InTrack Investment Management Inc Trims Stake in Meta Platforms, Inc. (NASDAQ:META)

InTrack Investment Management Inc lessened its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 46.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,000 shares of the social networking company's stock after selling 1,764 shares during the quarter. InTrack Investment Management Inc's holdings in Meta Platforms were worth $1,153,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in META. Donaldson Capital Management LLC lifted its position in shares of Meta Platforms by 3.1% during the first quarter. Donaldson Capital Management LLC now owns 6,151 shares of the social networking company's stock valued at $3,545,000 after purchasing an additional 184 shares in the last quarter. EdgeRock Capital LLC raised its stake in shares of Meta Platforms by 7.6% during the 1st quarter. EdgeRock Capital LLC now owns 2,656 shares of the social networking company's stock worth $1,531,000 after purchasing an additional 187 shares during the period. Foresight Capital Management Advisors Inc. purchased a new stake in Meta Platforms in the first quarter worth $258,000. Ellenbecker Investment Group increased its position in Meta Platforms by 4.1% in the first quarter. Ellenbecker Investment Group now owns 1,198 shares of the social networking company's stock worth $691,000 after buying an additional 47 shares during the last quarter. Finally, Northeast Investment Management increased its position in Meta Platforms by 1.1% in the first quarter. Northeast Investment Management now owns 105,420 shares of the social networking company's stock worth $60,760,000 after buying an additional 1,164 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on META. Wedbush lifted their price target on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Barclays dropped their price objective on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company 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 note on Thursday, May 1st. Roth Capital lifted their price target on Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $675.00 to $735.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $704.26.

Meta Platforms Stock Down 0.1%

META traded down $0.78 during trading on Thursday, hitting $693.36. 7,303,916 shares of the company's stock traded hands, compared to its average volume of 14,503,798. The company's 50 day simple moving average is $597.08 and its two-hundred day simple moving average is $617.62. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The stock has a market capitalization of $1.74 trillion, a price-to-earnings ratio of 28.99, a PEG ratio of 1.42 and a beta of 1.26.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The company's revenue was up 16.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.71 EPS. Analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued 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 payout ratio is 8.19%.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 7,802 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $701.96, for a total value of $5,476,691.92. Following the completion of the transaction, the chief executive officer now directly owns 110,477 shares in the company, valued at $77,550,434.92. This represents a 6.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Javier Olivan sold 406 shares of the business's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the sale, the chief operating officer now owns 4,608 shares in the company, valued at approximately $2,265,707.52. The trade was a 8.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 86,201 shares of company stock valued at $56,377,837 in the last ninety days. 13.61% of the stock is currently owned by company insiders.

About Meta Platforms

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.