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Allworth Financial LP cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,250 shares of the social networking company’s stock after selling 1,016 shares during the period. Allworth Financial LP’s holdings in Meta Platforms were worth $25,724,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of META. Norges Bank acquired a new position in Meta Platforms during the 4th quarter worth $19,949,512,000. GAMMA Investing LLC lifted its holdings in Meta Platforms by 67,172.9% during the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company’s stock worth $13,517,178,000 after buying an additional 23,417,803 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Meta Platforms during the 4th quarter worth $2,243,603,000. Northern Trust Corp lifted its stake in shares of Meta Platforms by 13.5% in the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock valued at $13,727,613,000 after purchasing an additional 2,787,832 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Meta Platforms by 712.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,537,631 shares of the social networking company’s stock valued at $1,462,589,000 after purchasing an additional 2,225,186 shares during the period. 79.91% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Meta Platforms news, CEO Mark Zuckerberg sold 2,361 shares of the business’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total transaction of $1,691,609.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jennifer Newstead sold 519 shares of the business’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $721.57, for a total transaction of $374,494.83. Following the completion of the sale, the insider directly owned 27,107 shares in the company, valued at approximately $19,559,597.99. This represents a 1.88% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,263 shares of company stock valued at $104,638,750. 13.61% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts have recently weighed in on META shares. KeyCorp increased their price target on Meta Platforms from $645.00 to $655.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Moffett Nathanson increased their price target on Meta Platforms from $525.00 to $605.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Cantor Fitzgerald increased their price target on Meta Platforms from $676.00 to $807.00 and gave the company an “overweight” rating in a research note on Wednesday, June 18th. Truist Financial increased their price target on Meta Platforms from $700.00 to $720.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Finally, Piper Sandler reissued an “overweight” rating and issued a $808.00 price target (up previously from $650.00) on shares of Meta Platforms in a research note on Friday, June 27th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $729.38.
Get Our Latest Stock Analysis on Meta Platforms
Meta Platforms Stock Performance
Shares of NASDAQ:META opened at $720.92 on Tuesday. The company’s 50 day simple moving average is $677.20 and its 200 day simple moving average is $635.41. The stock has a market capitalization of $1.81 trillion, a price-to-earnings ratio of 28.12, a price-to-earnings-growth ratio of 1.76 and a beta of 1.28. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $747.90.
Meta Platforms (NASDAQ:META – Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share 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 analysts’ expectations 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 was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.71 earnings per share. As a group, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms’s payout ratio is presently 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.
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