Castlekeep Investment Advisors LLC Buys Shares of 95,438 Meta Platforms, Inc. (NASDAQ:META)

Castlekeep Investment Advisors LLC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 95,438 shares of the social networking company’s stock, valued at approximately $55,880,000. Meta Platforms accounts for 9.2% of Castlekeep Investment Advisors LLC’s portfolio, making the stock its 2nd biggest position.

A number of other hedge funds also recently modified their holdings of META. Drucker Wealth 3.0 LLC grew its position in shares of Meta Platforms by 5.1% in the 4th quarter. Drucker Wealth 3.0 LLC now owns 9,486 shares of the social networking company’s stock valued at $5,554,000 after purchasing an additional 463 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Meta Platforms in the fourth quarter valued at approximately $5,823,000. Ball & Co Wealth Management Inc. acquired a new position in shares of Meta Platforms in the fourth quarter valued at approximately $59,000. Jupiter Wealth Management LLC increased its position in shares of Meta Platforms by 7.8% during the fourth quarter. Jupiter Wealth Management LLC now owns 7,251 shares of the social networking company’s stock worth $4,246,000 after acquiring an additional 525 shares in the last quarter. Finally, ARQ Wealth Advisors LLC raised its holdings in shares of Meta Platforms by 36.3% during the fourth quarter. ARQ Wealth Advisors LLC now owns 751 shares of the social networking company’s stock worth $440,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Bank of America upped their target price on shares of Meta Platforms from $640.00 to $690.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Pivotal Research reduced their price objective on Meta Platforms from $875.00 to $830.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Susquehanna decreased their price objective on Meta Platforms from $800.00 to $700.00 and set a “positive” rating for the company in a report on Thursday, May 1st. Roth Capital lifted their target price on Meta Platforms from $580.00 to $620.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Finally, Scotiabank reduced their price target on 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $701.05.

Insider Activity at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 608 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $686.28, for a total transaction of $417,258.24. Following the transaction, the chief operating officer now owns 9,270 shares in the company, valued at $6,361,815.60. This represents a 6.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Susan J. Li sold 6,874 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the completion of the sale, the chief financial officer now owns 70,040 shares of the company’s stock, valued at approximately $46,181,574.40. The trade was a 8.94% 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 in the last ninety days. 13.71% of the stock is owned by company insiders.

Meta Platforms Stock Performance

Shares of META stock opened at $627.06 on Friday. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91. The company has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 26.21, a PEG ratio of 1.42 and a beta of 1.24. The company has a 50-day simple moving average of $574.80 and a 200 day simple moving average of $608.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

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 analysts’ consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analysts’ expectations of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.71 earnings per share. On average, sell-side analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

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.