Elite Wealth Management Inc. Buys 2,348 Shares of Meta Platforms, Inc. (NASDAQ:META)

Elite Wealth Management Inc. boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,726 shares of the social networking company's stock after purchasing an additional 2,348 shares during the quarter. Meta Platforms comprises 1.9% of Elite Wealth Management Inc.'s holdings, making the stock its 5th biggest position. Elite Wealth Management Inc.'s holdings in Meta Platforms were worth $14,827,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Meta Platforms by 1.7% in the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock valued at $20,230,000 after acquiring an additional 570 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Meta Platforms by 10.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock valued at $5,537,000 after acquiring an additional 875 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of Meta Platforms by 3.5% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock valued at $129,666,000 after acquiring an additional 7,587 shares during the last quarter. Highview Capital Management LLC DE increased its stake in shares of Meta Platforms by 3.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock valued at $3,624,000 after acquiring an additional 218 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Meta Platforms in the 4th quarter valued at about $2,243,603,000. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Performance

META traded up $2.87 during trading hours on Friday, reaching $704.28. The company's stock had a trading volume of 12,743,944 shares, compared to its average volume of 14,336,421. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $747.90. The company's 50-day moving average is $686.09 and its 200-day moving average is $638.34. 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 cap of $1.77 trillion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 1.72 and a beta of 1.28.

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

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Guggenheim upped their price target on Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Roth Capital boosted their price objective on Meta Platforms from $620.00 to $740.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Oppenheimer boosted their price objective on Meta Platforms from $665.00 to $775.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Piper Sandler reiterated an "overweight" rating and issued a $808.00 price objective (up from $650.00) on shares of Meta Platforms in a research report on Friday, June 27th. Finally, Monness Crespi & Hardt boosted their price objective on Meta Platforms from $775.00 to $780.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms presently has a consensus rating of "Moderate Buy" and an average target price of $736.05.

Insiders Place Their Bets

In other Meta Platforms news, Director Robert M. Kimmitt sold 465 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $723.08, for a total transaction of $336,232.20. Following the transaction, the director owned 9,342 shares in the company, valued at $6,755,013.36. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Javier Olivan sold 517 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $717.50, for a total value of $370,947.50. Following the transaction, the chief operating officer owned 6,819 shares in the company, valued at $4,892,632.50. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 153,764 shares of company stock worth $105,721,208 in the last quarter. 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.