Adirondack Trust Co. Has $3.07 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Adirondack Trust Co. grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,328 shares of the social networking company’s stock after buying an additional 105 shares during the quarter. Meta Platforms accounts for about 1.2% of Adirondack Trust Co.’s holdings, making the stock its 20th biggest position. Adirondack Trust Co.’s holdings in Meta Platforms were worth $3,071,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Suvretta Capital Management LLC boosted its holdings in Meta Platforms by 1.1% during the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company’s stock worth $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP raised its position in Meta Platforms by 130.9% in the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company’s stock worth $44,616,000 after acquiring an additional 43,200 shares during the period. Brueske Advisory Services LLC bought a new stake in Meta Platforms in the fourth quarter worth about $459,000. Apollon Financial LLC raised its position in Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company’s stock worth $866,000 after acquiring an additional 148 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in Meta Platforms by 255.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company’s stock worth $1,001,044,000 after acquiring an additional 1,229,350 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the transaction, the chief financial officer now owns 70,040 shares in the company, valued at $46,181,574.40. This represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the completion of the transaction, the chief technology officer now owns 16,463 shares in the company, valued at $10,855,043.68. This trade represents a 23.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,628 shares of company stock valued at $34,826,386 in the last 90 days. 13.61% of the stock is currently owned by insiders.

Meta Platforms Stock Up 0.2%

Shares of Meta Platforms stock opened at $643.58 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The company has a 50-day moving average of $577.74 and a 200 day moving average of $610.01. The firm has a market cap of $1.62 trillion, a price-to-earnings ratio of 26.91, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The company had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the prior year, the firm posted $4.71 EPS. Meta Platforms’s revenue for the quarter was up 16.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on META. Loop Capital lifted their price objective on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Piper Sandler lifted their price objective on shares of Meta Platforms from $610.00 to $650.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $740.00 price objective on shares of Meta Platforms in a research report on Thursday, May 1st. Pivotal Research lowered their price target on shares of Meta Platforms from $875.00 to $830.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, DA Davidson lowered their price target on shares of Meta Platforms from $800.00 to $650.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $701.05.

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.