Meta Platforms, Inc. (NASDAQ:META) Shares Bought by Elevate Capital Advisors LLC

Elevate Capital Advisors LLC grew its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1,022.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,366 shares of the social networking company's stock after purchasing an additional 3,977 shares during the quarter. Meta Platforms accounts for 2.3% of Elevate Capital Advisors LLC's portfolio, making the stock its 13th largest position. Elevate Capital Advisors LLC's holdings in Meta Platforms were worth $2,516,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of META. Valley Financial Group Inc. boosted its position in Meta Platforms by 2.4% during the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock valued at $344,000 after purchasing an additional 14 shares during the last quarter. Lantern Wealth Advisors LLC boosted its position in Meta Platforms by 0.5% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company's stock valued at $1,743,000 after purchasing an additional 14 shares during the last quarter. Maiden Cove Capital LLC boosted its position in Meta Platforms by 3.2% during the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company's stock valued at $282,000 after purchasing an additional 15 shares during the last quarter. Riverwater Partners LLC boosted its position in Meta Platforms by 2.7% during the fourth quarter. Riverwater Partners LLC now owns 572 shares of the social networking company's stock valued at $335,000 after purchasing an additional 15 shares during the last quarter. Finally, ABLE Financial Group LLC boosted its position in Meta Platforms by 0.7% during the fourth quarter. ABLE Financial Group LLC now owns 2,136 shares of the social networking company's stock valued at $1,251,000 after purchasing an additional 15 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Javier Olivan sold 517 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $740.97, for a total value of $383,081.49. Following the sale, the chief operating officer directly owned 7,853 shares in the company, valued at approximately $5,818,837.41. This represents a 6.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark Zuckerberg sold 2,361 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total value of $1,691,609.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,285 shares of company stock worth $105,518,153. Company insiders own 13.61% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Bank of America boosted their price target on Meta Platforms from $690.00 to $765.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Scotiabank reduced their price target on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a research report on Monday, April 21st. Moffett Nathanson boosted 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. JPMorgan Chase & Co. boosted their price target on Meta Platforms from $675.00 to $735.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Finally, Cantor Fitzgerald boosted their price target on Meta Platforms from $676.00 to $807.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $719.29.

Meta Platforms Trading Up 0.5%

Shares of META opened at $716.91 on Friday. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $747.90. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.80 trillion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 1.76 and a beta of 1.28. The stock's 50-day moving average price is $658.89 and its 200 day moving average price is $629.81.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data 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. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same period in the prior year, the company posted $4.71 EPS. The company's revenue was up 16.1% compared to the same quarter last year. As a group, research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current 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 of this dividend was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms's dividend payout ratio is currently 8.19%.

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.

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