Redwood Investment Management LLC Sells 1,632 Shares of Meta Platforms, Inc. (NASDAQ:META)

Redwood Investment Management LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 34.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,053 shares of the social networking company’s stock after selling 1,632 shares during the period. Redwood Investment Management LLC’s holdings in Meta Platforms were worth $1,788,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in META. Millstone Evans Group LLC bought a new stake in shares of Meta Platforms in the 4th quarter valued at $40,000. WealthTrak Capital Management LLC acquired a new stake in Meta Platforms in the fourth quarter worth $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Meta Platforms in the fourth quarter valued at $45,000. Cordant Inc. acquired a new position in shares of Meta Platforms during the fourth quarter valued at about $59,000. Finally, Conquis Financial LLC bought a new position in shares of Meta Platforms during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Down 2.3%

Shares of NASDAQ:META opened at $643.88 on Friday. The company has a market cap of $1.63 trillion, a price-to-earnings ratio of 26.92, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91. The firm has a fifty day moving average price of $570.68 and a two-hundred day moving average price of $606.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98.

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

Wall Street Analysts Forecast Growth

META has been the subject of a number of research analyst reports. Tigress Financial reaffirmed a “strong-buy” rating on shares of Meta Platforms in a research report on Tuesday, February 11th. JMP Securities restated a “market outperform” rating and set a $750.00 price objective on shares of Meta Platforms in a report on Wednesday, April 30th. Benchmark cut their target price on Meta Platforms from $820.00 to $640.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Scotiabank reduced their price target on shares of Meta Platforms from $627.00 to $525.00 and set a “sector perform” rating for the company in a research report on Monday, April 21st. Finally, Barclays lowered their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $696.45.

Insider Buying and Selling

In related news, COO Javier Olivan sold 406 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now owns 4,608 shares of the company’s stock, valued at $2,265,707.52. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Newstead sold 921 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $736.07, for a total value of $677,920.47. Following the sale, the insider now owns 35,787 shares in the company, valued at $26,341,737.09. The trade was a 2.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,171 shares of company stock worth $55,161,016. Insiders own 13.71% of the company’s stock.

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.