Synergy Asset Management LLC Sells 32,477 Shares of Meta Platforms, Inc. (NASDAQ:META)

Synergy Asset Management LLC cut its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 49.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,455 shares of the social networking company's stock after selling 32,477 shares during the period. Meta Platforms comprises about 2.4% of Synergy Asset Management LLC's investment portfolio, making the stock its 11th largest position. Synergy Asset Management LLC's holdings in Meta Platforms were worth $19,282,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Meta Platforms by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company's stock valued at $111,948,344,000 after acquiring an additional 1,502,553 shares during the period. Geode Capital Management LLC grew its position in Meta Platforms by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 49,181,127 shares of the social networking company's stock valued at $28,719,970,000 after acquiring an additional 1,020,519 shares during the period. Price T Rowe Associates Inc. MD grew its position in Meta Platforms by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,317,434 shares of the social networking company's stock valued at $24,777,282,000 after acquiring an additional 1,049,121 shares during the period. Capital World Investors grew its position in Meta Platforms by 2.9% in the fourth quarter. Capital World Investors now owns 40,317,105 shares of the social networking company's stock valued at $23,606,338,000 after acquiring an additional 1,141,355 shares during the period. Finally, Norges Bank bought a new stake in Meta Platforms in the fourth quarter valued at $19,949,512,000. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Trading Up 2.0%

Shares of Meta Platforms stock traded up $13.67 during trading hours on Tuesday, hitting $712.20. The company's stock had a trading volume of 13,806,658 shares, compared to its average volume of 14,499,652. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The stock has a 50 day moving average of $625.25 and a 200 day moving average of $624.38. The company has a market capitalization of $1.79 trillion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly 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 company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the prior year, the company earned $4.71 earnings per share. The company's revenue for the quarter was up 16.1% compared to the same quarter last year. Analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be issued a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms's payout ratio is presently 8.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on META. Guggenheim upped their price target on Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Cantor Fitzgerald increased their target price on Meta Platforms from $676.00 to $807.00 and gave the stock an "overweight" rating in a report on Wednesday, June 18th. Citigroup increased their target price on Meta Platforms from $690.00 to $803.00 and gave the stock a "buy" rating in a report on Tuesday. Moffett Nathanson increased their target price on Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Barclays decreased their target price on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $712.69.

Insider Buying and Selling

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was 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 now directly owns 70,040 shares in the company, valued at $46,181,574.40. This trade represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 921 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $570.66, for a total value of $525,577.86. Following the completion of the transaction, the insider now owns 30,261 shares of the company's stock, valued at approximately $17,268,742.26. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,002 shares of company stock worth $73,353,340. 13.61% of the stock is owned by corporate insiders.

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.