2,400 Shares in Meta Platforms, Inc. (NASDAQ:META) Acquired by Connective Portfolio Management LLC

Connective Portfolio Management LLC purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,400 shares of the social networking company's stock, valued at approximately $1,383,000. Meta Platforms comprises 4.7% of Connective Portfolio Management LLC's investment portfolio, making the stock its 8th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in META. Suvretta Capital Management LLC boosted its holdings in Meta Platforms by 1.1% during the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP lifted its position in shares of Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after buying an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new position in shares of Meta Platforms during the 4th quarter worth approximately $459,000. Kovitz Investment Group Partners LLC boosted its stake in shares of Meta Platforms by 255.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after buying an additional 1,229,350 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Meta Platforms by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock valued at $3,908,382,000 after acquiring an additional 110,040 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Price Performance

Shares of NASDAQ META traded up $17.41 during midday trading on Thursday, hitting $726.09. 13,940,515 shares of the company's stock were exchanged, compared to its average volume of 14,508,862. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The business's fifty day moving average price is $633.87 and its two-hundred day moving average price is $625.73. The company has a market cap of $1.83 trillion, a price-to-earnings ratio of 28.32, a PEG ratio of 1.74 and a beta of 1.26. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91.

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

Meta Platforms Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company reiterated an "overweight" rating and set a $664.00 price target on shares of Meta Platforms in a report on Tuesday, June 17th. JMP Securities reiterated a "market outperform" rating and set a $750.00 target price on shares of Meta Platforms in a research note on Wednesday, April 30th. Wedbush increased their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Scotiabank decreased their price objective on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a report on Monday, April 21st. Finally, Truist Financial boosted their target price on shares of Meta Platforms from $700.00 to $720.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Meta Platforms currently has a consensus rating of "Moderate Buy" and an average price target of $715.76.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 13,793 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $710.24, for a total value of $9,796,340.32. Following the completion of the sale, the chief executive officer now owns 57,533 shares of the company's stock, valued at $40,862,237.92. This represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Newstead sold 519 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $704.89, for a total transaction of $365,837.91. Following the transaction, the insider now directly owns 28,145 shares in the company, valued at $19,839,129.05. This trade represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 124,831 shares of company stock valued at $83,868,872 over the last 90 days. 13.61% of the stock is owned by insiders.

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.