Kolinsky Wealth Management LLC Increases Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Kolinsky Wealth Management LLC grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 9.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,083 shares of the social networking company’s stock after purchasing an additional 363 shares during the period. Meta Platforms makes up approximately 1.5% of Kolinsky Wealth Management LLC’s holdings, making the stock its 12th biggest holding. Kolinsky Wealth Management LLC’s holdings in Meta Platforms were worth $2,390,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Regent Peak Wealth Advisors LLC increased its stake in shares of Meta Platforms by 5.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 5,020 shares of the social networking company’s stock worth $2,939,000 after purchasing an additional 277 shares during the last quarter. Fjell Capital LLC bought a new position in shares of Meta Platforms in the fourth quarter worth about $1,836,000. Opulen Financial Group LLC bought a new position in Meta Platforms in the 4th quarter worth approximately $325,000. Daner Wealth Management LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $334,000. Finally, Sara Bay Financial boosted its position in shares of Meta Platforms by 1.0% in the fourth quarter. Sara Bay Financial now owns 28,250 shares of the social networking company’s stock valued at $16,703,000 after acquiring an additional 287 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

Shares of META opened at $637.10 on Wednesday. The stock has a market capitalization of $1.60 trillion, a price-to-earnings ratio of 26.63, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The firm has a fifty day simple moving average of $572.72 and a 200 day simple moving average of $607.81. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 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 the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.71 EPS. Research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Analyst Ratings Changes

META has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Meta Platforms from $615.00 to $650.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Jefferies Financial Group cut their price target on Meta Platforms from $725.00 to $600.00 and set a “buy” rating for the company in a report on Monday, April 7th. JMP Securities reiterated a “market outperform” rating and issued a $750.00 price objective on shares of Meta Platforms in a research report on Wednesday, April 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $740.00 target price on shares of Meta Platforms in a research note on Thursday, May 1st. Finally, Oppenheimer upped their target price on shares of Meta Platforms from $650.00 to $665.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $701.05.

Insider Activity at Meta Platforms

In other news, CEO Mark Zuckerberg sold 3,523 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $701.10, for a total transaction of $2,469,975.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 608 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $488.18, for a total value of $296,813.44. Following the completion of the sale, the chief operating officer now directly owns 5,622 shares of the company’s stock, valued at approximately $2,744,547.96. The trade was a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,169 shares of company stock valued at $50,927,926. 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.