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Geneos Wealth Management Inc. Trims Holdings in Meta Platforms, Inc. (NASDAQ:META)

Geneos Wealth Management Inc. cut its stake in Meta Platforms, Inc. (NASDAQ:METAGet Rating) by 14.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 39,247 shares of the social networking company’s stock after selling 6,519 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Meta Platforms were worth $8,726,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Certified Advisory Corp grew its position in Meta Platforms by 3.8% during the fourth quarter. Certified Advisory Corp now owns 1,341 shares of the social networking company’s stock worth $451,000 after buying an additional 49 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its position in Meta Platforms by 4.0% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 1,305 shares of the social networking company’s stock worth $439,000 after buying an additional 50 shares in the last quarter. Auxier Asset Management grew its position in Meta Platforms by 0.3% during the fourth quarter. Auxier Asset Management now owns 15,035 shares of the social networking company’s stock worth $5,057,000 after buying an additional 50 shares in the last quarter. Opes Wealth Management LLC grew its position in Meta Platforms by 5.2% during the first quarter. Opes Wealth Management LLC now owns 1,011 shares of the social networking company’s stock worth $225,000 after buying an additional 50 shares in the last quarter. Finally, NTV Asset Management LLC grew its position in Meta Platforms by 0.7% during the first quarter. NTV Asset Management LLC now owns 7,203 shares of the social networking company’s stock worth $1,602,000 after buying an additional 50 shares in the last quarter. 61.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on META shares. Barclays reduced their target price on Meta Platforms from $370.00 to $280.00 and set an “overweight” rating for the company in a research report on Tuesday, July 5th. Piper Sandler reduced their target price on Meta Platforms from $190.00 to $175.00 and set a “neutral” rating for the company in a research report on Monday. Mizuho dropped their price target on Meta Platforms from $325.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, July 25th. Truist Financial dropped their price target on Meta Platforms from $320.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Meta Platforms from $265.00 to $235.00 in a research note on Thursday, July 21st. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $254.46.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 342 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $169.90, for a total transaction of $58,105.80. Following the completion of the transaction, the insider now owns 18,431 shares of the company’s stock, valued at approximately $3,131,426.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Jennifer Newstead sold 342 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $169.90, for a total transaction of $58,105.80. Following the completion of the transaction, the insider now owns 18,431 shares of the company’s stock, valued at approximately $3,131,426.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Andrew Bosworth sold 11,718 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $180.50, for a total value of $2,115,099.00. Following the transaction, the chief technology officer now directly owns 14,671 shares of the company’s stock, valued at approximately $2,648,115.50. The disclosure for this sale can be found here. Insiders sold a total of 47,592 shares of company stock valued at $8,462,928 in the last 90 days. Corporate insiders own 13.59% of the company’s stock.

Meta Platforms Stock Performance

META stock opened at $168.96 on Tuesday. Meta Platforms, Inc. has a fifty-two week low of $154.25 and a fifty-two week high of $381.75. The business’s 50 day moving average price is $167.95 and its two-hundred day moving average price is $173.52. The company has a market capitalization of $454.09 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 2.24 and a beta of 1.30.

Meta Platforms (NASDAQ:METAGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The social networking company reported $2.46 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.04). Meta Platforms had a return on equity of 26.52% and a net margin of 28.16%. The company had revenue of $28.82 billion during the quarter, compared to analysts’ expectations of $28.95 billion. During the same quarter in the previous year, the company earned $3.61 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts forecast that Meta Platforms, Inc. will post 9.59 earnings per share for the current year.

About Meta Platforms

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Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment’s products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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