Pacific Heights Asset Management LLC Has $83.57 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Pacific Heights Asset Management LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,000 shares of the social networking company's stock after selling 35,000 shares during the period. Meta Platforms makes up about 5.7% of Pacific Heights Asset Management LLC's holdings, making the stock its 3rd largest holding. Pacific Heights Asset Management LLC's holdings in Meta Platforms were worth $83,572,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Valley Financial Group Inc. increased its holdings in shares of Meta Platforms by 2.4% in the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock valued at $344,000 after purchasing an additional 14 shares in the last quarter. Lantern Wealth Advisors LLC increased its holdings in shares of Meta Platforms by 0.5% in 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 purchasing an additional 14 shares in the last quarter. Maiden Cove Capital LLC increased its holdings in shares of Meta Platforms by 3.2% in the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company's stock valued at $282,000 after purchasing an additional 15 shares in the last quarter. Riverwater Partners LLC increased its holdings in shares of Meta Platforms by 2.7% in the fourth quarter. Riverwater Partners LLC now owns 572 shares of the social networking company's stock valued at $335,000 after purchasing an additional 15 shares in the last quarter. Finally, ABLE Financial Group LLC increased its holdings in shares of Meta Platforms by 0.7% in the fourth quarter. ABLE Financial Group LLC now owns 2,136 shares of the social networking company's stock valued at $1,251,000 after purchasing an additional 15 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

META has been the subject of a number of analyst reports. Moffett Nathanson lifted their target price on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. UBS Group reaffirmed a "buy" rating and set a $812.00 target price (up previously from $683.00) on shares of Meta Platforms in a report on Thursday, June 26th. DA Davidson lowered their target price on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a report on Monday, April 14th. Stifel Nicolaus lifted their target price on shares of Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $740.00 target price on shares of Meta Platforms in a report 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $727.95.

Meta Platforms Stock Performance

Shares of NASDAQ:META traded up $12.11 on Wednesday, reaching $732.78. 11,398,608 shares of the company's stock were exchanged, compared to its average volume of 14,483,554. The company has a fifty day moving average of $665.58 and a 200-day moving average of $631.83. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $747.90. The company has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 28.58, a PEG ratio of 1.76 and a beta of 1.28. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the prior year, the business posted $4.71 EPS. The business's revenue was up 16.1% compared to the same quarter last year. On average, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company 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. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms's dividend payout ratio is 8.19%.

Insider Activity at Meta Platforms

In related news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the completion of the transaction, the chief financial officer owned 70,040 shares of the company's stock, valued at $46,181,574.40. This represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Zuckerberg sold 13,793 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 118,279 shares of the company's stock, valued at approximately $82,928,955.27. The trade was a 10.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 152,756 shares of company stock valued at $104,720,878 in the last quarter. Insiders own 13.61% of the company's stock.

Meta Platforms 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.