Fairtree Asset Management Pty Ltd Invests $1.67 Million in Meta Platforms, Inc. (NASDAQ:META)

Fairtree Asset Management Pty Ltd purchased a new stake in Meta Platforms, Inc. (NASDAQ:META) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,845 shares of the social networking company’s stock, valued at approximately $1,666,000. Meta Platforms comprises 1.6% of Fairtree Asset Management Pty Ltd’s portfolio, making the stock its 14th largest holding.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in Meta Platforms during the fourth quarter valued at approximately $19,949,512,000. Proficio Capital Partners LLC raised its stake in shares of Meta Platforms by 78,471.1% in the 4th quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company’s stock valued at $3,658,713,000 after purchasing an additional 6,240,810 shares during the period. Raymond James Financial Inc. acquired a new stake in Meta Platforms in the 4th quarter valued at approximately $2,243,603,000. Northern Trust Corp lifted its position in shares of Meta Platforms by 13.5% in the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock worth $13,727,613,000 after purchasing an additional 2,787,832 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Meta Platforms during the 4th quarter worth about $1,162,918,000. Institutional investors own 79.91% of the company’s stock.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 519 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $635.50, for a total transaction of $329,824.50. Following the sale, the insider now owns 30,740 shares in the company, valued at $19,535,270. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christopher K. Cox sold 20,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $677.71, for a total value of $13,554,200.00. Following the completion of the transaction, the insider now owns 308,686 shares of the company’s stock, valued at $209,199,589.06. The trade was a 6.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,628 shares of company stock valued at $48,380,586 in the last quarter. Corporate insiders own 13.61% of the company’s stock.

Meta Platforms Price Performance

Meta Platforms stock opened at $642.32 on Wednesday. The stock has a market cap of $1.62 trillion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.42 and a beta of 1.24. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $576.79 and a 200 day simple moving average of $609.77. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.71 earnings per share. On average, research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company cut their price objective on Meta Platforms from $752.00 to $664.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Wedbush raised their price objective on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Evercore ISI boosted their target price on shares of Meta Platforms from $725.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research report on Thursday, May 1st. Finally, Moffett Nathanson increased their price objective on shares of Meta Platforms from $525.00 to $605.00 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 assigned a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $701.05.

Meta Platforms Company 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.