Index Fund Advisors Inc. trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 19.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,880 shares of the social networking company's stock after selling 468 shares during the period. Index Fund Advisors Inc.'s holdings in Meta Platforms were worth $1,083,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in META. Suvretta Capital Management LLC increased its position in Meta Platforms by 1.1% in the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after buying an additional 1,850 shares during the period. Skye Global Management LP boosted its stake in Meta Platforms by 130.9% during the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after buying an additional 43,200 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Meta Platforms by 255.9% during the fourth 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 buying an additional 1,229,350 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Meta Platforms by 25.1% in the 4th quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock valued at $215,760,000 after purchasing an additional 73,907 shares during the period. Finally, Arcadia Wealth Management Inc. acquired a new position in shares of Meta Platforms in the 4th quarter valued at $600,000. 79.91% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on META. Cantor Fitzgerald reissued an "overweight" rating and issued a $828.00 price objective (up from $807.00) on shares of Meta Platforms in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on Meta Platforms from $735.00 to $795.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Royal Bank Of Canada reissued an "outperform" rating and issued a $740.00 price objective on shares of Meta Platforms in a research note on Thursday, May 1st. Moffett Nathanson lifted their price target on Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, KeyCorp lifted their price target on Meta Platforms from $655.00 to $800.00 and gave the stock an "overweight" rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus price target of $736.05.
Read Our Latest Stock Analysis on META
Insiders Place Their Bets
In other news, CTO Andrew Bosworth sold 22,449 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the transaction, the chief technology officer owned 1,183 shares of the company's stock, valued at approximately $753,393.55. This 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 can be accessed through the SEC website. Also, CFO Susan J. Li sold 6,874 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the completion of the sale, the chief financial officer owned 70,040 shares in the company, valued at $46,181,574.40. This represents a 8.94% 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 90 days. Company insiders own 13.61% of the company's stock.
Meta Platforms Stock Performance
Shares of META traded down $1.50 during mid-day trading on Thursday, reaching $701.41. The company's stock had a trading volume of 11,776,575 shares, compared to its average volume of 14,365,357. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $747.90. The stock has a market cap of $1.76 trillion, a P/E ratio of 27.36, a PEG ratio of 1.72 and a beta of 1.28. The business has a 50-day simple moving average of $683.85 and a two-hundred day simple moving average of $637.15. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 38.69% and a net margin of 39.11%. The firm's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the company earned $4.71 earnings per share. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.
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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