Summit Global Investments decreased its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 21.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,052 shares of the social networking company's stock after selling 6,547 shares during the period. Meta Platforms comprises about 1.0% of Summit Global Investments' holdings, making the stock its 14th largest position. Summit Global Investments' holdings in Meta Platforms were worth $13,863,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Meta Platforms by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company's stock worth $111,948,344,000 after purchasing an additional 1,502,553 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Meta Platforms by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 49,181,127 shares of the social networking company's stock worth $28,719,970,000 after purchasing an additional 1,020,519 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Meta Platforms by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,317,434 shares of the social networking company's stock worth $24,777,282,000 after acquiring an additional 1,049,121 shares during the period. Capital World Investors raised its stake in shares of Meta Platforms by 2.9% in the fourth quarter. Capital World Investors now owns 40,317,105 shares of the social networking company's stock valued at $23,606,338,000 after buying an additional 1,141,355 shares during the period. Finally, Norges Bank bought a new stake in shares of Meta Platforms in the fourth quarter valued at $19,949,512,000. Hedge funds and other institutional investors own 79.91% of the company's stock.
Meta Platforms Trading Up 2.3%
META traded up $15.04 during trading on Monday, hitting $662.53. 6,568,467 shares of the stock traded hands, compared to its average volume of 14,451,556. The firm has a market capitalization of $1.67 trillion, a P/E ratio of 27.68, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The firm has a 50-day moving average of $578.56 and a 200 day moving average of $611.28. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The business had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter in the prior year, the company posted $4.71 EPS. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a $0.525 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.32%. Meta Platforms's dividend payout ratio is 8.19%.
Analysts Set New Price Targets
META has been the topic of several research reports. Royal Bank of Canada reissued an "outperform" rating and issued a $740.00 price target on shares of Meta Platforms in a research report on Thursday, May 1st. Moffett Nathanson upped their target price on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Evercore ISI upped their target price on shares of Meta Platforms from $725.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Scotiabank decreased their target price on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a report on Monday, April 21st. Finally, Bank of America boosted their target price on Meta Platforms from $640.00 to $690.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $701.05.
View Our Latest Stock Report on Meta Platforms
Insider Transactions at Meta Platforms
In related news, COO Javier Olivan sold 517 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $635.41, for a total value of $328,506.97. Following the completion of the transaction, the chief operating officer now directly owns 10,438 shares in the company, valued at $6,632,409.58. This trade represents a 4.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Newstead sold 921 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $644.00, for a total transaction of $593,124.00. Following the completion of the transaction, the insider now owns 33,945 shares of the company's stock, valued at approximately $21,860,580. The trade was a 2.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,056 shares of company stock valued at $35,074,903. Company insiders own 13.61% of the company's stock.
Meta Platforms Profile
(
Free Report)
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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