HHR Asset Management LLC Reduces Position in Meta Platforms, Inc. (NASDAQ:META)

HHR Asset Management LLC decreased its holdings in Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 1.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 117,006 shares of the social networking company’s stock after selling 1,581 shares during the quarter. Meta Platforms accounts for approximately 4.7% of HHR Asset Management LLC’s investment portfolio, making the stock its 8th biggest holding. HHR Asset Management LLC’s holdings in Meta Platforms were worth $26,018,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in META. New World Advisors LLC grew its stake in Meta Platforms by 170.8% in the 3rd quarter. New World Advisors LLC now owns 2,248 shares of the social networking company’s stock valued at $730,000 after buying an additional 1,418 shares in the last quarter. Dark Forest Capital Management LP lifted its holdings in shares of Meta Platforms by 37.5% during the 3rd quarter. Dark Forest Capital Management LP now owns 242 shares of the social networking company’s stock worth $82,000 after acquiring an additional 66 shares during the last quarter. Crake Asset Management LLP raised its position in Meta Platforms by 44.2% in the 3rd quarter. Crake Asset Management LLP now owns 699,352 shares of the social networking company’s stock worth $237,353,000 after purchasing an additional 214,300 shares during the period. Colony Group LLC raised its position in Meta Platforms by 13.7% in the 3rd quarter. Colony Group LLC now owns 27,256 shares of the social networking company’s stock worth $9,250,000 after purchasing an additional 3,287 shares during the period. Finally, Studio Investment Management LLC purchased a new position in shares of Meta Platforms in the third quarter valued at about $455,000. 65.49% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently issued reports on META. Moffett Nathanson reduced their price target on shares of Meta Platforms to $280.00 in a research report on Thursday, May 26th. Evercore ISI dropped their target price on shares of Meta Platforms from $350.00 to $325.00 in a research note on Thursday, April 28th. MKM Partners dropped their target price on shares of Meta Platforms from $315.00 to $295.00 in a research note on Thursday, April 28th. Susquehanna decreased their price objective on shares of Meta Platforms from $375.00 to $290.00 in a report on Thursday, April 28th. Finally, TheStreet cut shares of Meta Platforms from a “b-” rating to a “c” rating in a report on Friday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus target price of $305.87.

In related news, CTO Andrew Bosworth sold 11,718 shares of the firm’s stock in a transaction on Sunday, May 15th. The stock was sold at an average price of $198.62, for a total transaction of $2,327,429.16. Following the completion of the sale, the chief technology officer now directly owns 11,913 shares of the company’s stock, valued at approximately $2,366,160.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Susan J.S. Taylor sold 1,420 shares of Meta Platforms stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $202.16, for a total value of $287,067.20. Following the completion of the sale, the chief accounting officer now directly owns 1,605 shares of the company’s stock, valued at $324,466.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,698 shares of company stock valued at $9,181,081. 13.59% of the stock is currently owned by corporate insiders.

Shares of NASDAQ META opened at $155.85 on Thursday. Meta Platforms, Inc. has a 12 month low of $155.44 and a 12 month high of $384.33. The company has a market cap of $421.78 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 1.23 and a beta of 1.37. The business has a fifty day simple moving average of $190.82 and a 200-day simple moving average of $239.46.

Meta Platforms (NASDAQ:METAGet Rating) last issued its earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.18. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. The company had revenue of $27.91 billion for the quarter, compared to analyst estimates of $28.21 billion. During the same period in the prior year, the firm posted $3.30 EPS. Research analysts anticipate that Meta Platforms, Inc. will post 11.63 earnings per share for the current fiscal year.

Meta Platforms Profile (Get Rating)

Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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