Exchange Traded Concepts LLC trimmed its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 265,001 shares of the social networking company's stock after selling 26,753 shares during the quarter. Meta Platforms makes up 2.6% of Exchange Traded Concepts LLC's portfolio, making the stock its 3rd biggest holding. Exchange Traded Concepts LLC's holdings in Meta Platforms were worth $152,736,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in 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 acquiring 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 acquiring an additional 14 shares during the last quarter. Meredith Wealth Planning boosted its position in Meta Platforms by 0.8% during the fourth quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company's stock valued at $1,097,000 after acquiring an additional 15 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 acquiring an additional 15 shares during the last quarter. Finally, 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 acquiring an additional 15 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Meta Platforms
In other Meta Platforms news, Director Robert M. Kimmitt sold 475 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $628.25, for a total value of $298,418.75. Following the completion of the transaction, the director now directly owns 10,272 shares of the company's stock, valued at $6,453,384. This trade represents a 4.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 921 shares of the firm's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $627.05, for a total transaction of $577,513.05. Following the completion of the transaction, the insider now directly owns 31,182 shares of the company's stock, valued at approximately $19,552,673.10. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,672 shares of company stock worth $55,455,647. Corporate insiders own 13.61% of the company's stock.
Meta Platforms Stock Up 2.8%
Meta Platforms stock opened at $702.12 on Tuesday. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91. The firm has a market capitalization of $1.77 trillion, a price-to-earnings ratio of 29.35, a P/E/G ratio of 1.42 and a beta of 1.26. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm has a 50 day simple moving average of $607.90 and a 200 day simple moving average of $620.85.
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 analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period in the previous year, the business earned $4.71 EPS. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. On average, analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. Meta Platforms's dividend payout ratio is 8.19%.
Analyst Ratings Changes
A number of research firms have recently issued reports on META. Raymond James cut their price objective on shares of Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research report on Thursday, May 1st. Moffett Nathanson increased their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Rosenblatt Securities increased their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Oppenheimer increased their price objective on shares of Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Wedbush increased their price objective on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $706.88.
Get Our Latest Stock Analysis on Meta Platforms
Meta Platforms Company Profile
(
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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