Formidable Asset Management LLC Increases Holdings in Meta Platforms, Inc. (NASDAQ:META)

Formidable Asset Management LLC boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,913 shares of the social networking company’s stock after acquiring an additional 767 shares during the quarter. Meta Platforms accounts for 2.6% of Formidable Asset Management LLC’s holdings, making the stock its 7th largest holding. Formidable Asset Management LLC’s holdings in Meta Platforms were worth $15,758,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Millstone Evans Group LLC bought a new position in Meta Platforms in the fourth quarter valued at approximately $40,000. WealthTrak Capital Management LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms during the fourth quarter worth $45,000. Stuart Chaussee & Associates Inc. bought a new stake in shares of Meta Platforms during the fourth quarter worth $47,000. Finally, Conquis Financial LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $59,000. 79.91% of the stock is owned by institutional investors.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $627.06 on Friday. The firm’s 50-day moving average price is $574.80 and its 200-day moving average price is $608.90. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91. The firm has a market capitalization of $1.58 trillion, a P/E ratio of 26.21, a P/E/G ratio of 1.42 and a beta of 1.24. 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 announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the prior year, the business earned $4.71 earnings per share. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on META shares. BMO Capital Markets boosted their target price on shares of Meta Platforms from $530.00 to $610.00 and gave the stock a “market perform” rating in a research note on Thursday, January 30th. Jefferies Financial Group decreased their target price on shares of Meta Platforms from $725.00 to $600.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Benchmark decreased their target price on shares of Meta Platforms from $820.00 to $640.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Scotiabank decreased their target price on shares of Meta Platforms from $627.00 to $525.00 and set a “sector perform” rating on the stock in a research note on Monday, April 21st. Finally, The Goldman Sachs Group boosted their target price on shares of Meta Platforms from $685.00 to $690.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $701.05.

Insider Activity

In other news, CFO Susan J. Li sold 6,874 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 70,040 shares in the company, valued at approximately $46,181,574.40. This represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Javier Olivan sold 406 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $491.69, for a total transaction of $199,626.14. Following the sale, the chief operating officer now directly owns 4,608 shares of the company’s stock, valued at approximately $2,265,707.52. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,157 shares of company stock worth $49,411,000. Company insiders own 13.71% of the company’s stock.

Meta Platforms 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.