Symphony Financial Ltd. Co. decreased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 52.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,880 shares of the social networking company's stock after selling 4,242 shares during the quarter. Meta Platforms accounts for approximately 1.3% of Symphony Financial Ltd. Co.'s portfolio, making the stock its 18th largest position. Symphony Financial Ltd. Co.'s holdings in Meta Platforms were worth $2,236,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Inlight Wealth Management LLC purchased a new stake in Meta Platforms in the first quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new stake in Meta Platforms in the fourth quarter worth approximately $40,000. WealthTrak Capital Management LLC purchased a new stake in Meta Platforms in the fourth quarter worth approximately $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Meta Platforms in the fourth quarter worth approximately $45,000. Finally, Stuart Chaussee & Associates Inc. purchased a new stake in Meta Platforms in the fourth quarter worth approximately $47,000. Hedge funds and other institutional investors own 79.91% of the company's stock.
Meta Platforms Price Performance
META opened at $726.09 on Friday. The stock has a fifty day simple moving average of $633.87 and a two-hundred day simple moving average of $625.73. 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 $1.83 trillion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 1.74 and a beta of 1.26. 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 issued 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 return on equity of 38.69% and a net margin of 39.11%. The firm 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 company earned $4.71 earnings per share. The company's revenue was up 16.1% on a year-over-year basis. Research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were issued 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 payout ratio is presently 8.19%.
Insider Activity
In other news, COO Javier Olivan sold 608 shares of the firm's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $563.03, for a total transaction of $342,322.24. Following the completion of the transaction, the chief operating officer now directly owns 6,230 shares in the company, valued at $3,507,676.90. This trade represents a 8.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert M. Kimmitt sold 465 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $699.27, for a total value of $325,160.55. Following the sale, the director now directly owns 9,807 shares in the company, valued at $6,857,740.89. This trade represents a 4.53% 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 over the last three months. 13.61% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
META has been the subject of several research reports. Barclays cut their target price on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. increased their price objective on Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Morgan Stanley increased their price objective on Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Piper Sandler increased their price objective on Meta Platforms from $610.00 to $650.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Citigroup increased their price objective on Meta Platforms from $690.00 to $803.00 and gave the company a "buy" rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $715.76.
Check Out Our Latest Stock Report on Meta Platforms
Meta Platforms Profile
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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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