110,000 Shares in Meta Platforms, Inc. (NASDAQ:META) Purchased by Loews Corp

Loews Corp acquired a new stake in Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 110,000 shares of the social networking company’s stock, valued at approximately $13,237,000. Meta Platforms makes up about 0.1% of Loews Corp’s investment portfolio, making the stock its 9th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in META. Fairfield Bush & CO. bought a new stake in shares of Meta Platforms in the 1st quarter worth approximately $66,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Meta Platforms by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock valued at $499,020,000 after purchasing an additional 249,926 shares during the period. Ergoteles LLC grew its holdings in shares of Meta Platforms by 284.0% in the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after purchasing an additional 2,482 shares during the last quarter. First Western Trust Bank purchased a new position in shares of Meta Platforms in the first quarter worth $813,000. Finally, Oxford Financial Group Ltd. raised its holdings in Meta Platforms by 26.9% during the 1st quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock valued at $420,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 60.92% of the company’s stock.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $171.99, for a total transaction of $67,592.07. Following the completion of the transaction, the insider now owns 31,725 shares of the company’s stock, valued at $5,456,382.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Meta Platforms news, CTO Andrew Bosworth sold 8,032 shares of Meta Platforms stock in a transaction on Monday, May 15th. The shares were sold at an average price of $233.81, for a total value of $1,877,961.92. Following the completion of the transaction, the chief technology officer now owns 8,166 shares of the company’s stock, valued at $1,909,292.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 393 shares of Meta Platforms stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $171.99, for a total transaction of $67,592.07. Following the completion of the transaction, the insider now directly owns 31,725 shares of the company’s stock, valued at approximately $5,456,382.75. The disclosure for this sale can be found here. Insiders sold a total of 37,762 shares of company stock valued at $8,749,860 over the last 90 days. Insiders own 13.75% of the company’s stock.

Meta Platforms Stock Performance

Shares of NASDAQ:META traded up $6.59 on Friday, hitting $259.28. 12,532,623 shares of the company were exchanged, compared to its average volume of 28,532,498. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $259.84. The stock’s 50 day moving average price is $222.84 and its 200 day moving average price is $169.95. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $664.46 billion, a P/E ratio of 32.16, a price-to-earnings-growth ratio of 0.94 and a beta of 1.20.

Analysts Set New Price Targets

A number of research analysts recently issued reports on META shares. Argus raised Meta Platforms from a “hold” rating to a “buy” rating and set a $270.00 price target for the company in a research report on Wednesday, April 5th. Rosenblatt Securities lifted their price objective on Meta Platforms from $257.00 to $263.00 and gave the company a “buy” rating in a research report on Thursday, April 27th. Tigress Financial lifted their price objective on Meta Platforms from $260.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Friday, February 10th. Monness Crespi & Hardt lifted their price objective on Meta Platforms from $240.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, April 27th. Finally, Evercore ISI lifted their price objective on Meta Platforms from $305.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, April 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, forty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.87.

Meta Platforms Company Profile

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.