Panagora Asset Management Inc. raised its holdings in Meta Platforms Inc. (NASDAQ:FB) by 6.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,226,625 shares of the social networking company’s stock after buying an additional 75,325 shares during the period. Meta Platforms comprises about 2.2% of Panagora Asset Management Inc.’s holdings, making the stock its 4th largest position. Panagora Asset Management Inc.’s holdings in Meta Platforms were worth $416,304,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in FB. Capital Directions Investment Advisors LLC bought a new position in shares of Meta Platforms in the second quarter valued at $31,000. Carderock Capital Management Inc. bought a new position in shares of Meta Platforms during the third quarter valued at about $31,000. Benjamin Edwards Inc. bought a new position in shares of Meta Platforms during the third quarter valued at about $33,000. Lion Street Advisors LLC bought a new position in shares of Meta Platforms during the second quarter valued at about $43,000. Finally, Filbrandt Wealth Management LLC bought a new position in shares of Meta Platforms during the third quarter valued at about $43,000. 65.55% of the stock is currently owned by hedge funds and other institutional investors.
In other Meta Platforms news, CEO Mark Zuckerberg sold 77,300 shares of Meta Platforms stock in a transaction dated Monday, October 18th. The stock was sold at an average price of $333.02, for a total value of $25,742,446.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jennifer Newstead sold 125 shares of Meta Platforms stock in a transaction dated Tuesday, October 19th. The shares were sold at an average price of $339.90, for a total value of $42,487.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 693,940 shares of company stock worth $230,432,836. Insiders own 14.01% of the company’s stock.
FB traded up $2.11 during trading on Friday, reaching $328.59. The company had a trading volume of 499,929 shares, compared to its average volume of 17,257,312. The stock has a market cap of $914.06 billion, a P/E ratio of 22.97, a PEG ratio of 1.18 and a beta of 1.29. The business has a 50 day simple moving average of $333.64 and a 200-day simple moving average of $345.46. Meta Platforms Inc. has a 52 week low of $244.61 and a 52 week high of $384.33.
Meta Platforms (NASDAQ:FB) last released its earnings results on Sunday, October 24th. The social networking company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $3.19 by $0.03. Meta Platforms had a return on equity of 30.22% and a net margin of 35.88%. The business had revenue of $29.01 billion during the quarter, compared to the consensus estimate of $29.52 billion. During the same period last year, the company earned $2.71 earnings per share. The business’s revenue for the quarter was up 35.1% compared to the same quarter last year. On average, equities research analysts expect that Meta Platforms Inc. will post 13.91 earnings per share for the current fiscal year.
About Meta Platforms
Meta Platforms, Inc, (formerly known as Facebook, Inc) operates as a global social technology company. The company engages in the development of social media applications as well as virtual and augmented reality products allowing users to connect through mobile devices, personal computers and other platforms.
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