Meta Platforms, Inc. (NASDAQ:META) Shares Acquired by Prosperity Wealth Management Inc.

Prosperity Wealth Management Inc. lifted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 26.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,317 shares of the social networking company's stock after buying an additional 912 shares during the period. Meta Platforms makes up approximately 1.2% of Prosperity Wealth Management Inc.'s holdings, making the stock its 14th largest position. Prosperity Wealth Management Inc.'s holdings in Meta Platforms were worth $2,488,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Millstone Evans Group LLC acquired a new stake in Meta Platforms in the fourth quarter valued at about $40,000. WealthTrak Capital Management LLC acquired a new stake in Meta Platforms in the fourth quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms in the fourth quarter valued at about $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in Meta Platforms in the fourth quarter valued at about $47,000. Finally, Principia Wealth Advisory LLC lifted its position in Meta Platforms by 53.6% in the first quarter. Principia Wealth Advisory LLC now owns 86 shares of the social networking company's stock valued at $50,000 after purchasing an additional 30 shares during the period. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Trading Down 0.2%

META stock traded down $1.46 during midday trading on Thursday, hitting $695.77. The stock had a trading volume of 9,635,650 shares, compared to its average volume of 14,501,973. The firm has a market cap of $1.75 trillion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The company's 50-day moving average price is $612.33 and its 200 day moving average price is $621.89.

Meta Platforms (NASDAQ:META - Get Free Report) last announced 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. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. Meta Platforms's revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the business earned $4.71 EPS. On average, equities research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be issued a $0.525 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.30%. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, 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 completion of the sale, the chief technology officer now directly owns 1,183 shares in the company, valued at $753,393.55. The trade was a 94.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Javier Olivan sold 608 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $614.97, for a total transaction of $373,901.76. Following the completion of the sale, the chief operating officer now directly owns 6,838 shares of the company's stock, valued at $4,205,164.86. The trade was a 8.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,512 shares of company stock worth $73,590,232 in the last quarter. 13.61% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on META shares. Moffett Nathanson raised their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Monness Crespi & Hardt raised their price objective on shares of Meta Platforms from $775.00 to $780.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Rosenblatt Securities raised their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Citigroup reaffirmed a "buy" rating on shares of Meta Platforms in a report on Thursday, June 12th. Finally, Guggenheim increased their target price on shares of Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a report on Thursday, May 1st. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $710.00.

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.