Ibex Wealth Advisors lessened its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 22.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,784 shares of the social networking company's stock after selling 4,871 shares during the quarter. Meta Platforms accounts for 1.3% of Ibex Wealth Advisors' investment portfolio, making the stock its 26th biggest position. Ibex Wealth Advisors' holdings in Meta Platforms were worth $9,674,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. Valley Financial Group Inc. grew its position in shares of Meta Platforms by 2.4% during the 4th quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock valued at $344,000 after buying an additional 14 shares during the last quarter. Lantern Wealth Advisors LLC boosted its position in shares of Meta Platforms by 0.5% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company's stock worth $1,743,000 after buying an additional 14 shares during the period. Seelaus Asset Management LLC increased its position in Meta Platforms by 0.9% in the 4th quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company's stock valued at $960,000 after acquiring an additional 15 shares during the period. Meredith Wealth Planning boosted its position in Meta Platforms by 0.8% during the 4th quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company's stock worth $1,097,000 after acquiring an additional 15 shares during the period. Finally, Maiden Cove Capital LLC increased its holdings in shares of Meta Platforms by 3.2% during the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company's stock valued at $282,000 after purchasing an additional 15 shares during the period. 79.91% of the stock is owned by institutional investors.
Meta Platforms Price Performance
NASDAQ META traded down $2.70 on Thursday, hitting $691.44. The company had a trading volume of 3,491,841 shares, compared to its average volume of 14,479,528. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The company has a market capitalization of $1.74 trillion, a PE ratio of 28.91, a PEG ratio of 1.42 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The company's fifty day moving average price is $597.08 and its 200-day moving average price is $617.62.
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 for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same period in the previous year, the firm posted $4.71 earnings per share. The company's revenue was up 16.1% on a year-over-year basis. As a group, analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. Meta Platforms's dividend payout ratio is currently 8.19%.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. JMP Securities restated a "market outperform" rating and set a $750.00 price target on shares of Meta Platforms in a research report on Wednesday, April 30th. DA Davidson cut their target price on Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Monness Crespi & Hardt lifted their price target on Meta Platforms from $775.00 to $780.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Loop Capital upped their price objective on Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. lifted their target price on Meta Platforms from $675.00 to $735.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $702.48.
View Our Latest Report on Meta Platforms
Insider Buying and Selling
In other Meta Platforms news, CEO Mark Zuckerberg sold 7,466 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $701.25, for a total transaction of $5,235,532.50. Following the completion of the transaction, the chief executive officer now owns 132,072 shares of the company's stock, valued at approximately $92,615,490. This trade represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $4,532,440.64. Following the transaction, the chief financial officer now owns 70,040 shares in the company, valued at approximately $46,181,574.40. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,682 shares of company stock worth $56,014,018 over the last 90 days. 13.61% of the stock is owned by insiders.
Meta Platforms Company 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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