Ramirez Asset Management Inc. Lowers Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Key Points

• Ramirez Asset Management Inc. decreased its stake in Meta Platforms, Inc. by 10.5%, selling 644 shares to hold a total of 5,511 shares valued at approximately $3.18 million.
• Several institutional investors, including Picton Mahoney Asset Management and Pinnacle Wealth Management Advisory Group, have recently increased their positions in Meta, reflecting a strong institutional interest in the stock.
• Wall Street analysts have generally responded positively, with many upgrading their ratings and increasing price targets, suggesting a consensus view of a Moderate Buy for the stock.

Ramirez Asset Management Inc. lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,511 shares of the social networking company's stock after selling 644 shares during the period. Ramirez Asset Management Inc.'s holdings in Meta Platforms were worth $3,176,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in META. Inlight Wealth Management LLC bought a new stake in shares of Meta Platforms during the first quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Meta Platforms in the first quarter valued at approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Meta Platforms in the first quarter valued at approximately $33,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms in the fourth quarter worth $45,000. Finally, JCIC Asset Management Inc. raised its holdings in Meta Platforms by 102.6% in the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock worth $46,000 after purchasing an additional 40 shares during the period. Institutional investors own 79.91% of the company's stock.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 15,847 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $753.43, for a total value of $11,939,605.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jennifer Newstead sold 519 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $719.86, for a total transaction of $373,607.34. Following the transaction, the insider owned 25,550 shares in the company, valued at approximately $18,392,423. This trade represents a 1.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 167,298 shares of company stock valued at $116,742,790. 13.61% of the stock is currently owned by insiders.

Meta Platforms Price Performance

Shares of NASDAQ:META traded up $8.33 during trading on Wednesday, hitting $771.79. 6,427,694 shares of the company were exchanged, compared to its average volume of 15,569,056. The company has a market capitalization of $1.94 trillion, a P/E ratio of 27.93, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.15. Meta Platforms, Inc. has a 1-year low of $479.80 and a 1-year high of $784.75. The business's 50 day moving average is $707.08 and its 200-day moving average is $648.07.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, topping the consensus estimate of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The firm had revenue of $47.52 billion for the quarter, compared to analysts' expectations of $44.55 billion. During the same quarter last year, the firm earned $5.16 EPS. The company's quarterly revenue was up 21.6% compared to the same quarter last year. Equities 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 disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's payout ratio is currently 7.60%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Oppenheimer increased their target price on shares of Meta Platforms from $775.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Bank of America lifted their price objective on shares of Meta Platforms from $775.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Royal Bank Of Canada lifted their price objective on shares of Meta Platforms from $740.00 to $840.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Cantor Fitzgerald boosted their target price on shares of Meta Platforms from $828.00 to $920.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, 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 note on Thursday, May 1st. Four research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has a consensus rating of "Moderate Buy" and an average price target of $822.41.

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.