Meta Platforms, Inc. (NASDAQ:META) Position Trimmed by Avanza Fonder AB

Avanza Fonder AB cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 7.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,156 shares of the social networking company's stock after selling 10,538 shares during the quarter. Meta Platforms accounts for about 2.7% of Avanza Fonder AB's investment portfolio, making the stock its 5th largest holding. Avanza Fonder AB's holdings in Meta Platforms were worth $81,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Parsons Capital Management Inc. RI boosted its holdings in Meta Platforms by 10.5% during the 1st quarter. Parsons Capital Management Inc. RI now owns 7,765 shares of the social networking company's stock valued at $4,475,000 after acquiring an additional 735 shares during the period. First National Bank of Mount Dora Trust Investment Services raised its position in Meta Platforms by 15.0% during the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 11,426 shares of the social networking company's stock valued at $6,585,000 after purchasing an additional 1,490 shares during the last quarter. Manitou Investment Management Ltd. bought a new position in Meta Platforms during the 1st quarter valued at approximately $61,000. SJS Investment Consulting Inc. raised its position in Meta Platforms by 8.3% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,428 shares of the social networking company's stock valued at $823,000 after purchasing an additional 109 shares during the last quarter. Finally, Sonora Investment Management Group LLC raised its position in Meta Platforms by 2.4% during the 1st quarter. Sonora Investment Management Group LLC now owns 41,793 shares of the social networking company's stock valued at $24,088,000 after purchasing an additional 984 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

META has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price target on Meta Platforms from $685.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Loop Capital upped their price target on Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Needham & Company LLC reaffirmed an "underperform" rating on shares of Meta Platforms in a research report on Thursday, May 1st. Roth Capital upped their price target on Meta Platforms from $580.00 to $620.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Finally, Bank of America increased their target price on Meta Platforms from $690.00 to $765.00 and gave the stock a "buy" rating in a research report on Thursday. One research 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and an average price target of $704.26.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 921 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $491.87, for a total value of $453,012.27. Following the transaction, the insider now directly owns 27,498 shares in the company, valued at $13,525,441.26. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Javier Olivan sold 608 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $607.50, for a total value of $369,360.00. Following the completion of the transaction, the chief operating officer now owns 7,446 shares in the company, valued at approximately $4,523,445. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,201 shares of company stock worth $56,377,837. Insiders own 13.61% of the company's stock.

Meta Platforms Stock Down 1.5%

META traded down $10.49 during trading on Friday, hitting $682.87. 9,259,272 shares of the company's stock traded hands, compared to its average volume of 14,521,911. The company's 50 day simple moving average is $604.07 and its two-hundred day simple moving average is $619.60. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The stock has a market capitalization of $1.72 trillion, a price-to-earnings ratio of 28.55, a PEG ratio of 1.42 and a beta of 1.26.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same period last year, the business posted $4.71 EPS. The company's revenue was up 16.1% compared to the same quarter last year. Analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.31%. Meta Platforms's dividend payout ratio is 8.19%.

Meta Platforms Company Profile

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.