Alta Advisers Ltd increased its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 52.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,080 shares of the social networking company's stock after purchasing an additional 3,800 shares during the quarter. Meta Platforms accounts for approximately 2.7% of Alta Advisers Ltd's holdings, making the stock its 7th biggest position. Alta Advisers Ltd's holdings in Meta Platforms were worth $6,386,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Opulen Financial Group LLC acquired a new stake in Meta Platforms in the fourth quarter valued at $325,000. Brighton Jones LLC raised its stake in shares of Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after buying an additional 570 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Meta Platforms by 10.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock worth $5,537,000 after buying an additional 875 shares during the last quarter. SOA Wealth Advisors LLC. raised its stake in shares of Meta Platforms by 5.5% during the 4th quarter. SOA Wealth Advisors LLC. now owns 3,397 shares of the social networking company's stock worth $1,989,000 after buying an additional 178 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG raised its stake in shares of Meta Platforms by 3.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after buying an additional 7,587 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Meta Platforms
In other Meta Platforms news, CEO Mark Zuckerberg sold 13,793 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $701.13, for a total transaction of $9,670,686.09. Following the transaction, the chief executive officer owned 118,279 shares of the company's stock, valued at approximately $82,928,955.27. This trade represents a 10.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Susan J. Li sold 6,874 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the transaction, the chief financial officer directly owned 70,040 shares in the company, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 154,285 shares of company stock valued at $105,518,153. Company insiders own 13.61% of the company's stock.
Meta Platforms Trading Up 0.5%
Meta Platforms stock opened at $716.91 on Friday. 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 50-day moving average price of $658.89 and a two-hundred day moving average price of $629.81. The firm has a market capitalization of $1.80 trillion, a price-to-earnings ratio of 27.96, a PEG ratio of 1.76 and a beta of 1.28. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $747.90.
Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 39.11% and a return on equity of 38.69%. Meta Platforms's revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.71 EPS. Sell-side analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.29%. Meta Platforms's payout ratio is 8.19%.
Analysts Set New Price Targets
META has been the subject of several research reports. Cantor Fitzgerald lifted their price target on Meta Platforms from $676.00 to $807.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 18th. Wedbush boosted their target price on shares of Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Evercore ISI boosted their target price on shares of Meta Platforms from $725.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Loop Capital boosted their target price on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, Raymond James Financial cut their target price on shares of Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating for the company in a research note on Thursday, May 1st. Five research 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $719.29.
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About Meta Platforms
(
Free Report)
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.
Further Reading
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