Meta Platforms, Inc. (NASDAQ:META) Stake Reduced by Spartan Planning & Wealth Management

Spartan Planning & Wealth Management trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 37.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,427 shares of the social networking company's stock after selling 1,472 shares during the quarter. Meta Platforms accounts for approximately 1.4% of Spartan Planning & Wealth Management's investment portfolio, making the stock its 19th biggest holding. Spartan Planning & Wealth Management's holdings in Meta Platforms were worth $1,399,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Millstone Evans Group LLC purchased a new stake in shares of Meta Platforms during the 4th quarter worth about $40,000. WealthTrak Capital Management LLC purchased a new position in Meta Platforms in the 4th quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms in the 4th quarter worth about $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in Meta Platforms in the 4th quarter worth about $47,000. Finally, Conquis Financial LLC purchased a new stake in Meta Platforms during the 4th quarter worth approximately $59,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Up 3.7%

Meta Platforms stock traded up $24.23 during midday trading on Monday, hitting $671.72. 11,162,824 shares of the company were exchanged, compared to its average volume of 14,471,618. The company's fifty day moving average price is $578.56 and its 200-day moving average price is $611.28. The company has a market cap of $1.69 trillion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms's revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.71 EPS. On average, 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 declared 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. This represents a $2.10 annualized dividend and a yield of 0.31%. The ex-dividend date is Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Wall Street Analyst Weigh In

A number of analysts have commented on META shares. Evercore ISI increased their price objective on shares of Meta Platforms from $725.00 to $750.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Bank of America increased their price target on Meta Platforms from $640.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. JMP Securities reaffirmed a "market outperform" rating and issued a $750.00 price target on shares of Meta Platforms in a report on Wednesday, April 30th. Morgan Stanley raised their target price on shares of Meta Platforms from $615.00 to $650.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group increased their price target on Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $701.05.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 519 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $635.41, for a total value of $329,777.79. Following the transaction, the insider now directly owns 30,221 shares of the company's stock, valued at $19,202,725.61. This represents a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Javier Olivan sold 608 shares of the company's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $488.18, for a total value of $296,813.44. Following the completion of the transaction, the chief operating officer now directly owns 5,622 shares in the company, valued at approximately $2,744,547.96. The trade was a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,056 shares of company stock valued at $35,074,903. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Company 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.