Meta Platforms, Inc. (NASDAQ:META) is Pegasus Asset Management Inc.’s 8th Largest Position

Pegasus Asset Management Inc. cut its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,842 shares of the social networking company’s stock after selling 81 shares during the quarter. Meta Platforms makes up 3.0% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 8th largest position. Pegasus Asset Management Inc.’s holdings in Meta Platforms were worth $7,693,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quest Partners LLC acquired a new position in Meta Platforms during the fourth quarter valued at approximately $32,000. Clear Investment Research LLC lifted its position 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 valued at $33,000 after buying an additional 74 shares in the last quarter. Cranbrook Wealth Management LLC lifted its position in Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after buying an additional 45 shares in the last quarter. Gilfoyle & Co LLC acquired a new position in Meta Platforms during the fourth quarter valued at approximately $39,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Meta Platforms during the first quarter valued at approximately $44,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Sheryl Sandberg sold 105,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total value of $50,054,550.00. Following the completion of the sale, the director now owns 630,293 shares of the company’s stock, valued at $300,466,976.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 2,011 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the completion of the sale, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sheryl Sandberg sold 105,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the completion of the sale, the director now directly owns 630,293 shares of the company’s stock, valued at $300,466,976.03. The disclosure for this sale can be found here. Insiders sold 260,459 shares of company stock valued at $128,049,749 over the last 90 days. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Stock Up 0.1 %

Meta Platforms stock opened at $530.00 on Wednesday. The firm has a market capitalization of $1.34 trillion, a P/E ratio of 30.44, a P/E/G ratio of 1.37 and a beta of 1.21. The company has a 50-day simple moving average of $488.29 and a 200-day simple moving average of $464.16. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $542.81. 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 posted its quarterly earnings data 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 business had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. As a group, equities analysts expect that Meta Platforms, Inc. will post 20.15 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s payout ratio is currently 11.49%.

Analysts Set New Price Targets

A number of research analysts have recently commented on META shares. Piper Sandler reissued an “overweight” rating and set a $545.00 target price (down from $600.00) on shares of Meta Platforms in a research report on Thursday, April 25th. Sanford C. Bernstein reduced their target price on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. BNP Paribas started coverage on shares of Meta Platforms in a research report on Thursday, May 2nd. They set an “underperform” rating and a $360.00 target price on the stock. Wolfe Research reduced their target price on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $450.00 target price on shares of Meta Platforms in a research report on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus target price of $513.59.

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.