Rolek Wealth Management LLC Takes $474,000 Position in Meta Platforms, Inc. (NASDAQ:META)

Rolek Wealth Management LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 823 shares of the social networking company's stock, valued at approximately $474,000. Meta Platforms comprises approximately 0.5% of Rolek Wealth Management LLC's investment portfolio, making the stock its 10th biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Meta Platforms during the fourth quarter valued at $19,949,512,000. GAMMA Investing LLC grew its holdings in shares of Meta Platforms by 67,172.9% during the first quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock valued at $13,517,178,000 after buying an additional 23,417,803 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Meta Platforms by 78,471.1% during the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock valued at $3,658,713,000 after buying an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Meta Platforms during the fourth quarter valued at $2,243,603,000. Finally, Northern Trust Corp grew its holdings in shares of Meta Platforms by 13.5% during the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock valued at $13,727,613,000 after buying an additional 2,787,832 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 406 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the sale, the chief operating officer now owns 4,608 shares of the company's stock, valued at approximately $2,265,707.52. This represents a 8.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 921 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $627.05, for a total transaction of $577,513.05. Following the sale, the insider now directly owns 31,182 shares of the company's stock, valued at approximately $19,552,673.10. This represents a 2.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,031 shares of company stock valued at $73,954,565. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Price Performance

Shares of META traded down $13.42 during mid-day trading on Friday, hitting $682.35. 22,498,010 shares of the company were exchanged, compared to its average volume of 14,512,174. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The company has a 50 day moving average of $618.10 and a 200-day moving average of $623.14. The stock has a market cap of $1.72 trillion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.26.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data 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 net margin of 39.11% and a return on equity of 38.69%. The company had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter in the prior year, the company earned $4.71 EPS. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. Analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.31%. Meta Platforms's dividend payout ratio is presently 8.19%.

Wall Street Analyst Weigh In

META has been the topic of a number of research analyst reports. Barclays dropped their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Rosenblatt Securities upped their price target on shares of Meta Platforms from $846.00 to $918.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Morgan Stanley upped their price target on shares of Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. KeyCorp upped their price target on shares of Meta Platforms from $645.00 to $655.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Benchmark lowered their price target on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $710.00.

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.