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Oppenheimer Asset Management Inc. lifted its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,355 shares of the social networking company’s stock after purchasing an additional 3,694 shares during the quarter. Meta Platforms comprises about 0.7% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 20th biggest position. Oppenheimer Asset Management Inc.’s holdings in Meta Platforms were worth $57,264,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Suvretta Capital Management LLC lifted its holdings in shares of 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 during the last quarter. Skye Global Management LP lifted its stake in shares of Meta Platforms by 130.9% in 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 purchasing an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC purchased a new position in shares of Meta Platforms in the 4th quarter worth approximately $459,000. Kovitz Investment Group Partners LLC increased its position in shares of Meta Platforms by 255.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company’s stock valued at $1,001,044,000 after purchasing an additional 1,229,350 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Meta Platforms by 1.7% during the 4th quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company’s stock valued at $3,908,382,000 after buying an additional 110,040 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
META has been the subject of several recent analyst reports. Bank of America lifted their price objective on shares of Meta Platforms from $690.00 to $765.00 and gave the stock a “buy” rating in a research note on Thursday, June 12th. Piper Sandler lifted their price target on shares of Meta Platforms from $610.00 to $650.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Royal Bank Of Canada reiterated an “outperform” rating and set a $740.00 price target on shares of Meta Platforms in a report on Thursday, May 1st. Guggenheim increased their price objective on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Finally, Oppenheimer boosted their target price on Meta Platforms from $665.00 to $775.00 and gave the company an “outperform” rating in a research report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $712.69.
Read Our Latest Stock Report on META
Insider Activity at Meta Platforms
In related news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares in the company, valued at approximately $10,855,043.68. This represents a 23.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 13,793 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $710.24, for a total transaction of $9,796,340.32. Following the transaction, the chief executive officer now directly owns 57,533 shares of the company’s stock, valued at $40,862,237.92. This represents a 19.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 124,312 shares of company stock valued at $83,503,034 in the last ninety days. Company insiders own 13.61% of the company’s stock.
Meta Platforms Stock Down 0.5%
Meta Platforms stock opened at $708.68 on Thursday. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91. The business has a fifty day moving average price of $629.38 and a 200-day moving average price of $624.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The stock has a market capitalization of $1.78 trillion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.75 and a beta of 1.26.
Meta Platforms (NASDAQ:META – Get Free Report) last released its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during 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%. Meta Platforms’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period last year, the business earned $4.71 EPS. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.
Meta Platforms Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Monday, June 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 8.19%.
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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