Axxcess Wealth Management LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Axxcess Wealth Management LLC grew its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 12.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,663 shares of the social networking company's stock after acquiring an additional 5,724 shares during the quarter. Meta Platforms comprises 0.8% of Axxcess Wealth Management LLC's portfolio, making the stock its 27th biggest position. Axxcess Wealth Management LLC's holdings in Meta Platforms were worth $30,353,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Inlight Wealth Management LLC bought a new position in Meta Platforms during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in Meta Platforms during the 1st quarter worth approximately $28,000. Millstone Evans Group LLC bought a new position in Meta Platforms during the 4th quarter worth approximately $40,000. WealthTrak Capital Management LLC bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 79.91% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on META shares. Oppenheimer raised their target price on Meta Platforms from $665.00 to $775.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Benchmark lowered their target price on Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley raised their target price on Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. DA Davidson lowered their target price on Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Citigroup reiterated a "buy" rating on shares of Meta Platforms in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $736.05.

Insider Activity

In other news, CTO Andrew Bosworth sold 22,449 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer directly owned 1,183 shares of the company's stock, valued at $753,393.55. This represents a 94.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 6,874 shares of the firm's 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 $4,532,440.64. Following the completion of the transaction, the chief financial officer directly owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. This trade represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,780 shares of company stock worth $105,009,697. Company insiders own 13.61% of the company's stock.

Meta Platforms Price Performance

Shares of META stock traded up $0.38 during trading hours on Thursday, reaching $703.29. The company's stock had a trading volume of 3,836,478 shares, compared to its average volume of 14,390,537. The firm's 50 day simple moving average is $681.78 and its 200-day simple moving average is $636.39. The company has a market capitalization of $1.77 trillion, a price-to-earnings ratio of 27.41, a PEG ratio of 1.74 and a beta of 1.28. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The company had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter in the previous year, the firm posted $4.71 earnings per share. Meta Platforms's revenue for the quarter was up 16.1% on a year-over-year basis. Sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.30%. Meta Platforms's payout ratio is 8.19%.

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.