Sit Investment Associates Inc. Buys 2,178 Shares of Meta Platforms, Inc. (NASDAQ:META)

Sit Investment Associates Inc. boosted its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 3.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,134 shares of the social networking company's stock after acquiring an additional 2,178 shares during the period. Meta Platforms accounts for 0.9% of Sit Investment Associates Inc.'s investment portfolio, making the stock its 22nd largest holding. Sit Investment Associates Inc.'s holdings in Meta Platforms were worth $38,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Inlight Wealth Management LLC acquired a new position in shares of Meta Platforms during the first quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Meta Platforms during the first quarter worth approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Meta Platforms during the first quarter worth approximately $33,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $45,000. Finally, JCIC Asset Management Inc. raised its position in shares of Meta Platforms by 102.6% during 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. 79.91% of the stock is currently owned by institutional investors.

Insider Transactions at Meta Platforms

In related news, insider Christopher K. Cox sold 60,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $775.95, for a total transaction of $46,557,000.00. Following the completion of the transaction, the insider directly owned 237,205 shares of the company's stock, valued at approximately $184,059,219.75. This represents a 20.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 15,847 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $753.43, for a total value of $11,939,605.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,243 shares of company stock valued at $200,605,051. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Stock Up 0.4%

Meta Platforms stock opened at $785.23 on Friday. The stock has a market cap of $1.97 trillion, a PE ratio of 28.43, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.97 and a current ratio of 1.97. Meta Platforms, Inc. has a one year low of $479.80 and a one year high of $796.25. The stock has a fifty day moving average of $724.43 and a 200 day moving average of $655.43.

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

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. Meta Platforms's dividend payout ratio is 7.60%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on META shares. KeyCorp upped their target price on Meta Platforms from $800.00 to $905.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Monness Crespi & Hardt increased their price target on Meta Platforms from $780.00 to $860.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Canaccord Genuity Group increased their price target on Meta Platforms from $825.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Pivotal Research increased their price target on Meta Platforms from $830.00 to $930.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Roth Capital increased their price target on Meta Platforms from $620.00 to $740.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has a consensus rating of "Moderate Buy" and a consensus 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.

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