Pursue Wealth Partners LLC Lowers Stake in Meta Platforms, Inc. (NASDAQ:META)

Pursue Wealth Partners LLC trimmed its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,467 shares of the social networking company's stock after selling 393 shares during the quarter. Meta Platforms comprises about 1.9% of Pursue Wealth Partners LLC's investment portfolio, making the stock its 17th largest holding. Pursue Wealth Partners LLC's holdings in Meta Platforms were worth $3,151,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Inlight Wealth Management LLC purchased a new stake in Meta Platforms in the first quarter valued at about $25,000. Millstone Evans Group LLC acquired a new position in shares of Meta Platforms during the fourth quarter valued at about $40,000. WealthTrak Capital Management LLC acquired a new position in shares of Meta Platforms during the fourth quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms in the 4th quarter valued at approximately $45,000. Finally, Stuart Chaussee & Associates Inc. acquired a new stake in Meta Platforms in the 4th quarter worth approximately $47,000. 79.91% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Javier Olivan sold 608 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $563.03, for a total transaction of $342,322.24. Following the completion of the sale, the chief operating officer now owns 6,230 shares in the company, valued at $3,507,676.90. This trade represents a 8.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert M. Kimmitt sold 465 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $699.27, for a total value of $325,160.55. Following the completion of the transaction, the director now owns 9,807 shares in the company, valued at $6,857,740.89. This represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,002 shares of company stock valued at $73,353,340. 13.61% of the stock is currently owned by insiders.

Meta Platforms Price Performance

NASDAQ:META traded down $3.52 during trading hours on Wednesday, reaching $708.68. 9,278,251 shares of the company were exchanged, compared to its average volume of 16,217,372. The firm has a market cap of $1.78 trillion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The stock's 50-day moving average is $625.25 and its 200-day moving average is $624.38. 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, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the business earned $4.71 earnings per share. On average, sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be given a dividend of $0.525 per share. 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 payout ratio is 8.19%.

Wall Street Analysts Forecast Growth

META has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their price target on shares of Meta Platforms from $725.00 to $600.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Scotiabank cut their target price on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. Raymond James Financial reduced their target price on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating for the company in a research note on Thursday, May 1st. Barclays dropped their price target on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their target price on Meta Platforms from $675.00 to $735.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $712.69.

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.