Flagship Harbor Advisors LLC raised its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,805 shares of the social networking company's stock after purchasing an additional 1,049 shares during the period. Meta Platforms accounts for approximately 0.7% of Flagship Harbor Advisors LLC's holdings, making the stock its 27th biggest position. Flagship Harbor Advisors LLC's holdings in Meta Platforms were worth $13,720,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in META. Suvretta Capital Management LLC lifted its holdings in shares of Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares during the last quarter. Skye Global Management LP lifted its holdings in shares of Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after acquiring an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC bought a new position in shares of Meta Platforms in the 4th quarter valued at about $459,000. Kovitz Investment Group Partners LLC lifted its holdings 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 valued at $1,001,044,000 after acquiring an additional 1,229,350 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Meta Platforms by 1.7% in the 4th 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 during the last quarter. Institutional investors own 79.91% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have issued reports on META shares. KeyCorp raised their price objective on shares of Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Benchmark decreased their price objective on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Oppenheimer raised their price objective on shares of Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Wells Fargo & Company reissued an "overweight" rating and issued a $664.00 price objective on shares of Meta Platforms in a research note on Tuesday, June 17th. Finally, DA Davidson decreased their price objective on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.52.
Check Out Our Latest Stock Report on Meta Platforms
Insider Buying and Selling at Meta Platforms
In other Meta Platforms news, CEO Mark Zuckerberg sold 1,462 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $701.13, for a total value of $1,025,052.06. Following the completion of the sale, the chief executive officer now directly owns 139,538 shares in the company, valued at $97,834,277.94. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Javier Olivan sold 608 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $563.03, for a total transaction of $342,322.24. Following the completion of the sale, the chief operating officer now owns 6,230 shares of the company's stock, valued at approximately $3,507,676.90. This trade represents a 8.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 124,831 shares of company stock worth $83,868,872 over the last three months. Corporate insiders own 13.61% of the company's stock.
Meta Platforms Stock Up 1.0%
META stock traded up $7.54 during trading on Friday, hitting $733.63. 18,758,104 shares of the company's stock traded hands, compared to its average volume of 14,539,418. The firm has a market capitalization of $1.84 trillion, a P/E ratio of 28.61, a PEG ratio of 1.81 and a beta of 1.26. The business has a fifty day simple moving average of $638.51 and a two-hundred day simple moving average of $626.48. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91.
Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $42.31 billion for 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 was up 16.1% compared to the same quarter last year. During the same period last year, the company posted $4.71 earnings per share. Sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders 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 yield of 0.29%. Meta Platforms's dividend payout ratio (DPR) is 8.19%.
Meta Platforms Profile
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Free Report)
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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