OAKMONT Corp Purchases Shares of 11,571 Meta Platforms, Inc. (NASDAQ:META)

OAKMONT Corp purchased a new stake in Meta Platforms, Inc. (NASDAQ:META) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,571 shares of the social networking company’s stock, valued at approximately $5,834,000. Meta Platforms makes up approximately 1.3% of OAKMONT Corp’s investment portfolio, making the stock its 11th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of META. Norges Bank acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $11,285,855,000. Capital Research Global Investors increased its position in shares of Meta Platforms by 17.2% during the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management raised its stake in shares of Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Meta Platforms by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after buying an additional 3,104,550 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on META. Susquehanna increased their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. KeyCorp raised their target price on shares of Meta Platforms from $540.00 to $560.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Truist Financial boosted their price target on Meta Platforms from $535.00 to $570.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Wednesday. Finally, Loop Capital boosted their target price on Meta Platforms from $550.00 to $575.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $574.41.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $500.00, for a total value of $452,500.00. Following the completion of the transaction, the insider now owns 40,560 shares of the company’s stock, valued at approximately $20,280,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $500.00, for a total transaction of $452,500.00. Following the sale, the insider now directly owns 40,560 shares of the company’s stock, valued at $20,280,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $521.35, for a total value of $215,317.55. Following the completion of the transaction, the chief operating officer now directly owns 14,011 shares of the company’s stock, valued at approximately $7,304,634.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 390,072 shares of company stock worth $201,913,948. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Up 0.2 %

META stock opened at $512.74 on Thursday. The firm has a 50-day moving average price of $505.31 and a 200-day moving average price of $493.77. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 29.45, a price-to-earnings-growth ratio of 1.29 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.23 EPS. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 21.3 EPS for the current fiscal year.

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.