Meta Platforms, Inc. $META Shares Bought by Summit Global Investments

Key Points

• Summit Global Investments increased its Meta stake by 24.2% in the third quarter, adding 4,675 shares to hold 24,002 shares valued at $17.4 million.
• Meta reported quarterly EPS of $7.40, beating the $6.54 consensus, while revenue of $64.6 billion exceeded expectations and rose 26.1% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $833.12; the article also notes concerns over the cost and infrastructure demands of Meta’s AI expansion.

Summit Global Investments boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 24.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,002 shares of the social networking company's stock after acquiring an additional 4,675 shares during the period. Meta Platforms accounts for 0.9% of Summit Global Investments' investment portfolio, making the stock its 14th biggest holding. Summit Global Investments' holdings in Meta Platforms were worth $17,406,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in META. Advantage Trust Co bought a new stake in Meta Platforms in the 2nd quarter valued at $28,000. Philadelphia Investment Partners LLC bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $32,000. Horizons Wealth Management acquired a new stake in Meta Platforms during the third quarter worth $33,000. Axiom Investment Management LLC bought a new stake in Meta Platforms in the 1st quarter valued at $36,000. Finally, Schuylkill Financial LLC bought a new position in shares of Meta Platforms during the 2nd quarter worth about $36,000. Institutional investors own 79.91% of the company's stock.

More Meta Platforms News

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

• Positive Sentiment: Meta made its Muse Voice AI available to U.S. users, including voice and video conversations with its consumer AI agent. Wider access could help the company build engagement with its AI products. Meta says US users can now video chat with their Muse AI avatar
• Positive Sentiment: Meta acquired Conductor, a startup that uses multiple AI agents to help build software projects, adding technology and talent to its AI development efforts. Meta acquires AI coding startup Conductor
• Neutral Sentiment: Meta completed a $15 billion senior-notes offering. Strong investor demand supports its ability to raise funds, but the borrowing adds to scrutiny of the cost of financing its AI expansion. Meta Platforms Completes $15 Billion Senior Notes Offering
• Negative Sentiment: Meta, Google and TikTok sued California’s attorney general to block a law restricting features considered addictive for users under 16. The legal challenge highlights continuing regulatory and litigation exposure around youth safety. Meta, Google, and TikTok sue California AG over teen social media law
• Negative Sentiment: Meta’s president warned that political and community opposition over data-center power and water use could make new facilities harder to build. That could complicate the infrastructure buildout needed to support AI growth. Meta warns election backlash against data centers could make AI expansion harder
• Negative Sentiment: Coverage of Meta’s debut euro bond sale pointed to borrowing costs above Alphabet’s, adding to investor concern about the expense of funding the company’s large AI spending plans. Meta Paid 1.4 Times What Alphabet Did to Borrow in Euros
• Negative Sentiment: Delhi Police filed a case concerning child sexual abuse material on Meta’s platforms after intervention by India’s child-rights authorities, creating potential reputational and legal risk. Child Abuse Material On Meta Platforms Flagged, Delhi Police Files FIR After NHRC Intervention

Insider Transactions at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 946 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $614.15, for a total value of $580,985.90. Following the sale, the chief operating officer owned 4,094 shares in the company, valued at approximately $2,514,330.10. The trade was a 18.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 151,090 shares of company stock valued at $103,150,807. 13.53% of the stock is currently owned by company insiders.

Meta Platforms Price Performance

Shares of META stock opened at $605.08 on Friday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.30. Meta Platforms, Inc. has a 12-month low of $520.26 and a 12-month high of $779.82. The firm has a fifty day moving average of $674.18 and a 200-day moving average of $632.13. The firm has a market capitalization of $1.55 trillion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.09 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Thursday, October 22nd. The social networking company reported $7.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.54 by $0.86. The firm had revenue of $64.60 billion during the quarter, compared to analysts' expectations of $63.34 billion. Meta Platforms had a return on equity of 30.73% and a net margin of 31.15%. The company's revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the firm earned $7.25 earnings per share. On average, equities research analysts forecast that Meta Platforms, Inc. will post 29.01 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, September 21st were paid a $0.5250 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is currently 7.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on META shares. New Street Research lowered their price objective on Meta Platforms from $730.00 to $700.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. President Capital raised shares of Meta Platforms from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $660.00 to $897.00 in a research note on Thursday, September 24th. Yorkville Ives initiated coverage on Meta Platforms in a report on Tuesday, October 6th. They issued an "outperform" rating and a $900.00 target price on the stock. Truist Financial lifted their price objective on Meta Platforms from $763.00 to $1,000.00 and gave the company a "buy" rating in a research report on Tuesday, October 13th. Finally, BMO Capital Markets raised their price objective on shares of Meta Platforms from $580.00 to $685.00 and gave the company a "market perform" rating in a research report on Thursday, October 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $833.12.

About Meta Platforms

Meta Platforms, Inc is a technology company that develops social networking, messaging, virtual and augmented reality, and artificial intelligence products. The company's principal platforms include Facebook, Instagram, Messenger, WhatsApp, and Threads, which enable users to connect, communicate, share content, and discover products and services.

Meta also operates Reality Labs, its division focused on virtual, augmented, and mixed reality technologies. Reality Labs develops products such as Meta Quest virtual reality headsets and related software and experiences, along with research and hardware intended to support immersive computing.

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