Pacific Sun Financial Corp Acquires New Holdings in Meta Platforms, Inc. (NASDAQ:META)

Pacific Sun Financial Corp acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,383 shares of the social networking company’s stock, valued at approximately $717,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ullmann Wealth Partners Group LLC bought a new stake in Meta Platforms in the second quarter worth about $258,000. LifePro Asset Management bought a new stake in Meta Platforms in the second quarter worth about $446,000. Worth Asset Management LLC raised its position in Meta Platforms by 218.0% in the second quarter. Worth Asset Management LLC now owns 388 shares of the social networking company’s stock worth $111,000 after acquiring an additional 266 shares in the last quarter. Curran Financial Partners LLC acquired a new stake in Meta Platforms during the 2nd quarter worth about $223,000. Finally, Harbor Capital Advisors Inc. raised its holdings in Meta Platforms by 3.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 27,787 shares of the social networking company’s stock worth $7,974,000 after buying an additional 957 shares during the period. 62.87% of the stock is currently owned by institutional investors.

Meta Platforms Stock Up 0.7 %

Shares of NASDAQ META opened at $302.55 on Tuesday. The stock has a market cap of $778.51 billion, a PE ratio of 35.26, a PEG ratio of 0.99 and a beta of 1.23. The business has a fifty day moving average of $302.40 and a two-hundred day moving average of $260.80. Meta Platforms, Inc. has a 52-week low of $88.09 and a 52-week high of $326.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.36. Meta Platforms had a return on equity of 21.72% and a net margin of 18.70%. The company had revenue of $32 billion during the quarter, compared to analyst estimates of $30.91 billion. As a group, equities research analysts expect that Meta Platforms, Inc. will post 13.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

META has been the topic of several recent analyst reports. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Wednesday, August 2nd. Loop Capital boosted their price objective on Meta Platforms from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, August 18th. Credit Suisse Group boosted their price objective on Meta Platforms from $361.00 to $407.00 in a report on Thursday, July 27th. JMP Securities lifted their target price on Meta Platforms from $350.00 to $380.00 and gave the company a “market outperform” rating in a research note on Thursday, July 27th. Finally, Piper Sandler lifted their target price on Meta Platforms from $310.00 to $365.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $319.79.

Insider Activity

In other news, insider Jennifer Newstead sold 722 shares of the firm’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $282.00, for a total value of $203,604.00. Following the completion of the sale, the insider now directly owns 34,478 shares in the company, valued at $9,722,796. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Susan J. Li sold 10,643 shares of Meta Platforms stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $306.19, for a total value of $3,258,780.17. Following the completion of the sale, the chief financial officer now directly owns 91,617 shares in the company, valued at $28,052,209.23. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 722 shares of Meta Platforms stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $282.00, for a total value of $203,604.00. Following the completion of the sale, the insider now owns 34,478 shares of the company’s stock, valued at $9,722,796. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,457 shares of company stock worth $12,273,577. 14.03% of the stock is owned by corporate insiders.

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.