Boothe Investment Group Inc. Sells 1,968 Shares of Meta Platforms, Inc. (NASDAQ:META)

Boothe Investment Group Inc. cut its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 17.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,445 shares of the social networking company's stock after selling 1,968 shares during the quarter. Meta Platforms accounts for 2.5% of Boothe Investment Group Inc.'s portfolio, making the stock its 17th largest position. Boothe Investment Group Inc.'s holdings in Meta Platforms were worth $5,444,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity

In other Meta Platforms news, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the sale, the chief technology officer now owns 1,183 shares of the company's stock, valued at $753,393.55. The trade was a 94.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Javier Olivan sold 406 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the transaction, the chief operating officer now owns 4,608 shares of the company's stock, valued at approximately $2,265,707.52. This represents a 8.10% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,031 shares of company stock valued at $73,954,565. 13.61% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Barclays reduced their price target on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Morgan Stanley increased their price target on shares of Meta Platforms from $615.00 to $650.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Wedbush increased their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Benchmark reduced their price target on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $710.00.

Meta Platforms Stock Performance

Shares of META traded down $13.42 during mid-day trading on Friday, hitting $682.35. The company's stock had a trading volume of 22,498,010 shares, compared to its average volume of 14,512,174. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The firm has a market capitalization of $1.72 trillion, a PE ratio of 26.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.26. The stock's 50-day moving average is $618.10 and its two-hundred day moving average is $623.14.

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

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a $0.525 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. Meta Platforms's dividend payout ratio is 8.19%.

About Meta Platforms

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.