Meta Platforms, Inc. (NASDAQ:META) is Zurcher Kantonalbank Zurich Cantonalbank's 8th Largest Position

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Meta Platforms by 4.1% in the first quarter, owning 1,100,401 shares valued at approximately $634 million.
• Recent insider transactions revealed that CFO Susan J. Li sold 6,874 shares, while CEO Mark Zuckerberg sold 13,793 shares, indicating a decrease in their respective holdings.
• Meta Platforms reported Q2 earnings of $7.14 per share, significantly exceeding analysts' expectations, with a revenue of $47.52 billion, up 21.6% year-over-year.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,100,401 shares of the social networking company's stock after acquiring an additional 43,277 shares during the period. Meta Platforms makes up about 1.8% of Zurcher Kantonalbank Zurich Cantonalbank's portfolio, making the stock its 8th biggest holding. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Meta Platforms were worth $634,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Csenge Advisory Group raised its holdings in shares of Meta Platforms by 12.0% during the 1st quarter. Csenge Advisory Group now owns 9,539 shares of the social networking company's stock worth $5,498,000 after buying an additional 1,019 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in shares of Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after buying an additional 1,850 shares in the last quarter. Skye Global Management LP raised its holdings in shares of Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after buying an additional 43,200 shares in the last quarter. ARQ Wealth Advisors LLC increased its holdings in Meta Platforms by 4.5% in the 1st quarter. ARQ Wealth Advisors LLC now owns 785 shares of the social networking company's stock worth $452,000 after purchasing an additional 34 shares in the last quarter. Finally, JMG Financial Group Ltd. acquired a new position in Meta Platforms in the 1st quarter worth about $284,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Down 3.0%

Shares of Meta Platforms stock traded down $23.43 on Friday, hitting $750.01. The company had a trading volume of 18,985,910 shares, compared to its average volume of 12,087,110. The stock has a market capitalization of $1.89 trillion, a price-to-earnings ratio of 27.15, a P/E/G ratio of 1.84 and a beta of 1.27. Meta Platforms, Inc. has a 1 year low of $450.80 and a 1 year high of $784.75. The stock has a 50 day moving average of $701.68 and a 200-day moving average of $645.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.66 and a current ratio of 1.97.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, topping the consensus estimate of $5.75 by $1.39. The firm had revenue of $47.52 billion during the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The company's quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.16 earnings per share. As a group, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Insiders Place Their Bets

In related news, COO Javier Olivan sold 517 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $715.00, for a total transaction of $369,655.00. Following the completion of the sale, the chief operating officer directly owned 5,785 shares of the company's stock, valued at approximately $4,136,275. This trade represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 2,361 shares of the 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. Over the last ninety days, insiders sold 152,980 shares of company stock valued at $105,708,832. Insiders own 13.61% of the company's stock.

Analyst Upgrades and Downgrades

META has been the subject of a number of recent research reports. Susquehanna lowered their target price on Meta Platforms from $800.00 to $700.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Canaccord Genuity Group upped their target price on Meta Platforms from $825.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. KeyCorp upped their target price on Meta Platforms from $800.00 to $905.00 and gave the stock an "overweight" rating in a report on Thursday. Barclays upped their price target on Meta Platforms from $640.00 to $810.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Needham & Company LLC upgraded Meta Platforms from an "underperform" rating to a "hold" rating in a research report on Thursday, July 3rd. Four analysts have rated the stock with a hold rating, forty have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $815.09.

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.