Pacific Heights Asset Management LLC decreased its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 19.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 145,000 shares of the social networking company's stock after selling 35,000 shares during the quarter. Meta Platforms accounts for about 5.7% of Pacific Heights Asset Management LLC's investment portfolio, 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 & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Suvretta Capital Management LLC lifted its stake in Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after acquiring an additional 1,850 shares in the last quarter. Skye Global Management LP lifted its stake in Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after acquiring an additional 43,200 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its stake in Meta Platforms by 255.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after acquiring an additional 1,229,350 shares in the last quarter. Quantinno Capital Management LP lifted its stake in Meta Platforms by 25.1% in the 4th quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock worth $215,760,000 after acquiring an additional 73,907 shares in the last quarter. Finally, Arcadia Wealth Management Inc. purchased a new stake in Meta Platforms in the 4th quarter worth about $600,000. Institutional investors and hedge funds own 79.91% of the company's stock.
Insider Buying and Selling
In other Meta Platforms news, COO Javier Olivan sold 517 shares of the company's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $717.51, for a total value of $370,952.67. Following the sale, the chief operating officer owned 7,336 shares in the company, valued at $5,263,653.36. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Zuckerberg sold 2,361 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total value of $1,691,609.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 153,273 shares of company stock worth $105,091,830. Corporate insiders own 13.61% of the company's stock.
Meta Platforms Stock Down 0.9%
META traded down $6.50 on Thursday, hitting $726.28. 4,965,383 shares of the company were exchanged, compared to its average volume of 14,468,944. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $747.90. The company has a market cap of $1.83 trillion, a PE ratio of 28.35, a PEG ratio of 1.77 and a beta of 1.28. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The stock's fifty day moving average is $669.26 and its 200-day moving average is $632.53.
Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The business 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 company posted $4.71 earnings per share. Meta Platforms's revenue was up 16.1% on a year-over-year basis. Equities research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued 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 presently 8.19%.
Analyst Ratings Changes
META has been the subject of several research analyst reports. Roth Capital increased their price objective on Meta Platforms from $620.00 to $740.00 and gave the stock a "buy" rating in a research note on Tuesday. DA Davidson cut their price target on Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Oppenheimer raised their price target on Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Monness Crespi & Hardt raised their price target on Meta Platforms from $775.00 to $780.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Citigroup raised their price target on Meta Platforms from $690.00 to $803.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Meta Platforms presently has an average rating of "Moderate Buy" and an average price target of $727.95.
Read Our Latest 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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