Meta Platforms, Inc. $META Shares Newly Purchased by Accuvest Global Advisors

Key Points

• Accuvest Global Advisors initiated a Meta stake in the third quarter, buying 4,660 shares worth about $3.38 million; the position represents 2.5% of its portfolio.
• Other major investors also increased or initiated holdings, and institutional investors collectively own about 79.9% of Meta’s shares.
• Meta beat quarterly estimates, reporting EPS of $7.40 and revenue of $64.6 billion, up 26.1% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $833.12.

Accuvest Global Advisors bought a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,660 shares of the social networking company's stock, valued at approximately $3,379,000. Meta Platforms comprises about 2.5% of Accuvest Global Advisors' investment portfolio, making the stock its 11th largest holding.

A number of other large investors also recently added to or reduced their stakes in the business. Corient Private Wealth LP increased its position in shares of Meta Platforms by 723.1% in the second quarter. Corient Private Wealth LP now owns 8,801,764 shares of the social networking company's stock valued at $4,957,946,000 after acquiring an additional 7,732,446 shares during the period. Jupiter Topco LLC bought a new stake in shares of Meta Platforms in the second quarter worth about $2,948,486,000. State Street Corp increased its holdings in Meta Platforms by 4.0% during the 2nd quarter. State Street Corp now owns 92,033,963 shares of the social networking company's stock valued at $51,841,811,000 after purchasing an additional 3,510,123 shares during the period. Bank of America Corp DE increased its holdings in Meta Platforms by 14.6% during the 1st quarter. Bank of America Corp DE now owns 21,038,035 shares of the social networking company's stock valued at $12,036,491,000 after purchasing an additional 2,673,494 shares during the period. Finally, Amundi raised its position in Meta Platforms by 18.1% during the 1st quarter. Amundi now owns 11,858,972 shares of the social networking company's stock valued at $6,784,873,000 after purchasing an additional 1,815,017 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $641.69 on Friday. The firm's 50-day moving average price is $679.85 and its 200-day moving average price is $631.72. Meta Platforms, Inc. has a 52-week low of $520.26 and a 52-week high of $779.82. The company has a market cap of $1.64 trillion, a PE ratio of 21.88, a PEG ratio of 1.08 and a beta of 1.28. 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 (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The social networking company reported $7.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.54 by $0.86. Meta Platforms had a return on equity of 30.73% and a net margin of 31.15%. The firm had revenue of $64.60 billion for the quarter, compared to the consensus estimate of $63.34 billion. During the same period last year, the business posted $7.25 EPS. The company's revenue for the quarter was up 26.1% on a year-over-year basis. As a group, analysts anticipate that Meta Platforms, Inc. will post 29.01 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, September 21st were issued a $0.5250 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 21st. Meta Platforms's payout ratio is 7.16%.

Insider Activity

In related news, CEO Mark Zuckerberg sold 27,474 shares of the firm's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $777.44, for a total transaction of $21,359,386.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bosworth sold 7,848 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $558.00, for a total transaction of $4,379,184.00. Following the completion of the sale, the chief technology officer owned 828 shares in the company, valued at approximately $462,024. The trade was a 90.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 148,846 shares of company stock valued at $101,660,996 in the last quarter. Company insiders own 13.42% of the company's stock.

More Meta Platforms News

These are some of the META news items that stood out recently:

• Positive Sentiment: ETFs bought about $102.4 million of META shares on Nov. 11, indicating institutional demand that may have helped support the stock. 55 ETFs Add to Meta Platforms (META) on Nov. 11
• Neutral Sentiment: Meta employees are testing Takes, an in-development prediction-market app where users make forecasts using “cred,” not money. A public launch is uncertain, so any business impact remains unclear. Meta employees test prediction-market app, WSJ reports
• Negative Sentiment: A bearish technical analysis says META recently fell below its 200-day moving average, a signal that could encourage caution among momentum-focused investors. As Meta Platforms Continues To Weaken, A Bearish Trade May Be In Order

Analyst Ratings Changes

A number of brokerages have recently weighed in on META. President Capital upgraded Meta Platforms from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $660.00 to $897.00 in a research report on Thursday, September 24th. Arete Research raised their price target on Meta Platforms from $735.00 to $806.00 and gave the stock a "buy" rating in a research note on Wednesday, September 16th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $800.00 price target (down from $850.00) on shares of Meta Platforms in a research note on Thursday, July 30th. Cantor Fitzgerald lifted their price target on shares of Meta Platforms from $840.00 to $860.00 and gave the company an "overweight" rating in a report on Thursday, October 22nd. Finally, BMO Capital Markets boosted 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 issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $833.12.

Meta Platforms Company Profile

Meta Platforms, Inc. is a global technology company that develops social networking, messaging, and digital communication products. Its services include Facebook, Instagram, WhatsApp, Messenger, and Threads, which connect people and help businesses reach audiences around the world. The company also develops virtual and augmented reality products and technologies through its Reality Labs division, including Quest headsets and related software and services. Advertising is a central part of Meta's business, with its platforms providing tools for businesses to promote products and services.

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