American International Group Inc. Invests $85.01 Million in Meta Platforms, Inc. (NASDAQ:META)

American International Group Inc. acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 706,413 shares of the social networking company’s stock, valued at approximately $85,010,000. Meta Platforms accounts for about 0.6% of American International Group Inc.’s holdings, making the stock its 20th largest position.

Several other large investors also recently added to or reduced their stakes in META. Laraway Financial Advisors Inc increased its position in Meta Platforms by 2.9% during the 1st quarter. Laraway Financial Advisors Inc now owns 3,490 shares of the social networking company’s stock worth $776,000 after purchasing an additional 100 shares in the last quarter. Red Wave Investments LLC increased its position in Meta Platforms by 6.4% during the 1st quarter. Red Wave Investments LLC now owns 1,870 shares of the social networking company’s stock worth $416,000 after purchasing an additional 113 shares in the last quarter. Riverpoint Wealth Management Holdings LLC acquired a new position in Meta Platforms during the 4th quarter worth approximately $25,000. NewSquare Capital LLC acquired a new position in Meta Platforms during the 4th quarter worth approximately $26,000. Finally, Arcadia Investment Management Corp MI acquired a new position in Meta Platforms during the 4th quarter worth approximately $26,000. 60.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Edward Jones raised shares of Meta Platforms from a “hold” rating to a “buy” rating in a report on Monday, March 20th. Bank of America boosted their target price on shares of Meta Platforms from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, April 27th. Argus raised shares of Meta Platforms from a “hold” rating to a “buy” rating and set a $270.00 target price on the stock in a report on Wednesday, April 5th. Stifel Nicolaus upped their price objective on shares of Meta Platforms from $230.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, April 27th. Finally, Rosenblatt Securities upped their price objective on shares of Meta Platforms from $257.00 to $263.00 and gave the company a “buy” rating in a research note on Thursday, April 27th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, forty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $245.87.

Insider Activity

In related news, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $189.00, for a total value of $74,277.00. Following the sale, the insider now directly owns 31,332 shares of the company’s stock, valued at $5,921,748. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Meta Platforms news, COO Javier Olivan sold 4,274 shares of Meta Platforms stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $239.34, for a total transaction of $1,022,939.16. Following the transaction, the chief operating officer now directly owns 74,983 shares of the company’s stock, valued at $17,946,431.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Newstead sold 393 shares of Meta Platforms stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $189.00, for a total transaction of $74,277.00. Following the transaction, the insider now directly owns 31,332 shares in the company, valued at $5,921,748. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,762 shares of company stock worth $8,749,860. 13.75% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of META stock traded up $6.42 during trading hours on Friday, reaching $259.11. The stock had a trading volume of 11,254,187 shares, compared to its average volume of 28,524,971. The stock’s fifty day simple moving average is $222.84 and its 200 day simple moving average is $169.95. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.08. Meta Platforms, Inc. has a 12 month low of $88.09 and a 12 month high of $259.31. The firm has a market capitalization of $664.03 billion, a PE ratio of 31.35, a PEG ratio of 0.94 and a beta of 1.20.

Meta Platforms Profile

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.