Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by Portside Wealth Group LLC

Portside Wealth Group LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 15.4% during the first quarter, Holdings Channel reports. The firm owned 8,902 shares of the social networking company’s stock after purchasing an additional 1,187 shares during the period. Meta Platforms makes up about 0.8% of Portside Wealth Group LLC’s holdings, making the stock its 25th biggest holding. Portside Wealth Group LLC’s holdings in Meta Platforms were worth $5,131,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Valley Financial Group Inc. boosted its holdings in Meta Platforms by 2.4% in the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company’s stock valued at $344,000 after acquiring an additional 14 shares during the last quarter. Lantern Wealth Advisors LLC increased its stake in Meta Platforms by 0.5% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company’s stock worth $1,743,000 after acquiring an additional 14 shares during the last quarter. Seelaus Asset Management LLC increased its stake in Meta Platforms by 0.9% during the fourth quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company’s stock worth $960,000 after acquiring an additional 15 shares during the last quarter. Meredith Wealth Planning raised its holdings in shares of Meta Platforms by 0.8% in the 4th quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company’s stock worth $1,097,000 after purchasing an additional 15 shares during the period. Finally, Maiden Cove Capital LLC lifted its stake in shares of Meta Platforms by 3.2% in the 4th quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company’s stock valued at $282,000 after purchasing an additional 15 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 608 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $607.50, for a total transaction of $369,360.00. Following the completion of the transaction, the chief operating officer now directly owns 7,446 shares of the company’s stock, valued at approximately $4,523,445. This represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Andrew Bosworth sold 22,449 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief technology officer now directly owns 1,183 shares in the company, valued at approximately $753,393.55. This trade represents a 94.99% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,104 shares of company stock valued at $35,270,242. Company insiders own 13.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on META shares. Bank of America boosted their target price on Meta Platforms from $640.00 to $690.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price target on shares of Meta Platforms from $675.00 to $735.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Raymond James dropped their price objective on shares of Meta Platforms from $800.00 to $750.00 and set a “strong-buy” rating for the company in a research report on Thursday, May 1st. TD Securities cut their target price on shares of Meta Platforms from $725.00 to $700.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark decreased their price target on shares of Meta Platforms from $820.00 to $640.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $702.48.

Meta Platforms Stock Down 0.5%

Shares of Meta Platforms stock opened at $694.06 on Tuesday. The business has a 50-day moving average price of $589.87 and a 200 day moving average price of $616.49. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The firm has a market cap of $1.75 trillion, a P/E ratio of 29.02, a P/E/G ratio of 1.42 and a beta of 1.26. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the business earned $4.71 EPS. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.30%. Meta Platforms’s payout ratio is 8.19%.

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.