Prosperity Consulting Group LLC Grows Holdings in Meta Platforms, Inc. (NASDAQ:META)

Key Points

• Prosperity Consulting Group LLC increased its holdings in Meta Platforms, Inc. by 6.3%, owning 10,196 shares valued at approximately $5.87 million after purchasing additional shares during the first quarter.
• A recent insider transaction saw COO Javier Olivan sell 517 shares for about $369,655, reducing his ownership by 8.20%, while a subsequent sale by Jennifer Newstead resulted in a 1.99% decrease in her holdings.
• Meta Platforms reported earnings of $7.14 per share for the last quarter, significantly exceeding analysts' estimates and reflecting a 21.6% year-on-year revenue growth.

Prosperity Consulting Group LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,196 shares of the social networking company's stock after purchasing an additional 607 shares during the quarter. Prosperity Consulting Group LLC's holdings in Meta Platforms were worth $5,877,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Valley Financial Group Inc. boosted its position in Meta Platforms by 2.4% in the 4th quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock worth $344,000 after purchasing an additional 14 shares in the last quarter. Lantern Wealth Advisors LLC boosted its position in Meta Platforms by 0.5% in the 4th quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company's stock worth $1,743,000 after purchasing an additional 14 shares in the last quarter. Riverwater Partners LLC boosted its position in Meta Platforms by 2.7% in the 4th quarter. Riverwater Partners LLC now owns 572 shares of the social networking company's stock worth $335,000 after purchasing an additional 15 shares in the last quarter. ABLE Financial Group LLC lifted its position in shares of Meta Platforms by 0.7% during the 4th quarter. ABLE Financial Group LLC now owns 2,136 shares of the social networking company's stock valued at $1,251,000 after buying an additional 15 shares in the last quarter. Finally, Mosaic Family Wealth Partners LLC lifted its position in shares of Meta Platforms by 1.2% during the 4th quarter. Mosaic Family Wealth Partners LLC now owns 1,435 shares of the social networking company's stock valued at $840,000 after buying an additional 17 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Javier Olivan sold 517 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $715.00, for a total transaction of $369,655.00. Following the completion of the sale, the chief operating officer owned 5,785 shares in the company, valued at $4,136,275. This represents a 8.20% 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 519 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $719.86, for a total value of $373,607.34. Following the sale, the insider owned 25,550 shares of the company's stock, valued at $18,392,423. This trade represents a 1.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 152,980 shares of company stock worth $105,708,832 over the last three months. 13.61% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $750.01 on Friday. The company has a current ratio of 1.97, a quick ratio of 2.66 and a debt-to-equity ratio of 0.15. Meta Platforms, Inc. has a twelve month low of $450.80 and a twelve month high of $784.75. The stock has a 50 day moving average of $701.68 and a two-hundred day moving average of $645.68. The stock has a market cap of $1.89 trillion, a P/E ratio of 27.15, a P/E/G ratio of 1.84 and a beta of 1.27.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, beating analysts' consensus estimates of $5.75 by $1.39. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The company had revenue of $47.52 billion during the quarter, compared to analysts' expectations of $44.55 billion. During the same quarter in the previous year, the business earned $5.16 earnings per share. The firm's revenue for the quarter was up 21.6% on a year-over-year basis. On average, research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio is 8.19%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on META shares. UBS Group increased their target price on Meta Platforms from $812.00 to $897.00 and gave the company a "buy" rating in a research report on Thursday. Stifel Nicolaus raised their price objective on Meta Platforms from $845.00 to $900.00 and gave the company a "buy" rating in a report on Thursday. Barclays raised their price objective on Meta Platforms from $640.00 to $810.00 and gave the company an "overweight" rating in a report on Friday. Bank of America raised their price objective on Meta Platforms from $775.00 to $900.00 and gave the company a "buy" rating in a report on Thursday. Finally, KeyCorp raised their price objective on Meta Platforms from $800.00 to $905.00 and gave the company an "overweight" rating in a report on Thursday. Four research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus target price of $820.32.

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.

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