SMART Wealth LLC Trims Stake in Meta Platforms, Inc. (NASDAQ:META)

SMART Wealth LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 24.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,703 shares of the social networking company's stock after selling 858 shares during the quarter. SMART Wealth LLC's holdings in Meta Platforms were worth $1,558,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Inlight Wealth Management LLC bought a new stake in shares of Meta Platforms during the first quarter worth $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Meta Platforms during the first quarter worth $28,000. Millstone Evans Group LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $40,000. WealthTrak Capital Management LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Meta Platforms during the fourth quarter worth $45,000. 79.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $740.00 price target on shares of Meta Platforms in a research 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 research report on Thursday, May 1st. Truist Financial upped their price objective on shares of Meta Platforms from $700.00 to $720.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Finally, Rosenblatt Securities upped their price objective 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. 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 MarketBeat, Meta Platforms currently has a consensus rating of "Moderate Buy" and an average price target of $727.95.

Meta Platforms Stock Performance

Shares of NASDAQ:META traded down $5.54 during mid-day trading on Thursday, reaching $727.24. The company had a trading volume of 9,905,148 shares, compared to its average volume of 14,503,230. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.83 trillion, a price-to-earnings ratio of 28.36, a PEG ratio of 1.80 and a beta of 1.28. The company's 50-day moving average price is $672.36 and its 200-day moving average price is $633.41. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $747.90.

Meta Platforms (NASDAQ:META - Get Free Report) last released 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 net margin of 39.11% and a return on equity of 38.69%. The business 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 business earned $4.71 EPS. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors 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 yield of 0.29%. Meta Platforms's dividend payout ratio is 8.19%.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 13,793 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $701.13, for a total value of $9,670,686.09. Following the completion of the transaction, the chief executive officer directly owned 118,279 shares in the company, valued at approximately $82,928,955.27. The trade was a 10.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer owned 1,183 shares of the company's stock, valued at $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,792 shares of company stock worth $105,466,325. Corporate insiders own 13.61% of the company's stock.

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.