Towercrest Capital Management Has $761,000 Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Key Points

• Towercrest Capital Management reduced its holdings in Meta Platforms, Inc. by 76.7% in the first quarter, now owning 1,320 shares worth approximately $761,000.
• Multiple hedge funds have recently acquired stakes in Meta, indicating strong institutional interest, with 79.91% of the company's stock owned by such investors.
• Meta Platforms reported a quarterly EPS of $7.14, significantly exceeding analysts' expectations, with revenues up 21.6% year-over-year at $47.52 billion.

Towercrest Capital Management decreased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 76.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,320 shares of the social networking company's stock after selling 4,334 shares during the quarter. Towercrest Capital Management's holdings in Meta Platforms were worth $761,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Inlight Wealth Management LLC acquired a new stake in shares of Meta Platforms during the first quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Meta Platforms in the 1st quarter valued at $28,000. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Meta Platforms during the 1st quarter worth $33,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Meta Platforms during the 4th quarter worth $45,000. Finally, JCIC Asset Management Inc. boosted its position in shares of Meta Platforms by 102.6% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on META shares. Piper Sandler raised their target price on shares of Meta Platforms from $808.00 to $880.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Citizens Jmp increased their target price on shares of Meta Platforms from $750.00 to $900.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Hsbc Global Res raised shares of Meta Platforms from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 31st. Robert W. Baird increased their price objective on shares of Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, TD Securities reduced their target price on Meta Platforms from $725.00 to $700.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Meta Platforms currently has an average rating of "Moderate Buy" and an average price target of $822.41.

Meta Platforms Stock Performance

Meta Platforms stock traded down $12.91 during trading hours on Tuesday, reaching $763.46. 11,612,061 shares of the company were exchanged, compared to its average volume of 13,355,778. The firm has a market cap of $1.92 trillion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.59 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $704.66 and a 200 day moving average of $647.27. Meta Platforms, Inc. has a 12 month low of $478.65 and a 12 month high of $784.75.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, topping analysts' consensus estimates of $5.75 by $1.39. The company had revenue of $47.52 billion during the quarter, compared to analyst estimates of $44.55 billion. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The company's quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the company earned $5.16 earnings per share. As a group, research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is currently 7.60%.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 15,847 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $753.43, for a total transaction of $11,939,605.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Andrew Bosworth sold 22,449 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $636.85, for a total value of $14,296,645.65. Following the sale, the chief technology officer directly owned 1,183 shares in the company, valued at approximately $753,393.55. This represents a 94.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 167,298 shares of company stock worth $116,742,790. 13.61% of the stock is owned by company insiders.

About Meta Platforms

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.