Meta Platforms, Inc. (NASDAQ:META) is Mystic Asset Management Inc.'s 5th Largest Position

Mystic Asset Management Inc. boosted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 37.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,329 shares of the social networking company's stock after acquiring an additional 4,492 shares during the period. Meta Platforms accounts for approximately 2.5% of Mystic Asset Management Inc.'s investment portfolio, making the stock its 5th biggest position. Mystic Asset Management Inc.'s holdings in Meta Platforms were worth $9,411,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Suvretta Capital Management LLC boosted its holdings in Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP lifted its holdings in shares of Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after acquiring an additional 43,200 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in shares of Meta Platforms by 255.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after acquiring an additional 1,229,350 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Meta Platforms by 25.1% in the 4th quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock worth $215,760,000 after acquiring an additional 73,907 shares during the last quarter. Finally, Arcadia Wealth Management Inc. acquired a new position in shares of Meta Platforms in the 4th quarter worth approximately $600,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Price Performance

META traded down $2.12 during midday trading on Friday, reaching $712.68. 8,253,539 shares of the company's stock were exchanged, compared to its average volume of 10,556,341. 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 stock has a market capitalization of $1.79 trillion, a PE ratio of 27.80, a P/E/G ratio of 1.71 and a beta of 1.28. The business's 50-day moving average price is $692.48 and its 200 day moving average price is $641.78. Meta Platforms, Inc. has a 1-year low of $450.80 and a 1-year high of $747.90.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during 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 firm's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.71 earnings per share. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's payout ratio is currently 8.19%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on META. Rosenblatt Securities upped their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Pivotal Research decreased their price objective on shares of Meta Platforms from $875.00 to $830.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Evercore ISI upped their price objective on shares of Meta Platforms from $725.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Barclays decreased their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Oppenheimer upped their price objective on shares of Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Five analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $752.33.

Insiders Place Their Bets

In other 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 value of $4,532,440.64. Following the completion of the transaction, the chief financial officer owned 70,040 shares of the company's stock, valued at $46,181,574.40. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 13,793 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $701.13, for a total transaction of $9,670,686.09. Following the completion of the transaction, the chief executive officer directly owned 118,279 shares of the company's stock, valued at approximately $82,928,955.27. This represents a 10.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 153,473 shares of company stock worth $105,805,440. 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.