Meta Platforms, Inc. (NASDAQ:META) Holdings Lowered by Tobam

Tobam trimmed its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 74.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 912 shares of the social networking company's stock after selling 2,646 shares during the period. Tobam's holdings in Meta Platforms were worth $526,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Suvretta Capital Management LLC lifted its holdings in shares of Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after acquiring an additional 1,850 shares during the period. Skye Global Management LP lifted its holdings in shares of Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after acquiring an additional 43,200 shares during the period. Brueske Advisory Services LLC purchased a new position in Meta Platforms in the fourth quarter valued at approximately $459,000. Apollon Financial LLC raised its holdings in Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock valued at $866,000 after buying an additional 148 shares during the period. Finally, Kovitz Investment Group Partners LLC lifted its position in Meta Platforms by 255.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after buying an additional 1,229,350 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Moffett Nathanson increased their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Loop Capital raised their target price on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Piper Sandler raised their target price on shares of Meta Platforms from $610.00 to $650.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Royal Bank of Canada reissued an "outperform" rating and issued a $740.00 target price on shares of Meta Platforms in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $676.00 target price on shares of Meta Platforms in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $704.26.

Insider Activity

In related news, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $607.50, for a total value of $369,360.00. Following the sale, the chief operating officer now directly owns 7,446 shares in the company, valued at $4,523,445. This trade represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 7,802 shares of Meta Platforms stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $701.96, for a total transaction of $5,476,691.92. Following the completion of the sale, the chief executive officer now owns 110,477 shares in the company, valued at approximately $77,550,434.92. This represents a 6.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 86,201 shares of company stock valued at $56,377,837. Company insiders own 13.61% of the company's stock.

Meta Platforms Stock Performance

Shares of NASDAQ META traded down $10.49 during midday trading on Friday, hitting $682.87. The company's stock had a trading volume of 9,259,272 shares, compared to its average volume of 14,521,911. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91. The firm's fifty day moving average price is $604.07 and its 200-day moving average price is $619.60. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market cap of $1.72 trillion, a P/E ratio of 28.55, a P/E/G ratio of 1.42 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 EPS 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 analyst estimates of $41.45 billion. During the same period in the previous year, the business posted $4.71 EPS. The company's quarterly revenue was up 16.1% on a year-over-year basis. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. The ex-dividend date is Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Meta Platforms Company 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.