Summit Global Investments Has $10.08 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Summit Global Investments grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 21.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,480 shares of the social networking company’s stock after acquiring an additional 5,075 shares during the period. Summit Global Investments’ holdings in Meta Platforms were worth $10,081,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Stone House Investment Management LLC boosted its holdings in shares of Meta Platforms by 625.0% in the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after buying an additional 75 shares during the period. Gilfoyle & Co LLC bought a new position in Meta Platforms during the fourth quarter worth about $39,000. Cranbrook Wealth Management LLC increased its position in Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after acquiring an additional 45 shares during the period. Beaird Harris Wealth Management LLC grew its stake in Meta Platforms by 68.9% during the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after buying an additional 42 shares in the last quarter. Finally, PayPay Securities Corp boosted its stake in shares of Meta Platforms by 65.2% in the 3rd quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock valued at $33,000 after purchasing an additional 43 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Up 0.5 %

Shares of Meta Platforms stock traded up $2.11 during trading hours on Thursday, hitting $441.30. 12,373,348 shares of the company’s stock traded hands, compared to its average volume of 18,377,000. The stock has a 50 day simple moving average of $492.25 and a 200-day simple moving average of $407.19. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.13 trillion, a PE ratio of 25.32, a PEG ratio of 1.12 and a beta of 1.21. Meta Platforms, Inc. has a twelve month low of $229.85 and a twelve month high of $531.49.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The business had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. Equities research analysts anticipate that Meta Platforms, Inc. will post 20.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $441.54, for a total transaction of $216,354.60. Following the sale, the chief operating officer now owns 6,599 shares of the company’s stock, valued at $2,913,722.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $491.25, for a total value of $287,381.25. Following the transaction, the insider now owns 37,228 shares in the company, valued at $18,288,255. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $441.54, for a total transaction of $216,354.60. Following the transaction, the chief operating officer now owns 6,599 shares in the company, valued at $2,913,722.46. The disclosure for this sale can be found here. Insiders have sold 1,257,291 shares of company stock valued at $612,916,087 over the last quarter. Insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on META. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Thursday, April 25th. Wells Fargo & Company cut their price objective on shares of Meta Platforms from $609.00 to $600.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. Royal Bank of Canada cut their price target on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Susquehanna boosted their price target on shares of Meta Platforms from $400.00 to $550.00 and gave the stock a “positive” rating in a report on Friday, February 2nd. Finally, Sanford C. Bernstein cut their price target on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $509.80.

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.