Redwood Investment Management LLC Sells 2,517 Shares of Meta Platforms, Inc. (NASDAQ:META)

Redwood Investment Management LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 34.9% in the third quarter, HoldingsChannel reports. The firm owned 4,685 shares of the social networking company’s stock after selling 2,517 shares during the period. Redwood Investment Management LLC’s holdings in Meta Platforms were worth $2,667,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. BDF Gestion bought a new position in Meta Platforms in the second quarter worth approximately $28,648,000. Manning & Napier Advisors LLC purchased a new stake in shares of Meta Platforms in the second quarter worth $285,690,000. CHICAGO TRUST Co NA raised its position in shares of Meta Platforms by 22.1% during the 2nd quarter. CHICAGO TRUST Co NA now owns 6,509 shares of the social networking company’s stock valued at $3,282,000 after purchasing an additional 1,177 shares during the period. Cambridge Advisors Inc. lifted its stake in shares of Meta Platforms by 1.3% during the 2nd quarter. Cambridge Advisors Inc. now owns 3,629 shares of the social networking company’s stock valued at $1,830,000 after buying an additional 45 shares in the last quarter. Finally, Orrstown Financial Services Inc. boosted its holdings in Meta Platforms by 3.8% in the 2nd quarter. Orrstown Financial Services Inc. now owns 1,106 shares of the social networking company’s stock worth $558,000 after buying an additional 40 shares during the period. Institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 84 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 518,424 shares of the company’s stock, valued at approximately $311,054,400. This represents a 0.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total transaction of $459,405.15. Following the sale, the insider now directly owns 37,817 shares in the company, valued at approximately $19,197,043.71. This trade represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 141,668 shares of company stock valued at $81,288,334 in the last three months. 13.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on META shares. Bank of America lifted their target price on Meta Platforms from $630.00 to $660.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus boosted their target price on shares of Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Barclays upped their target price on shares of Meta Platforms from $550.00 to $630.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Mizuho upped their target price on shares of Meta Platforms from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Jefferies Financial Group upped their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $634.71.

Meta Platforms Stock Up 0.0 %

META opened at $613.78 on Thursday. The company has a fifty day moving average of $576.78 and a two-hundred day moving average of $529.92. The stock has a market capitalization of $1.55 trillion, a price-to-earnings ratio of 28.91, a PEG ratio of 1.30 and a beta of 1.20. Meta Platforms, Inc. has a fifty-two week low of $315.39 and a fifty-two week high of $617.78. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, research analysts expect that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

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.