Pinnacle Wealth Planning Services Inc. Reduces Position in Meta Platforms, Inc. (NASDAQ:META)

Pinnacle Wealth Planning Services Inc. trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 24.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 10,499 shares of the social networking company’s stock after selling 3,377 shares during the period. Meta Platforms accounts for approximately 0.9% of Pinnacle Wealth Planning Services Inc.’s holdings, making the stock its 14th largest position. Pinnacle Wealth Planning Services Inc.’s holdings in Meta Platforms were worth $6,147,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of META. Millstone Evans Group LLC acquired a new stake in Meta Platforms during the fourth quarter worth approximately $40,000. WealthTrak Capital Management LLC purchased a new position in shares of Meta Platforms in the 4th quarter valued at $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms during the 4th quarter worth $45,000. Stuart Chaussee & Associates Inc. purchased a new stake in Meta Platforms in the fourth quarter valued at $47,000. Finally, Conquis Financial LLC purchased a new stake in Meta Platforms in the fourth quarter valued at $59,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on META. Rosenblatt Securities boosted their target price on Meta Platforms from $846.00 to $918.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Scotiabank cut their price target on Meta Platforms from $627.00 to $525.00 and set a “sector perform” rating on the stock in a research report on Monday, April 21st. KeyCorp increased their price objective on Meta Platforms from $645.00 to $655.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Benchmark lowered 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 report on Wednesday, April 23rd. Finally, Oppenheimer lifted their target price on shares of Meta Platforms from $650.00 to $665.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $701.05.

Meta Platforms Stock Performance

Shares of META opened at $627.06 on Monday. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The company has a 50-day simple moving average of $574.80 and a 200-day simple moving average of $609.28. The company has a market capitalization of $1.58 trillion, a PE ratio of 26.21, a P/E/G ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating 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 net margin of 37.91% and a return on equity of 38.17%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the company posted $4.71 earnings per share. Equities research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Insider Activity at Meta Platforms

In other news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the sale, the chief financial officer now directly owns 70,040 shares in the company, valued at $46,181,574.40. This represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher K. Cox sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $677.71, for a total transaction of $13,554,200.00. Following the transaction, the insider now directly owns 308,686 shares of the company’s stock, valued at approximately $209,199,589.06. This trade represents a 6.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,549 shares of company stock valued at $48,993,741 in the last ninety days. Corporate 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.