Fortis Capital Management LLC Has $13.86 Million Stock Position in Meta Platforms, Inc. $META

Fortis Capital Management LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 11.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,226 shares of the social networking company's stock after acquiring an additional 2,428 shares during the period. Meta Platforms comprises 1.4% of Fortis Capital Management LLC's holdings, making the stock its 9th largest holding. Fortis Capital Management LLC's holdings in Meta Platforms were worth $13,861,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in META. RHL Group LLC bought a new position in shares of Meta Platforms in the 4th quarter valued at $28,000. Strategic Wealth Advisors LLC bought a new stake in shares of Meta Platforms during the 4th quarter worth $29,000. Niles Investment Management LLC bought a new stake in shares of Meta Platforms during the 4th quarter worth $29,000. Bayban boosted its stake in Meta Platforms by 100.0% in the first quarter. Bayban now owns 70 shares of the social networking company's stock valued at $40,000 after buying an additional 35 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC bought a new position in Meta Platforms in the fourth quarter valued at about $42,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Meta Platforms

In other news, CTO Andrew Bosworth sold 7,847 shares of the firm's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $607.83, for a total transaction of $4,769,642.01. Following the completion of the transaction, the chief technology officer owned 414 shares of the company's stock, valued at approximately $251,641.62. This trade represents a 94.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Susan J. Li sold 9,195 shares of Meta Platforms stock in a transaction on Monday, May 18th. The stock was sold at an average price of $607.84, for a total transaction of $5,589,088.80. Following the transaction, the chief financial officer owned 13,186 shares in the company, valued at approximately $8,014,978.24. This trade represents a 41.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 37,948 shares of company stock valued at $23,184,319. Insiders own 13.53% of the company's stock.

Meta Platforms Stock Performance

NASDAQ:META opened at $595.19 on Friday. The stock has a market cap of $1.51 trillion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 1.01 and a beta of 1.25. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.24. The stock's 50-day moving average is $604.51 and its 200-day moving average is $625.76. Meta Platforms, Inc. has a 1-year low of $520.26 and a 1-year high of $796.25.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.67 by $3.77. The company had revenue of $56.31 billion during the quarter, compared to the consensus estimate of $55.56 billion. Meta Platforms had a return on equity of 36.93% and a net margin of 32.84%.The firm's revenue was up 33.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.43 earnings per share. Equities research analysts anticipate that Meta Platforms, Inc. will post 29.49 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Monday, June 15th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, June 15th. Meta Platforms's dividend payout ratio is 7.63%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Rothschild & Co Redburn increased their target price on shares of Meta Platforms from $900.00 to $1,000.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Raymond James Financial upped their price objective on shares of Meta Platforms from $825.00 to $850.00 and gave the stock a "strong-buy" rating in a research report on Tuesday. UBS Group dropped their price objective on shares of Meta Platforms from $865.00 to $766.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Wall Street Zen lowered shares of Meta Platforms from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Citigroup reaffirmed a "strong-buy" rating on shares of Meta Platforms in a research note on Tuesday. Five equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $835.64.

Trending Headlines about Meta Platforms

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: A new free verification badge system for Facebook users, which may improve trust and platform quality. Fast Company article
• Positive Sentiment: A dedicated Marketplace seller app with tools for merchants, aimed at making Facebook commerce more useful and organized. Reuters article
• Positive Sentiment: Wall Street commentary remained constructive, with articles highlighting Meta as a strong momentum stock and a potentially attractive AI-era value name.
• Positive Sentiment: Analyst sentiment stayed favorable, including a report that Wells Fargo raised its price target on Meta to $835.00.

Meta Platforms Company Profile

Meta Platforms, Inc NASDAQ: META, formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta's core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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