Platform Technology Partners increased its stake in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 11.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,449 shares of the social networking company’s stock after acquiring an additional 1,422 shares during the period. Meta Platforms makes up about 1.5% of Platform Technology Partners’ holdings, making the stock its 13th largest holding. Platform Technology Partners’ holdings in Meta Platforms were worth $7,694,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Keybank National Association OH boosted its holdings in Meta Platforms by 15.7% in the fourth quarter. Keybank National Association OH now owns 133,798 shares of the social networking company’s stock valued at $88,319,000 after purchasing an additional 18,169 shares in the last quarter. WMS Group LLC acquired a new stake in Meta Platforms during the fourth quarter worth approximately $876,000. Diversified Trust Co. lifted its position in shares of Meta Platforms by 4.1% during the 4th quarter. Diversified Trust Co. now owns 84,059 shares of the social networking company’s stock worth $55,487,000 after buying an additional 3,336 shares during the last quarter. Cramer Rosenthal Mcglynn LLC lifted its position in shares of Meta Platforms by 16.2% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 6,933 shares of the social networking company’s stock worth $5,091,000 after buying an additional 968 shares during the last quarter. Finally, Consolidated Investment Group LLC boosted its holdings in shares of Meta Platforms by 61.2% in the 4th quarter. Consolidated Investment Group LLC now owns 7,900 shares of the social networking company’s stock valued at $5,215,000 after buying an additional 3,000 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
Meta Platforms Price Performance
Shares of NASDAQ:META opened at $615.58 on Wednesday. The company has a 50-day simple moving average of $600.41 and a 200-day simple moving average of $627.42. Meta Platforms, Inc. has a one year low of $520.26 and a one year high of $796.25. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.35 and a current ratio of 2.35. The stock has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 22.38, a PEG ratio of 1.06 and a beta of 1.25.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Monday, June 15th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. Meta Platforms’s payout ratio is presently 7.63%.
Meta Platforms News Roundup
Here are the key news stories impacting Meta Platforms this week:
- Positive Sentiment: Meta launched Muse Image, a new AI image-generation tool inside Meta AI for consumers and businesses. The rollout could help increase engagement across Instagram, WhatsApp and other apps, while giving advertisers and creators a new reason to use Meta’s ecosystem. Meta expands generative AI tools with Muse Image rollout
- Positive Sentiment: Erste Group Bank upgraded Meta from hold to buy, adding to bullish sentiment around the stock. Meta Platforms (NASDAQ:META) Raised to “Buy” at Erste Group Bank
- Positive Sentiment: Truist Securities also reiterated a Buy view and an $840 price target, reinforcing the case that Wall Street still sees meaningful upside in META.
Insider Transactions at Meta Platforms
In other Meta Platforms news, COO Javier Olivan sold 140 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $600.00, for a total transaction of $84,000.00. Following the completion of the transaction, the chief operating officer owned 12,846 shares in the company, valued at approximately $7,707,600. This represents a 1.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert M. Kimmitt sold 500 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $607.75, for a total transaction of $303,875.00. Following the completion of the sale, the director owned 3,443 shares of the company’s stock, valued at $2,092,483.25. This trade represents a 12.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 39,513 shares of company stock worth $24,419,874 over the last 90 days. 13.53% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Several brokerages recently commented on META. Sanford C. Bernstein cut their price target on shares of Meta Platforms from $900.00 to $850.00 and set an “outperform” rating on the stock in a research note on Thursday, April 30th. Susquehanna upgraded shares of Meta Platforms from a “positive” rating to a “positive” rating in a research note on Tuesday, June 2nd. Tigress Financial lifted their target price on Meta Platforms from $935.00 to $945.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, March 18th. Bank of America reduced their target price on Meta Platforms from $885.00 to $820.00 and set a “buy” rating for the company in a report on Monday, April 20th. Finally, Wall Street Zen downgraded Meta Platforms from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $840.64.
View Our Latest Report on META
About Meta Platforms
Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.
Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.
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