WT Wealth Management Sells 633 Shares of Meta Platforms, Inc. (NASDAQ:META)

WT Wealth Management lessened its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,221 shares of the social networking company's stock after selling 633 shares during the quarter. Meta Platforms makes up approximately 1.2% of WT Wealth Management's investment portfolio, making the stock its 26th largest position. WT Wealth Management's holdings in Meta Platforms were worth $3,585,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Csenge Advisory Group grew its position in Meta Platforms by 12.0% during the first quarter. Csenge Advisory Group now owns 9,539 shares of the social networking company's stock worth $5,498,000 after buying an additional 1,019 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares in the last quarter. Skye Global Management LP lifted its position 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 valued at $44,616,000 after acquiring an additional 43,200 shares during the period. ARQ Wealth Advisors LLC lifted its position in Meta Platforms by 4.5% during the first quarter. ARQ Wealth Advisors LLC now owns 785 shares of the social networking company's stock worth $452,000 after purchasing an additional 34 shares during the period. Finally, JMG Financial Group Ltd. acquired a new stake in Meta Platforms during the first quarter worth about $284,000. Institutional investors own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on META. Roth Capital boosted their target price on shares of Meta Platforms from $620.00 to $740.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Meta Platforms from $735.00 to $795.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Raymond James Financial cut their target price on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating for the company in a research note on Thursday, May 1st. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $740.00 target price on shares of Meta Platforms in a report on Thursday, May 1st. Finally, Jefferies Financial Group lowered their price target on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a report on Monday, April 7th. Five investment analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $752.33.

Meta Platforms Stock Performance

Shares of META opened at $712.68 on Friday. Meta Platforms, Inc. has a 52-week low of $450.80 and a 52-week high of $747.90. The stock's 50-day simple moving average is $692.48 and its 200 day simple moving average is $641.57. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The stock has a market capitalization of $1.79 trillion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 1.71 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. The firm had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The company's revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm posted $4.71 earnings per share. Research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's payout ratio is 8.19%.

Insider Activity

In related news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $4,532,440.64. Following the sale, the chief financial officer owned 70,040 shares in the company, valued at approximately $46,181,574.40. This trade represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 13,793 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $701.13, for a total value of $9,670,686.09. Following the transaction, the chief executive officer owned 118,279 shares of the company's stock, valued at approximately $82,928,955.27. The trade was a 10.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 153,473 shares of company stock worth $105,805,440 in the last three months. Corporate insiders own 13.61% of the company's stock.

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.

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