Portside Wealth Group LLC lifted its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 31.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,715 shares of the social networking company's stock after purchasing an additional 1,832 shares during the period. Meta Platforms accounts for approximately 0.8% of Portside Wealth Group LLC's portfolio, making the stock its 29th largest position. Portside Wealth Group LLC's holdings in Meta Platforms were worth $4,517,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of META. Millstone Evans Group LLC purchased a new position in Meta Platforms during the fourth quarter valued at $40,000. WealthTrak Capital Management LLC purchased a new stake in Meta Platforms during the fourth quarter valued at $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms in the fourth quarter worth approximately $45,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Meta Platforms in the 4th quarter worth $47,000. Finally, Conquis Financial LLC bought a new position in shares of Meta Platforms in the fourth quarter worth approximately $59,000. Institutional investors own 79.91% of the company's stock.
Insider Activity
In other news, COO Javier Olivan sold 517 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $644.93, for a total value of $333,428.81. Following the sale, the chief operating officer now owns 9,921 shares in the company, valued at approximately $6,398,350.53. This trade represents a 4.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the transaction, the chief technology officer now owns 1,183 shares in the company, valued at $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,652 shares of company stock worth $34,815,208. 13.61% of the stock is owned by corporate insiders.
Meta Platforms Price Performance
Shares of META traded down $3.33 during trading hours on Thursday, hitting $684.62. 13,062,206 shares of the company were exchanged, compared to its average volume of 14,510,834. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91. The company has a market capitalization of $1.72 trillion, a PE ratio of 28.62, a PEG 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. The firm has a fifty day simple moving average of $583.27 and a 200-day simple moving average of $613.00.
Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The company's revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the business posted $4.71 EPS. As a group, sell-side analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Dividend Announcement
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 paid a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. Meta Platforms's dividend payout ratio (DPR) is 8.19%.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on META. Cantor Fitzgerald raised their target price on shares of Meta Platforms from $624.00 to $676.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Royal Bank of Canada restated an "outperform" rating and set a $740.00 target price on shares of Meta Platforms in a research report on Thursday, May 1st. Susquehanna lowered their price objective on shares of Meta Platforms from $800.00 to $700.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. Roth Capital upped their price objective on shares of Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Truist Financial lifted their price target on Meta Platforms from $700.00 to $720.00 and gave the company 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 assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $702.48.
View Our Latest Analysis on META
Meta Platforms Profile
(
Free Report)
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.
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