Sunpointe LLC Acquires 102 Shares of Meta Platforms, Inc. (NASDAQ:META)

Sunpointe LLC grew its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 4.3% in the first quarter, HoldingsChannel.com reports. The firm owned 2,472 shares of the social networking company’s stock after purchasing an additional 102 shares during the period. Meta Platforms comprises about 1.3% of Sunpointe LLC’s investment portfolio, making the stock its 16th largest holding. Sunpointe LLC’s holdings in Meta Platforms were worth $1,200,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Stone House Investment Management LLC lifted its position in shares of Meta Platforms by 625.0% during the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after buying an additional 75 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $32,000. Clear Investment Research LLC lifted its holdings in 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 acquiring an additional 74 shares during the period. Gilfoyle & Co LLC purchased a new position in Meta Platforms in the fourth quarter worth $39,000. Finally, Cranbrook Wealth Management LLC grew its stake in 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.

Meta Platforms Price Performance

META opened at $519.56 on Friday. The stock’s 50 day moving average price is $479.53 and its 200-day moving average price is $452.69. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $531.49. The stock has a market capitalization of $1.32 trillion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.32 by $0.39. The business had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. On average, equities research analysts predict that Meta Platforms, Inc. will post 20.16 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were issued 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 dividend payout ratio (DPR) is 11.49%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on META. JMP Securities reissued a “market outperform” rating and issued a $550.00 price target on shares of Meta Platforms in a report on Monday, April 22nd. Sanford C. Bernstein reduced their target price on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Loop Capital decreased their price target on shares of Meta Platforms from $555.00 to $550.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Oppenheimer dropped their price objective on Meta Platforms from $585.00 to $500.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. Finally, TD Cowen decreased their target price on Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average target price of $510.05.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction that occurred 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 sale, the insider now directly owns 36,643 shares in the company, valued at $15,794,965.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Andrew Bosworth sold 5,058 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $2,386,617.30. Following the sale, the chief technology officer now owns 15,412 shares in the company, valued at approximately $7,272,152.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 585 shares of Meta Platforms 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 of the company’s stock, valued at approximately $15,794,965.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,512 shares of company stock valued at $113,597,536. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms 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.