Meta Platforms, Inc. (NASDAQ:META) is Praxis Investment Management Inc.'s 9th Largest Position

Praxis Investment Management Inc. lowered its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 12.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 47,820 shares of the social networking company's stock after selling 6,530 shares during the quarter. Meta Platforms accounts for about 1.9% of Praxis Investment Management Inc.'s portfolio, making the stock its 9th biggest holding. Praxis Investment Management Inc.'s holdings in Meta Platforms were worth $27,562,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC raised its stake in 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 buying an additional 1,850 shares in the last quarter. Skye Global Management LP lifted its position in Meta Platforms by 130.9% during 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 period. Brueske Advisory Services LLC purchased a new position in Meta Platforms during the 4th quarter worth $459,000. Kovitz Investment Group Partners LLC increased its position in Meta Platforms by 255.9% during 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 purchasing an additional 1,229,350 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Meta Platforms by 1.7% in the 4th quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock valued at $3,908,382,000 after buying an additional 110,040 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Stock Up 2.0%

Shares of Meta Platforms stock traded up $13.67 on Tuesday, hitting $712.20. 13,806,658 shares of the company's stock traded hands, compared to its average volume of 14,499,646. The stock has a market cap of $1.79 trillion, a P/E ratio of 27.78, a PEG ratio of 1.72 and a beta of 1.26. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The firm's 50-day moving average is $625.25 and its 200 day moving average is $624.38.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating 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 business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same period in the prior year, the company posted $4.71 EPS. The business's revenue was up 16.1% compared to the same quarter last year. Equities analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be paid 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 is Monday, June 16th. Meta Platforms's payout ratio is 8.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on META. Loop Capital increased their price target on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a report on Friday, May 16th. Oppenheimer lifted their price objective on Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Bank of America raised their price target on Meta Platforms from $690.00 to $765.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Barclays lowered their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, Jefferies Financial Group cut their price objective on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research report on Monday, April 7th. 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $712.69.

Insider Activity at Meta Platforms

In other news, COO Javier Olivan sold 608 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $488.18, for a total transaction of $296,813.44. Following the completion of the sale, the chief operating officer now owns 5,622 shares in the company, valued at approximately $2,744,547.96. This represents a 9.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 500 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $700.38, for a total value of $350,190.00. Following the sale, the chief executive officer now directly owns 85,119 shares of the company's stock, valued at approximately $59,615,645.22. This represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,002 shares of company stock worth $73,353,340 in the last three months. 13.61% of the stock is owned by company insiders.

Meta Platforms 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.