Summit Wealth Group LLC Co. Buys 9,274 Shares of Meta Platforms, Inc. $META

Key Points

• Summit Wealth Group increased its Meta stake by 243.6% in the third quarter, buying 9,274 shares to bring its holdings to 13,081 shares, valued at about $9.49 million.
• Meta reported quarterly earnings of $7.40 per share and revenue of $64.6 billion, beating analyst estimates; revenue rose 26.1% year over year.
• Analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus rating, based on three Strong Buy, 47 Buy, and seven Hold ratings.

Summit Wealth Group LLC Co. lifted its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 243.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,081 shares of the social networking company's stock after purchasing an additional 9,274 shares during the period. Meta Platforms makes up 0.6% of Summit Wealth Group LLC Co.'s investment portfolio, making the stock its 27th largest holding. Summit Wealth Group LLC Co.'s holdings in Meta Platforms were worth $9,486,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Advantage Trust Co acquired a new stake in shares of Meta Platforms during the 2nd quarter valued at approximately $28,000. Philadelphia Investment Partners LLC purchased a new stake in shares of Meta Platforms during the 2nd quarter worth approximately $32,000. Horizons Wealth Management acquired a new stake in shares of Meta Platforms in the 3rd quarter worth approximately $33,000. Axiom Investment Management LLC acquired a new stake in shares of Meta Platforms in the 1st quarter worth approximately $36,000. Finally, Schuylkill Financial LLC purchased a new position in Meta Platforms in the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $920.00 to $940.00 and gave the stock an "overweight" rating in a report on Thursday, October 22nd. Weiss Ratings upgraded Meta Platforms from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. KeyCorp lifted their price target on Meta Platforms from $900.00 to $905.00 and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. Rosenblatt Securities reiterated a "buy" rating and issued a $886.00 price objective on shares of Meta Platforms in a research report on Tuesday, October 20th. Finally, Canaccord Genuity Group increased their price objective on shares of Meta Platforms from $930.00 to $950.00 and gave the company a "buy" rating in a research note on Friday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Meta Platforms has a consensus rating of "Moderate Buy" and a consensus price target of $833.12.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $610.15 on Friday. The business's fifty day moving average price is $674.97 and its two-hundred day moving average price is $632.16. The stock has a market cap of $1.56 trillion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 1.06 and a beta of 1.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.90 and a current ratio of 1.90. Meta Platforms, Inc. has a one year low of $520.26 and a one year high of $779.82.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The social networking company reported $7.40 earnings per share for the quarter, topping the consensus estimate of $6.54 by $0.86. Meta Platforms had a return on equity of 30.73% and a net margin of 31.15%. The company had revenue of $64.60 billion during the quarter, compared to the consensus estimate of $63.34 billion. During the same quarter last year, the business posted $7.25 earnings per share. Meta Platforms's revenue was up 26.1% compared to the same quarter last year. On average, analysts forecast that Meta Platforms, Inc. will post 29.01 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 21st were given a dividend of $0.5250 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 21st. Meta Platforms's dividend payout ratio (DPR) is currently 7.16%.

Insider Transactions at Meta Platforms

In other Meta Platforms news, CFO Susan Li sold 9,196 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $550.61, for a total value of $5,063,409.56. Following the transaction, the chief financial officer directly owned 13,186 shares in the company, valued at approximately $7,260,343.46. This represents a 41.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Christopher Cox sold 40,000 shares of the company's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $712.76, for a total transaction of $28,510,400.00. Following the completion of the transaction, the insider owned 184,516 shares in the company, valued at approximately $131,515,624.16. This trade represents a 17.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 151,090 shares of company stock worth $103,150,807 in the last ninety days. Company insiders own 13.53% of the company's stock.

Key Meta Platforms News

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: Meta launched Spaces, a collaboration feature for its Muse AI agents, following the rollout of Muse Voice. The new offerings may help strengthen user engagement and expand Meta’s consumer AI ecosystem. Meta introduces Spaces
• Positive Sentiment: Recent earnings commentary points to AI supporting Meta’s advertising operations, reinforcing the potential for the company’s AI investments to generate revenue. Takeaways from recent earnings
• Neutral Sentiment: Meta paused planned updates to its terms and is keeping existing rules in place. The move avoids an immediate policy change, though the underlying issues remain unresolved. Meta pauses planned terms updates
• Neutral Sentiment: Plans for new nonvoting Class C shares have been described as effectively creating a 2-for-1 split. A split changes the number of shares, but does not by itself change the company’s underlying value; the structure preserves Mark Zuckerberg’s voting control. Is Meta Platforms next for a stock split?
• Negative Sentiment: Meta and other platforms sued to block California restrictions on social-media features for users under 16. The case adds regulatory uncertainty and potential legal costs. Platforms sue over California teen social-media law
• Negative Sentiment: Meta warned that political backlash and possible limits on data-center construction could complicate its AI expansion. Its $15 billion senior-notes offering also highlights the scale of financing required for investment. Data-center expansion concerns
• Negative Sentiment: Reported ETF net selling and insider share sales may add short-term pressure, although the disclosed insider transaction was made under a pre-arranged trading plan. ETFs are net sellers of Meta Platforms

Meta Platforms Profile

Meta Platforms, Inc is a global technology company that develops social networking, messaging, and digital communication products. Its services include Facebook, Instagram, WhatsApp, Messenger, and Threads, which connect people and help businesses reach audiences around the world.

The company also develops virtual and augmented reality products and technologies through its Reality Labs division, including Quest headsets and related software and services. Advertising is a central part of Meta's business, with its platforms providing tools for businesses to promote products and services.

Founded in 2004 as Facebook by Mark Zuckerberg and fellow students, the company changed its name to Meta Platforms in 2021 to reflect its broader focus on building social technologies and immersive digital experiences.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.