Significant Wealth Partners LLC Takes Position in Meta Platforms, Inc. (NASDAQ:META)

Significant Wealth Partners LLC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 520 shares of the social networking company's stock, valued at approximately $300,000.

Several other institutional investors have also modified their holdings of the stock. Suvretta Capital Management LLC increased its position 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 worth $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP increased its position in shares of Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after purchasing an additional 43,200 shares during the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of Meta Platforms by 255.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after purchasing an additional 1,229,350 shares during the last quarter. Quantinno Capital Management LP increased its position in shares of Meta Platforms by 25.1% during the 4th quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock worth $215,760,000 after purchasing an additional 73,907 shares during the last quarter. Finally, Arcadia Wealth Management Inc. acquired a new stake in shares of Meta Platforms during the 4th quarter worth about $600,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Truist Financial raised their price objective on Meta Platforms from $700.00 to $720.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Oppenheimer lifted their target price on Meta Platforms from $665.00 to $775.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Cantor Fitzgerald lifted their target price on Meta Platforms from $676.00 to $807.00 and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Jefferies Financial Group dropped their target price on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Robert W. Baird lifted their target price on Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $729.38.

Meta Platforms Stock Down 1.5%

META stock traded down $10.53 during trading on Tuesday, hitting $710.39. 11,499,619 shares of the company's stock were exchanged, compared to its average volume of 14,434,369. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $747.90. The business has a 50-day moving average price of $677.20 and a two-hundred day moving average price of $635.41. The stock has a market capitalization of $1.79 trillion, a price-to-earnings ratio of 27.71, a PEG ratio of 1.76 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data 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. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. 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 previous year, the business earned $4.71 earnings per share. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. As a group, equities research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's dividend payout ratio is currently 8.19%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 519 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $721.57, for a total value of $374,494.83. Following the transaction, the insider owned 27,107 shares of the company's stock, valued at approximately $19,559,597.99. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Javier Olivan sold 517 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $717.51, for a total value of $370,952.67. Following the completion of the transaction, the chief operating officer directly owned 7,336 shares in the company, valued at approximately $5,263,653.36. The trade was a 6.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 152,263 shares of company stock worth $104,638,750. 13.61% of the stock is 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.