Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Eagle Rock Investment Company LLC

Eagle Rock Investment Company LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 15.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,796 shares of the social networking company’s stock after selling 5,178 shares during the quarter. Meta Platforms makes up 2.6% of Eagle Rock Investment Company LLC’s investment portfolio, making the stock its 9th largest position. Eagle Rock Investment Company LLC’s holdings in Meta Platforms were worth $13,983,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Stone House Investment Management LLC boosted its holdings in shares of Meta Platforms by 625.0% in the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after buying an additional 75 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Meta Platforms during the fourth quarter worth about $32,000. Clear Investment Research LLC increased its position in shares of Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares in the last quarter. Gilfoyle & Co LLC purchased a new stake in shares of Meta Platforms in the 4th quarter valued at about $39,000. Finally, Cranbrook Wealth Management LLC boosted its position in shares of Meta Platforms by 80.4% in the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after purchasing an additional 45 shares during the period. 79.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Truist Financial lowered their price objective on shares of Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Wolfe Research reduced their target price on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Wedbush decreased their target price on shares of Meta Platforms from $570.00 to $480.00 and set an “outperform” rating for the company in a research note on Thursday, April 25th. Finally, KeyCorp upped their price objective on Meta Platforms from $475.00 to $540.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $510.05.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total value of $252,164.25. Following the transaction, the insider now owns 36,643 shares in the company, valued at approximately $15,794,965.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Javier Olivan sold 412 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total value of $194,752.40. Following the sale, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at $7,268,235.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total transaction of $252,164.25. Following the transaction, the insider now directly owns 36,643 shares of the company’s stock, valued at $15,794,965.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 233,512 shares of company stock worth $113,597,536. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Stock Up 1.3 %

Shares of Meta Platforms stock opened at $519.56 on Friday. Meta Platforms, Inc. has a twelve month low of $274.38 and a twelve month high of $531.49. The stock has a market cap of $1.32 trillion, a price-to-earnings ratio of 29.84, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average price of $479.53 and a 200 day moving average price of $452.69.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. Equities research analysts forecast that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s payout ratio is currently 11.49%.

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.