Stephens Inc. AR has expanded its investment in Meta Platforms, Inc. by 5.6% in the second quarter of 2023, as disclosed to the Securities and Exchange Commission (SEC). The firm now holds 84,687 shares of the social media giant, having acquired an additional 4,473 shares during the quarter. This investment is currently valued at approximately $62.51 million, making Meta Platforms the 18th largest holding in Stephens Inc. AR’s portfolio.
Several institutional investors have also adjusted their stakes in Meta. Among them, Kingstone Capital Partners Texas LLC saw a remarkable increase, growing its holding by 608,429.2% during the same period. The firm now owns 59,775,823 shares, valued at about $44.12 billion, following the purchase of an additional 59,766,000 shares.
Invesco Ltd. increased its holdings by 2.3% in the first quarter, now owning 17,669,795 shares worth approximately $10.18 billion. Similarly, Goldman Sachs Group Inc. raised its investment in Meta by 8.8%, bringing its total to 15,575,962 shares valued at $8.98 billion. Other significant stakeholders include UBS Asset Management, with 12,543,468 shares worth $7.23 billion, and Wellington Management Group LLP, which owns 10,041,171 shares valued at $5.79 billion.
Analyst Ratings and Market Performance
Currently, institutional investors and hedge funds hold approximately 79.91% of Meta’s stock. Recent reports from various brokerages reflect a positive outlook on Meta Platforms. On July 31, 2023, Wedbush raised its price target for Meta from $750.00 to $920.00 and assigned an “outperform” rating. The Goldman Sachs Group maintained a “buy” rating, while Barclays increased its target from $640.00 to $810.00.
As of recent evaluations, five analysts have given Meta a Strong Buy rating, 39 have rated it as a Buy, and four have issued a Hold rating. According to MarketBeat, the average rating stands at “Buy” with a target price of $829.66.
On October 29, 2023, Meta Platforms reported its quarterly earnings, revealing an earnings per share (EPS) of $7.25, surpassing analysts’ expectations of $6.74 by $0.51. The company’s revenue increased by 26.2% year-over-year, which showcases its strong market performance.
Insider Trading Activity
In related news, several insider transactions have taken place recently. On October 27, 2023, Chief Operating Officer Javier Olivan sold 517 shares at an average price of $749.57, totaling approximately $387,528. Following this sale, he retains 7,958 shares, valued at around $5.97 million, reflecting a 6.10% decrease in his ownership.
Additionally, Director Robert M. Kimmitt sold 465 shares on October 15, 2023, for a total of $333,391.05 at an average price of $716.97. Post-transaction, he owns 7,947 shares valued at $5.70 million, marking a 5.53% decrease in his holdings. Over the past three months, company insiders have sold a total of 213,663 shares valued at $164.60 million, with insiders now holding approximately 13.61% of the total stock.
As of now, Meta Platforms shares opened at $751.67 with a market capitalization of $1.89 trillion. The stock has maintained a PE ratio of 27.21 and a P/E/G ratio of 1.59. With a twelve-month low of $479.80 and a high of $796.25, the stock continues to attract significant investor interest.
This recent activity underscores the ongoing confidence in Meta Platforms, reflecting strong institutional backing and favorable analyst ratings as the company navigates its growth trajectory.
