Suvretta Capital Management LLC Acquires 1,850 Shares of Meta Platforms, Inc. (NASDAQ:META)

Suvretta Capital Management LLC increased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 170,338 shares of the social networking company’s stock after acquiring an additional 1,850 shares during the period. Meta Platforms comprises about 3.4% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 7th biggest position. Suvretta Capital Management LLC’s holdings in Meta Platforms were worth $99,735,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in META. Millstone Evans Group LLC acquired a new position in Meta Platforms in the fourth quarter valued at about $40,000. WealthTrak Capital Management LLC acquired a new position in Meta Platforms in the fourth quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms in the fourth quarter valued at about $45,000. Cordant Inc. acquired a new position in Meta Platforms in the fourth quarter valued at about $59,000. Finally, Conquis Financial LLC acquired a new position in Meta Platforms in the fourth quarter valued at about $59,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Javier Olivan sold 406 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now directly owns 4,608 shares of the company’s stock, valued at $2,265,707.52. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 19,668 shares of the stock in a transaction dated Wednesday, February 19th. The shares were 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 have sold 62,852 shares of company stock valued at $41,665,958 over the last ninety days. 13.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of Meta Platforms from $650.00 to $665.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Mizuho boosted their target price on shares of Meta Platforms from $675.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Citigroup boosted their target price on shares of Meta Platforms from $655.00 to $690.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Argus set a $775.00 target price on shares of Meta Platforms in a research note on Tuesday, February 4th. Finally, Bank of America boosted their target price on shares of Meta Platforms from $640.00 to $690.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $701.05.

Meta Platforms Stock Performance

NASDAQ META opened at $640.34 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average price is $571.37 and its two-hundred day moving average price is $606.72. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The firm has a market capitalization of $1.62 trillion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same period in the prior year, the firm posted $4.71 earnings per share. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. As a group, research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS 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.