Connable Office Inc. Sells 1,064 Shares of Meta Platforms, Inc. (NASDAQ:META)

Connable Office Inc. decreased its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 13.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,876 shares of the social networking company's stock after selling 1,064 shares during the period. Connable Office Inc.'s holdings in Meta Platforms were worth $3,963,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Inlight Wealth Management LLC bought a new position in Meta Platforms in the 1st quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Meta Platforms in the 1st quarter valued at approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Meta Platforms in the 1st quarter valued at approximately $33,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms in the 4th quarter valued at approximately $45,000. Finally, JCIC Asset Management Inc. increased its position in Meta Platforms by 102.6% in the 1st quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock valued at $46,000 after acquiring an additional 40 shares during the period. Institutional investors own 79.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on META. Royal Bank Of Canada upped their price target on shares of Meta Platforms from $740.00 to $840.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Citizens Jmp upped their price target on shares of Meta Platforms from $750.00 to $900.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. HSBC upgraded shares of Meta Platforms from a "hold" rating to a "buy" rating and upped their price target for the company from $610.00 to $900.00 in a research report on Thursday, July 31st. Monness Crespi & Hardt upped their price target on shares of Meta Platforms from $780.00 to $860.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Susquehanna decreased their price objective on shares of Meta Platforms from $800.00 to $700.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $822.41.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 15,847 shares of Meta Platforms stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $753.43, for a total value of $11,939,605.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Andrew Bosworth sold 22,449 shares of the business's 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 transaction, the chief technology officer directly owned 1,183 shares of the company's stock, valued at approximately $753,393.55. This represents a 94.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 260,024 shares of company stock worth $188,466,159 over the last quarter. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Stock Performance

NASDAQ META opened at $761.83 on Friday. The company has a market capitalization of $1.92 trillion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 1.60 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.97 and a current ratio of 1.97. The company has a 50-day simple moving average of $711.99 and a 200 day simple moving average of $649.96. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $784.75.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, topping the consensus estimate of $5.75 by $1.39. The firm had revenue of $47.52 billion during the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The company's revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $5.16 earnings per share. On average, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is presently 7.60%.

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.

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