Union Heritage Capital LLC acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,560 shares of the social networking company's stock, valued at approximately $1,475,000.
A number of other hedge funds have also recently modified their holdings of the business. Inlight Wealth Management LLC purchased a new position in shares of Meta Platforms during the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Meta Platforms during the 1st quarter valued at $28,000. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Meta Platforms during the 1st quarter valued at $33,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms during the 4th quarter valued at $45,000. Finally, JCIC Asset Management Inc. lifted its stake 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 valued at $46,000 after buying an additional 40 shares in the last quarter. Institutional investors own 79.91% of the company's stock.
Analyst Ratings Changes
A number of research firms recently weighed in on META. Roth Capital lifted their target price on shares of Meta Platforms from $620.00 to $740.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Canaccord Genuity Group lifted their target price on shares of Meta Platforms from $825.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Piper Sandler boosted their price target on shares of Meta Platforms from $808.00 to $880.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Moffett Nathanson boosted their price target on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $920.00 price target on shares of Meta Platforms in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $822.41.
Check Out Our Latest Report on Meta Platforms
Insider Activity at Meta Platforms
In other news, CEO Mark Zuckerberg sold 1,037 shares of Meta Platforms stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $785.18, for a total transaction of $814,231.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher K. Cox sold 15,000 shares of Meta Platforms stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $767.80, for a total transaction of $11,517,000.00. Following the sale, the insider owned 222,205 shares of the company's stock, valued at $170,608,999. The trade was a 6.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 292,211 shares of company stock valued at $215,232,155. 13.61% of the stock is currently owned by corporate insiders.
Meta Platforms Stock Up 0.3%
NASDAQ META traded up $2.35 on Thursday, hitting $782.43. The stock had a trading volume of 6,732,904 shares, compared to its average volume of 15,334,524. The business's fifty day moving average price is $720.73 and its 200 day moving average price is $653.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.97 and a quick ratio of 1.97. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $795.46. The stock has a market cap of $1.97 trillion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 1.64 and a beta of 1.27.
Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The business had revenue of $47.52 billion for the quarter, compared to analyst estimates of $44.55 billion. During the same period in the previous year, the company earned $5.16 earnings per share. The business's revenue for the quarter was up 21.6% on a year-over-year basis. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, June 16th. Meta Platforms's payout ratio is presently 7.60%.
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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