Sierra Summit Advisors LLC Cuts Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Sierra Summit Advisors LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 22.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,663 shares of the social networking company's stock after selling 6,097 shares during the quarter. Meta Platforms comprises 2.7% of Sierra Summit Advisors LLC's holdings, making the stock its 6th largest holding. Sierra Summit Advisors LLC's holdings in Meta Platforms were worth $12,486,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of META. Brighton Jones LLC increased its position in shares of Meta Platforms by 1.7% during the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after acquiring an additional 570 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Meta Platforms by 10.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock valued at $5,537,000 after purchasing an additional 875 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Meta Platforms by 3.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after purchasing an additional 7,587 shares in the last quarter. Highview Capital Management LLC DE raised its stake in shares of Meta Platforms by 3.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock worth $3,624,000 after purchasing an additional 218 shares during the last quarter. Finally, Benchstone Capital Management LP bought a new position in shares of Meta Platforms in the fourth quarter valued at approximately $23,749,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on META. JPMorgan Chase & Co. upped their price target on Meta Platforms from $795.00 to $875.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Robert W. Baird upped their target price on shares of Meta Platforms from $635.00 to $740.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Citizens Jmp raised their price target on shares of Meta Platforms from $750.00 to $900.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Rosenblatt Securities boosted their price target on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Monness Crespi & Hardt increased their price objective on shares of Meta Platforms from $780.00 to $860.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Four investment 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $822.41.

Meta Platforms Stock Down 1.3%

Shares of NASDAQ META opened at $780.08 on Thursday. The stock has a market capitalization of $1.96 trillion, a P/E ratio of 28.24, a PEG ratio of 1.64 and a beta of 1.27. Meta Platforms, Inc. has a one year low of $479.80 and a one year high of $795.46. The firm's 50 day simple moving average is $720.73 and its two-hundred day simple moving average is $653.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.97 and a quick ratio of 1.97.

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

Meta Platforms Dividend Announcement

The business also recently disclosed 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 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 dividend payout ratio (DPR) is 7.60%.

Insider Activity

In related news, CEO Mark Zuckerberg sold 15,847 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $753.43, for a total transaction of $11,939,605.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher K. Cox sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $775.95, for a total value of $46,557,000.00. Following the transaction, the insider owned 237,205 shares in the company, valued at approximately $184,059,219.75. The trade was a 20.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 292,211 shares of company stock valued at $215,232,155. 13.61% of the stock is currently owned by insiders.

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.

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