Ithaka Group LLC raised its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 45,743 shares of the social networking company's stock after buying an additional 4,469 shares during the period. Meta Platforms comprises about 5.4% of Ithaka Group LLC's portfolio, making the stock its 6th largest holding. Ithaka Group LLC's holdings in Meta Platforms were worth $26,364,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Inlight Wealth Management LLC purchased a new stake in Meta Platforms in the first quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Meta Platforms during the first quarter worth about $28,000. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Meta Platforms during the 1st quarter worth approximately $33,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter valued at $45,000. Finally, JCIC Asset Management Inc. grew its position in shares of Meta Platforms by 102.6% in the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock valued at $46,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock.
Insiders Place Their Bets
In other Meta Platforms news, insider Christopher K. Cox sold 15,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $767.80, for a total value of $11,517,000.00. Following the completion of the sale, the insider directly owned 222,205 shares in the company, valued at $170,608,999. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark Zuckerberg sold 15,847 shares of Meta Platforms stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $765.11, for a total transaction of $12,124,698.17. The disclosure for this sale can be found here. Insiders sold 290,263 shares of company stock valued at $211,724,057 over the last three months. Company insiders own 13.61% of the company's stock.
Meta Platforms Stock Down 0.4%
Meta Platforms stock traded down $3.43 during midday trading on Monday, reaching $765.87. The stock had a trading volume of 7,597,659 shares, compared to its average volume of 15,441,953. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $714.53 and a two-hundred day moving average price of $651.30. The company has a market capitalization of $1.92 trillion, a P/E ratio of 27.73, a PEG ratio of 1.60 and a beta of 1.27. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $784.75.
Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, beating the consensus estimate of $5.75 by $1.39. The business had revenue of $47.52 billion for the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The company's revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.16 earnings per share. As a group, equities analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.
Meta Platforms Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors 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 0.3%. Meta Platforms's dividend payout ratio (DPR) is presently 7.60%.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on META shares. TD Cowen lifted their price target on shares of Meta Platforms from $800.00 to $875.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Piper Sandler increased their price objective on Meta Platforms from $808.00 to $880.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Truist Financial increased their price objective on Meta Platforms from $700.00 to $720.00 and gave the company a "buy" rating in a report on Thursday, May 1st. The Goldman Sachs Group lifted their price objective on Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Hsbc Global Res upgraded Meta Platforms from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 31st. Four analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $822.41.
Read Our Latest Research Report on Meta Platforms
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.
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