Exchange Traded Concepts LLC has cut its position in shares of Meta Platforms, Inc. by 30.2% during the first quarter of 2023, according to its recent disclosure with the Securities and Exchange Commission (SEC). Despite this move, Meta Platforms remains a key investment position as it comprises around 0.7% of Exchange Traded Concepts LLC’s investment portfolio and is the ninth largest holding. At the end of this period, Exchange Traded Concepts LLC’s holdings in Meta Platforms were worth $26,438,000.
Meta Platforms is a social networking company that develops products enabling people to connect and share with friends and family through different means including mobile devices, personal computers, virtual reality headsets, and wearables worldwide. Its operations are divided into two segments: The Family of Apps segment offers Facebook, Instagram, Messenger and WhatsApp; while its Reality Labs segment deals with VR Headset Development.
Several analysts have commented on Meta Platform’s progress recently noting improvements in the company’s performance over time. Stifel Nicolaus upgraded their price target for Meta Platforms from $230 to $280 per share while also giving the company a “buy” rating in April 2023. Similarly, Bank of America also raised their price target from $300 to $320 per share of Meta Platforms last month. Piper Sandler analysts boosted their price target from $270 to $310 per share while Credit Suisse increased theirs from $251 to $277 per share stating their keen interest on continued growth which indicates a bright future for Meta Platform’s investors.
Despite receiving three sell ratings among eight hold ratings and an impressive forty buy ratings along with one strong buy rating so far in 2023 by research analysts according to data from Bloomberg; there still exists an average rating of “Moderate Buy” for this stock which effectively secures it as one of Wall Street’s most exciting prospects going forward. In conclusion investors need not be dissuaded by the cut in position and instead should look towards the future with optimism.
[bs_slider_forecast ticker=”META”]
Meta Platforms Attracts Institutional Investors, Continues to Flourish
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”META” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Meta Platforms Continues to Attract Institutional Investors
Meta Platforms, Inc. has recently drawn attention from institutional investors and hedge funds alike. Geode Capital Management LLC, Norges Bank, Price T Rowe Associates Inc. MD, Morgan Stanley, and Moneta Group Investment Advisors LLC are among those who have modified their holdings and bought new stakes in Meta Platforms during the fourth quarter of 2023.
Geode Capital Management LLC alone has bought a new stake in shares of Meta Platforms valued at approximately $5,424,543,000 during this period. In total, institutional investors currently own 62.54% of the company’s stock.
In related news, insider Jennifer Newstead sold 393 shares of the stock in March 2023 at an average price of $200.00 per share for a total transaction of $78,600.00. The company’s COO Javier Olivan also sold 7,640 shares of the firm’s stock in May 2023 at an average price of $233.81 per share for a total value of $1,786,308.40.
Despite these minor sales by insiders, Meta Platforms’ stock continues to rise with an opening price of $281.64 on Thursday and a market capitalization of $721.77 billion as June approaches.
The company engages in developing products that allow people to connect and share with friends and family through personal computers, virtual reality headsets, mobile devices and wearables worldwide. Its two main segments are ‘Family Of Apps’ that include Facebook where people can share interests; Instagram that is ideal for sharing private messages and videos; Messenger – a messaging app or audio-visual calls; WhatsApp messenger used by individuals and businesses to transact privately among other services.
On Wednesday April 26th 2023 Meta Platforms reported its quarterly earnings results detailing revenues amounting to $28.65 billion thus beating analysts’ expectations totaling $27.49 billion. The company’s earnings per share stood at $2.64 beating the consensus estimate of $1.96 by $0.68 through the return on equity amounting to 20.67% and net margin of 18.27%. Sell-side analytics had predicted that Meta Platforms, Inc. will post an average of 11.94 earnings per share for the current fiscal year.
Meta Platforms seems poised to take on the future with force as it continues to attract large investors despite insider sales and keep well ahead of societal trends with their services aimed at bringing people closer than ever before in our increasingly digital world.
With its impressive market capitalization and the backing of significant investors, Meta Platforms looks set to soar even higher in the years ahead as their products continue to revolutionize how we connect with each other in this digital age.
