Avaii Wealth Management LLC Sells 1,055 Shares of Meta Platforms, Inc. (NASDAQ:META)

Avaii Wealth Management LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,617 shares of the social networking company's stock after selling 1,055 shares during the quarter. Meta Platforms makes up 3.3% of Avaii Wealth Management LLC's investment portfolio, making the stock its 10th largest position. Avaii Wealth Management LLC's holdings in Meta Platforms were worth $6,119,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of META. Norges Bank acquired a new stake in shares of Meta Platforms in the 4th quarter valued at $19,949,512,000. GAMMA Investing LLC grew its position in shares of Meta Platforms by 67,172.9% in the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock valued at $13,517,178,000 after buying an additional 23,417,803 shares during the last quarter. Proficio Capital Partners LLC grew its position in shares of Meta Platforms by 78,471.1% in the 4th quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock valued at $3,658,713,000 after buying an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Meta Platforms in the 4th quarter valued at $2,243,603,000. Finally, Northern Trust Corp grew its position in shares of Meta Platforms by 13.5% in the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock valued at $13,727,613,000 after buying an additional 2,787,832 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

Shares of META stock opened at $682.87 on Monday. The company has a market capitalization of $1.72 trillion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26. The firm has a fifty day simple moving average of $604.07 and a 200-day simple moving average of $619.96. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm 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. The firm's revenue was up 16.1% compared to the same quarter last year. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.31%. Meta Platforms's dividend payout ratio (DPR) is 8.19%.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 7,802 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $701.96, for a total value of $5,476,691.92. Following the transaction, the chief executive officer now directly owns 110,477 shares in the company, valued at approximately $77,550,434.92. This trade represents a 6.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Susan J. Li sold 6,874 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the completion of the transaction, the chief financial officer now owns 70,040 shares in the company, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,593 shares of company stock worth $56,008,477. 13.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on META shares. Benchmark dropped their target price on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Susquehanna lowered their price objective on shares of Meta Platforms from $800.00 to $700.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Scotiabank lowered their price objective on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. Roth Capital raised their price objective on shares of Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $676.00 price objective on shares of Meta Platforms in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $704.26.

Meta Platforms Company 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.

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