Carnegie Lake Advisors LLC Sells 385 Shares of Meta Platforms, Inc. (NASDAQ:META)

Carnegie Lake Advisors LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 19.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,635 shares of the social networking company's stock after selling 385 shares during the quarter. Carnegie Lake Advisors LLC's holdings in Meta Platforms were worth $942,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in Meta Platforms by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 49,181,127 shares of the social networking company's stock worth $28,719,970,000 after buying an additional 1,020,519 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Meta Platforms by 2.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 42,317,434 shares of the social networking company's stock worth $24,777,282,000 after acquiring an additional 1,049,121 shares in the last quarter. Capital World Investors raised its position in shares of Meta Platforms by 2.9% in the 4th quarter. Capital World Investors now owns 40,317,105 shares of the social networking company's stock worth $23,606,338,000 after acquiring an additional 1,141,355 shares in the last quarter. Norges Bank bought a new position in shares of Meta Platforms in the 4th quarter worth about $19,949,512,000. Finally, GAMMA Investing LLC raised its stake in Meta Platforms by 67,172.9% during the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock worth $13,517,178,000 after buying an additional 23,417,803 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Trading Down 0.3%

Shares of NASDAQ:META traded down $2.12 on Friday, reaching $712.68. 8,253,539 shares of the company traded hands, compared to its average volume of 10,556,341. The business's 50-day simple moving average is $692.48 and its 200 day simple moving average is $641.78. Meta Platforms, Inc. has a 52 week low of $450.80 and a 52 week high of $747.90. The stock has a market capitalization of $1.79 trillion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 1.71 and a beta of 1.28. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.

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

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms's payout ratio is presently 8.19%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Bank of America upped their price target on Meta Platforms from $690.00 to $765.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. TD Cowen upped their price target on Meta Platforms from $700.00 to $800.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $740.00 price target on shares of Meta Platforms in a research note on Thursday, May 1st. Rosenblatt Securities upped their price target on Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Truist Financial boosted their price objective on Meta Platforms from $700.00 to $720.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $752.33.

Insiders Place Their Bets

In related news, insider Jennifer Newstead sold 519 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $716.10, for a total value of $371,655.90. Following the sale, the insider directly owned 26,069 shares of the company's stock, valued at $18,668,010.90. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Javier Olivan sold 517 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $706.41, for a total value of $365,213.97. Following the completion of the sale, the chief operating officer directly owned 6,302 shares in the company, valued at $4,451,795.82. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 153,473 shares of company stock valued at $105,805,440 over the last three months. Company insiders own 13.61% of the company's stock.

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.