Spire Wealth Management Sells 2,916 Shares of Meta Platforms, Inc. (NASDAQ:META)

Spire Wealth Management cut its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,896 shares of the social networking company's stock after selling 2,916 shares during the period. Meta Platforms comprises about 1.3% of Spire Wealth Management's holdings, making the stock its 10th largest position. Spire Wealth Management's holdings in Meta Platforms were worth $40,861,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Inlight Wealth Management LLC acquired a new stake in Meta Platforms in the first quarter valued at $25,000. Millstone Evans Group LLC acquired a new stake in Meta Platforms in the fourth quarter valued at $40,000. WealthTrak Capital Management LLC purchased a new position in shares of Meta Platforms during the fourth quarter worth about $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms during the fourth quarter worth about $45,000. Finally, JCIC Asset Management Inc. grew its holdings 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 last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

META stock opened at $733.63 on Friday. The firm has a 50 day moving average of $638.51 and a 200-day moving average of $626.52. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. 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 company has a market cap of $1.84 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.79 and a beta of 1.26.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) 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 company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. During the same period last year, the firm earned $4.71 EPS. The company's revenue for the quarter was up 16.1% on a year-over-year basis. As a group, equities 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. Investors of record on Monday, June 16th were given a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms's dividend payout ratio is currently 8.19%.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 1,462 shares of Meta Platforms stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $701.13, for a total transaction of $1,025,052.06. Following the completion of the transaction, the chief executive officer now directly owns 139,538 shares in the company, valued at $97,834,277.94. The trade was a 1.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares of the company's stock, valued at $10,855,043.68. This represents a 23.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 124,831 shares of company stock worth $83,868,872 in the last ninety days. Insiders own 13.61% of the company's stock.

Analyst Ratings Changes

Several equities analysts have 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 report on Thursday, May 1st. Rosenblatt Securities raised their price objective on Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Needham & Company LLC reaffirmed an "underperform" rating on shares of Meta Platforms in a report on Thursday, May 1st. Monness Crespi & Hardt raised their price objective on Meta Platforms from $775.00 to $780.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Benchmark dropped their price objective on Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $719.52.

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.

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