Prevail Innovative Wealth Advisors LLC Trims Position in Meta Platforms, Inc. (NASDAQ:META)

Prevail Innovative Wealth Advisors LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,278 shares of the social networking company's stock after selling 1,322 shares during the quarter. Prevail Innovative Wealth Advisors LLC's holdings in Meta Platforms were worth $3,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in META. Brighton Jones LLC raised its stake in Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after acquiring an additional 570 shares during the period. Revolve Wealth Partners LLC increased its position in Meta Platforms by 10.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock valued at $5,537,000 after acquiring an additional 875 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Meta Platforms by 3.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after purchasing an additional 7,587 shares during the last quarter. Highview Capital Management LLC DE grew its holdings in shares of Meta Platforms by 3.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock worth $3,624,000 after purchasing an additional 218 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Meta Platforms in the fourth quarter worth about $2,243,603,000. 79.91% of the stock is currently owned by institutional investors.

Insider Activity at Meta Platforms

In related news, Director Robert M. Kimmitt sold 465 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $723.08, for a total value of $336,232.20. Following the completion of the sale, the director owned 9,342 shares of the company's stock, valued at approximately $6,755,013.36. The trade was a 4.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Javier Olivan sold 517 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $717.50, for a total transaction of $370,947.50. Following the completion of the sale, the chief operating officer directly owned 6,819 shares of the company's stock, valued at approximately $4,892,632.50. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 153,764 shares of company stock worth $105,721,208 in the last quarter. 13.61% of the stock is owned by insiders.

Meta Platforms Stock Performance

NASDAQ:META traded up $2.87 during midday trading on Friday, hitting $704.28. The company's stock had a trading volume of 12,743,944 shares, compared to its average volume of 14,336,421. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90. The firm's 50 day moving average is $686.09 and its 200-day moving average is $638.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The firm has a market cap of $1.77 trillion, a P/E ratio of 27.47, a P/E/G ratio of 1.72 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The business's revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company earned $4.71 EPS. Equities analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's payout ratio is presently 8.19%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on META. JMP Securities restated a "market outperform" rating and issued a $750.00 price target on shares of Meta Platforms in a report on Wednesday, April 30th. Citigroup restated a "buy" rating on shares of Meta Platforms in a report on Tuesday, July 15th. Monness Crespi & Hardt upped their price objective on shares of Meta Platforms from $775.00 to $780.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $740.00 price objective on shares of Meta Platforms in a research note on Thursday, May 1st. Finally, Guggenheim upped their price objective on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Meta Platforms currently has an average rating of "Moderate Buy" and a consensus price target of $736.05.

About Meta Platforms

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.