Coastal Bridge Advisors LLC has reduced its investment in Meta Platforms, Inc. (NASDAQ:META) by 4.5% during the third quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 19,197 shares after selling 910 shares in this period. This reduction means that Meta represents approximately 1.1% of Coastal Bridge Advisors’ portfolio, making it the firm’s 17th largest holding. The value of these holdings was reported at $14,098,000.
Other institutional investors have also made notable changes to their positions in Meta. For instance, Bay Colony Advisory Group Inc increased its stake by 0.4% during the second quarter, now owning 3,506 shares valued at $2,587,000. Similarly, Hemington Wealth Management raised its position by 0.6%, acquiring a total of 2,223 shares worth $1,641,000. Meanwhile, Vista Capital Partners Inc. boosted its holdings by 1.3%, bringing its total to 1,075 shares valued at $794,000.
The trend among institutional investors indicates a broader interest in Meta. As of the latest data, institutional ownership accounts for 79.91% of the company’s stock.
Analyst Ratings Reflect Optimism for Meta
Meta Platforms has drawn attention from various research analysts, many of whom have issued positive ratings. TD Cowen reaffirmed a “buy” rating, while Mizuho raised its price target from $815.00 to $850.00, assigning an “outperform” rating. Other firms such as Royal Bank of Canada and Sanford C. Bernstein have echoed similar sentiments, with price objectives set at $810.00 and $900.00, respectively.
Overall, four analysts have rated Meta with a Strong Buy, while forty have assigned a Buy rating, and seven have indicated a Hold status. According to MarketBeat, the stock carries an average rating of “Moderate Buy” with a consensus price target of $847.40.
Recent Developments and Market Sentiment
Several key developments have influenced sentiment around Meta Platforms. Analysts and media commentators, including Jim Cramer, highlight the company’s advancements in artificial intelligence (AI), suggesting that Meta is well-positioned to leverage AI technologies effectively. The company’s investments in AI infrastructure and its strong performance in monetizing AI-driven features appear promising for its future revenue streams.
Nevertheless, mixed institutional moves reflect a cautious approach among some funds. For example, while some investors like First Eagle have reduced their stakes, others such as Alecta and Davis have increased theirs. This divergence indicates a blend of profit-taking and ongoing conviction in Meta’s long-term prospects.
On the regulatory front, Meta faces scrutiny over its data collection practices, raising potential legal challenges. Reports have emerged questioning the legality of its methods, echoing past controversies that could affect its reputation in key markets.
In terms of stock performance, Meta shares opened at $661.46 recently, contributing to a market capitalization of $1.67 trillion. The company has experienced a price-to-earnings ratio of 28.15 and a P/E/G ratio of 1.14, with a beta of 1.28. Over the past year, Meta’s stock has fluctuated between a low of $479.80 and a high of $796.25.
In recent earnings results, Meta reported an earnings per share (EPS) of $8.88, surpassing analyst expectations by $0.72. Quarterly revenue reached $59.89 billion, exceeding forecasts of $58.33 billion. The company’s performance reflects a 23.8% increase compared to the same quarter last year.
Meta also announced a quarterly dividend of $0.525 per share, which was paid on December 23, 2023. This dividend corresponds to an annualized yield of 0.3% and demonstrates the company’s commitment to returning value to its shareholders.
As the landscape around Meta continues to evolve, investor sentiment and institutional engagement will play vital roles in shaping the company’s trajectory in the coming quarters.
