Waterfront Wealth Inc. Makes New $206,000 Investment in Meta Platforms, Inc. (NASDAQ:META)

Waterfront Wealth Inc. bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 409 shares of the social networking company’s stock, valued at approximately $206,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of META. Vantage Financial Partners LLC lifted its stake in shares of Meta Platforms by 3.2% in the fourth quarter. Vantage Financial Partners LLC now owns 1,323 shares of the social networking company’s stock valued at $468,000 after purchasing an additional 41 shares during the period. Concentrum Wealth Management grew its holdings in 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 valued at $2,616,000 after buying an additional 3,888,308 shares during the last quarter. Aveo Capital Partners LLC boosted its stake in shares of Meta Platforms by 45.7% during the fourth quarter. Aveo Capital Partners LLC now owns 2,302 shares of the social networking company’s stock valued at $815,000 after acquiring an additional 722 shares during the last quarter. 9258 Wealth Management LLC raised its position in shares of Meta Platforms by 66.4% in the fourth quarter. 9258 Wealth Management LLC now owns 3,993 shares of the social networking company’s stock valued at $1,413,000 after buying an additional 1,594 shares during the last quarter. Finally, Rollins Financial raised its holdings in Meta Platforms by 7.5% in the 4th quarter. Rollins Financial now owns 30,657 shares of the social networking company’s stock valued at $10,851,000 after acquiring an additional 2,133 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Shares of META opened at $512.74 on Thursday. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $544.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The stock has a market cap of $1.30 trillion, a price-to-earnings ratio of 29.45, a PEG ratio of 1.29 and a beta of 1.21. The company has a 50-day moving average of $505.31 and a two-hundred day moving average of $493.77.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on META. Royal Bank of Canada reiterated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a report on Thursday, August 1st. TD Securities increased their target price on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Jefferies Financial Group boosted their price objective on shares of Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Truist Financial increased their target price on Meta Platforms from $535.00 to $570.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America lifted their price target on Meta Platforms from $550.00 to $563.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $574.41.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the completion of the sale, the insider now directly owns 33,324 shares in the company, valued at $15,034,122.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jennifer Newstead sold 901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $451.15, for a total value of $406,486.15. Following the sale, the insider now directly owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Javier Olivan sold 413 shares of Meta Platforms stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total transaction of $221,747.96. Following the sale, the chief operating officer now owns 14,424 shares in the company, valued at approximately $7,744,534.08. The disclosure for this sale can be found here. Insiders have sold 390,072 shares of company stock worth $201,913,948 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

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.