Rockland Trust Co. Sells 3,380 Shares of Meta Platforms, Inc. (NASDAQ:META)

Rockland Trust Co. decreased its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,870 shares of the social networking company's stock after selling 3,380 shares during the period. Meta Platforms makes up about 1.7% of Rockland Trust Co.'s portfolio, making the stock its 18th biggest position. Rockland Trust Co.'s holdings in Meta Platforms were worth $33,930,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Suvretta Capital Management LLC boosted its holdings in shares of Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares in the last quarter. Skye Global Management LP boosted its stake in shares of Meta Platforms by 130.9% during the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth about $459,000. Apollon Financial LLC increased its stake in shares of Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock valued at $866,000 after buying an additional 148 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its holdings in Meta Platforms by 255.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after buying an additional 1,229,350 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Stock Down 1.5%

Shares of META traded down $10.49 on Friday, reaching $682.87. The company's stock had a trading volume of 9,259,272 shares, compared to its average volume of 14,501,078. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91. The stock has a market capitalization of $1.72 trillion, a PE ratio of 28.55, a PEG ratio of 1.42 and a beta of 1.26. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average of $604.07 and a 200-day moving average of $619.26.

Meta Platforms (NASDAQ:META - Get Free Report) last issued 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. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The firm had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period in the previous year, the company posted $4.71 EPS. The company's revenue for the quarter was up 16.1% on a year-over-year basis. Equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date is Monday, June 16th. Meta Platforms's payout ratio is currently 8.19%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on META shares. Bank of America boosted their target price on shares of Meta Platforms from $690.00 to $765.00 and gave the stock a "buy" rating in a report on Thursday. Rosenblatt Securities boosted their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Barclays lowered their target price on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Piper Sandler lifted their target price on Meta Platforms from $610.00 to $650.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Finally, Wells Fargo & Company decreased their price target on Meta Platforms from $752.00 to $664.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $704.26.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $4,532,440.64. Following the transaction, the chief financial officer now owns 70,040 shares of the company's stock, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 1,462 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $701.13, for a total value of $1,025,052.06. Following the sale, the chief executive officer now directly owns 139,538 shares of the company's stock, valued at approximately $97,834,277.94. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,201 shares of company stock worth $56,377,837. Corporate insiders own 13.61% of the company's stock.

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.