Tenzing Global Management LLC Has $8 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Tenzing Global Management LLC cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,667 shares of the social networking company’s stock after selling 83 shares during the quarter. Meta Platforms comprises 6.0% of Tenzing Global Management LLC’s portfolio, making the stock its 6th largest position. Tenzing Global Management LLC’s holdings in Meta Platforms were worth $8,002,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of META. Norges Bank bought a new stake in shares of Meta Platforms in the 4th quarter valued at about $19,949,512,000. Proficio Capital Partners LLC grew its holdings in Meta Platforms by 78,471.1% during the fourth 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. bought a new stake in Meta Platforms in the fourth quarter valued at approximately $2,243,603,000. Northern Trust Corp raised its holdings in 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 during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Meta Platforms by 27.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,901,521 shares of the social networking company’s stock worth $5,211,967,000 after purchasing an additional 1,892,509 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $740.00 price objective on shares of Meta Platforms in a research note on Thursday, May 1st. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Thursday, May 1st. Barclays cut their price objective on Meta Platforms from $705.00 to $640.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Roth Capital raised their target price on shares of Meta Platforms from $580.00 to $620.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Piper Sandler upped their price target on shares of Meta Platforms from $610.00 to $650.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. One equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $701.05.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 921 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $736.07, for a total value of $677,920.47. Following the completion of the sale, the insider now owns 35,787 shares of the company’s stock, valued at $26,341,737.09. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 19,668 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $703.21, for a total transaction of $13,830,734.28. The disclosure for this sale can be found here. Insiders sold 62,852 shares of company stock worth $41,665,958 in the last ninety days. 13.71% of the stock is owned by company insiders.

Meta Platforms Stock Down 0.5%

Shares of META opened at $640.34 on Friday. The firm has a market cap of $1.61 trillion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91. The firm’s 50-day simple moving average is $571.37 and its 200 day simple moving average is $606.82.

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

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.