Harbour Capital Advisors LLC Raises Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Harbour Capital Advisors LLC lifted its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,778 shares of the social networking company's stock after purchasing an additional 751 shares during the quarter. Meta Platforms comprises approximately 1.1% of Harbour Capital Advisors LLC's holdings, making the stock its 19th largest position. Harbour Capital Advisors LLC's holdings in Meta Platforms were worth $4,667,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Suvretta Capital Management LLC boosted its position in shares of Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after purchasing an additional 1,850 shares in the last quarter. Skye Global Management LP lifted its position in Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after acquiring an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new position in Meta Platforms in the 4th quarter valued at approximately $459,000. Kovitz Investment Group Partners LLC lifted its position in Meta Platforms by 255.9% in the 4th 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 acquiring an additional 1,229,350 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in Meta Platforms by 1.7% in the 4th quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock valued at $3,908,382,000 after acquiring an additional 110,040 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $3,334,383.52. Following the completion of the sale, the chief technology officer now owns 16,463 shares in the company, valued at approximately $10,855,043.68. This represents a 23.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 13,793 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $710.24, for a total value of $9,796,340.32. Following the completion of the sale, the chief executive officer now owns 57,533 shares of the company's stock, valued at $40,862,237.92. The trade was a 19.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,831 shares of company stock worth $83,868,872. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Stock Performance

Shares of NASDAQ:META traded up $7.54 during midday trading on Friday, hitting $733.63. The company had a trading volume of 18,758,104 shares, compared to its average volume of 14,525,798. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The company has a market cap of $1.84 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.74 and a beta of 1.26. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The company has a fifty day moving average of $633.87 and a two-hundred day moving average of $625.73.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion during 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%. Meta Platforms's revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.71 EPS. On average, equities research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms's dividend payout ratio (DPR) is 8.19%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on META shares. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $664.00 price objective on shares of Meta Platforms in a research report on Tuesday, June 17th. Wedbush upped their price objective on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Jefferies Financial Group lowered their price objective on Meta Platforms from $725.00 to $600.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. JMP Securities reaffirmed a "market outperform" rating and issued a $750.00 price objective on shares of Meta Platforms in a research report on Wednesday, April 30th. Finally, Raymond James Financial lowered their price objective on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research report on Thursday, May 1st. One investment 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $719.52.

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.