Castle Rock Wealth Management LLC Has $7.06 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Castle Rock Wealth Management LLC cut its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 17.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,049 shares of the social networking company's stock after selling 2,518 shares during the period. Meta Platforms comprises approximately 1.7% of Castle Rock Wealth Management LLC's investment portfolio, making the stock its 13th biggest holding. Castle Rock Wealth Management LLC's holdings in Meta Platforms were worth $7,055,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Suvretta Capital Management LLC increased its position in shares of Meta Platforms by 1.1% in the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares during the last quarter. Skye Global Management LP increased its position in shares of Meta Platforms by 130.9% in the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after acquiring an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $459,000. Apollon Financial LLC increased its position in shares of Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock valued at $866,000 after acquiring an additional 148 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its position in shares of Meta Platforms by 255.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after acquiring an additional 1,229,350 shares during the last quarter. Institutional investors own 79.91% of the company's stock.

Insider Activity

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction 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. The trade was a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the transaction, the chief technology officer now owns 1,183 shares of the company's stock, valued at approximately $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,628 shares of company stock worth $34,826,386. Corporate insiders own 13.61% of the company's stock.

Wall Street Analysts Forecast Growth

META has been the topic of a number of recent research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $750.00 target price on shares of Meta Platforms in a research report on Wednesday, April 30th. Pivotal Research reduced their price target on Meta Platforms from $875.00 to $830.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Citigroup lifted their price target on Meta Platforms from $655.00 to $690.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Guggenheim lifted their price target on Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Tigress Financial reiterated a "strong-buy" rating on shares of Meta Platforms in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $701.05.

Meta Platforms Price Performance

Shares of NASDAQ META traded up $1.47 during midday trading on Thursday, reaching $645.05. The company's stock had a trading volume of 8,844,705 shares, compared to its average volume of 14,448,186. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current 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. The business's 50 day moving average price is $577.74 and its two-hundred day moving average price is $610.01. The company has a market cap of $1.62 trillion, a P/E ratio of 26.97, a P/E/G ratio of 1.42 and a beta of 1.24.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. 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 previous year, the business earned $4.71 earnings per share. The firm's quarterly revenue was up 16.1% on a year-over-year basis. On average, analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.33%. Meta Platforms's payout ratio is 8.19%.

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.