Frank Rimerman Advisors LLC Purchases 1,632 Shares of Meta Platforms, Inc. (NASDAQ:META)

Key Points

• Frank Rimerman Advisors LLC increased its holdings in Meta Platforms, Inc. by 4.4%, now owning 38,869 shares valued at approximately $22.4 million, making it the fund's 12th largest position.
• Recent analyst reports have shown a generally positive outlook for Meta, with multiple firms raising their target prices, leading to a consensus rating of "Moderate Buy" and a target price of $822.41.
• Meta's shares recently traded down 1.3% to $780.08, with the company reporting strong quarterly earnings, including earnings per share of $7.14 and a revenue increase of 21.6% year-over-year.

Frank Rimerman Advisors LLC grew its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,869 shares of the social networking company's stock after purchasing an additional 1,632 shares during the quarter. Meta Platforms accounts for about 1.8% of Frank Rimerman Advisors LLC's holdings, making the stock its 12th biggest holding. Frank Rimerman Advisors LLC's holdings in Meta Platforms were worth $22,403,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in META. Brighton Jones LLC raised its holdings in Meta Platforms by 1.7% during the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after purchasing an additional 570 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in 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 buying an additional 875 shares during the period. Bank Pictet & Cie Europe AG increased its stake in 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 buying an additional 7,587 shares during the period. Highview Capital Management LLC DE boosted its position in shares of Meta Platforms by 3.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock worth $3,624,000 after purchasing an additional 218 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Meta Platforms in the 4th quarter valued at about $2,243,603,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wedbush increased their price objective on shares of Meta Platforms from $750.00 to $920.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Barclays increased their price objective on shares of Meta Platforms from $640.00 to $810.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Robert W. Baird raised their price target on shares of Meta Platforms from $635.00 to $740.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. TD Cowen raised their price objective on Meta Platforms from $800.00 to $875.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company raised their price objective on Meta Platforms from $783.00 to $811.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Four research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $822.41.

Meta Platforms Stock Performance

Shares of META traded up $4.22 on Friday, reaching $786.35. 8,081,036 shares of the stock traded hands, compared to its average volume of 15,297,497. The stock's 50-day moving average price is $722.68 and its 200-day moving average price is $654.81. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $796.25. The firm has a market cap of $1.98 trillion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 1.62 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.97 and a quick ratio of 1.97.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.75 by $1.39. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The business had revenue of $47.52 billion for the quarter, compared to analyst estimates of $44.55 billion. During the same quarter in the prior year, the firm posted $5.16 earnings per share. The firm's revenue for the quarter was up 21.6% compared to the same quarter last year. Equities analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

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

Insiders Place Their Bets

In other Meta Platforms news, COO Javier Olivan sold 517 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $770.00, for a total value of $398,090.00. Following the completion of the transaction, the chief operating officer directly owned 4,751 shares in the company, valued at $3,658,270. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 515 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $776.38, for a total value of $399,835.70. Following the completion of the transaction, the insider owned 25,035 shares of the company's stock, valued at approximately $19,436,673.30. This represents a 2.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 269,243 shares of company stock worth $200,605,051. 13.61% of the stock is owned by company insiders.

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.