Thursday, July 13th. Credit Suisse Group raised their price objective on Meta Platforms from $361.00 to $407.00 in a research note on Thursday, July 27th. Piper Sandler lifted their price target on Meta Platforms from $310.00 to $365.00 in a research note on Thursday, July 27th. Finally, Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $319.79.
Insider Buying and Selling
In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $306.34, for a total transaction of $205,247.80. Following the transaction, the insider now directly owns 37,680 shares in the company, valued at $11,542,891.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Nicholas Clegg sold 2,146 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $657,083.74. Following the completion of the sale, the insider now owns 12,631 shares of the company’s stock, valued at $3,867,485.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 670 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $306.34, for a total value of $205,247.80. Following the completion of the sale, the insider now directly owns 37,680 shares in the company, valued at $11,542,891.20. The disclosure for this sale can be found here. Insiders sold 40,457 shares of company stock worth $12,273,577 in the last quarter. 14.03% of the stock is owned by insiders.
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.
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