Etfidea LLC Purchases Shares of 472 Meta Platforms, Inc. (NASDAQ:META)

Etfidea LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META) during the first quarter, Holdings Channel.com reports. The fund acquired 472 shares of the social networking company’s stock, valued at approximately $229,000.

A number of other hedge funds have also recently made changes to their positions in META. S.A. Mason LLC boosted its stake in Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after acquiring an additional 20 shares during the last quarter. Horizon Bancorp Inc. IN raised its holdings in shares of Meta Platforms by 2.0% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock worth $513,000 after purchasing an additional 21 shares during the period. LongView Wealth Management lifted its stake in Meta Platforms by 1.3% in the first quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock valued at $856,000 after purchasing an additional 22 shares during the last quarter. Hanson & Doremus Investment Management increased its position in Meta Platforms by 5.3% in the first quarter. Hanson & Doremus Investment Management now owns 435 shares of the social networking company’s stock worth $211,000 after buying an additional 22 shares during the last quarter. Finally, Madison Wealth Partners Inc increased its position in Meta Platforms by 1.6% in the fourth quarter. Madison Wealth Partners Inc now owns 1,417 shares of the social networking company’s stock worth $502,000 after buying an additional 23 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Down 0.1 %

META opened at $534.20 on Thursday. Meta Platforms, Inc. has a 12 month low of $274.38 and a 12 month high of $542.81. 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 business’s 50-day moving average price is $490.20 and its 200-day moving average price is $464.66. The company has a market cap of $1.36 trillion, a P/E ratio of 30.71, a P/E/G ratio of 1.37 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The business had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. On average, equities analysts expect that Meta Platforms, Inc. will post 20.15 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.37%. Meta Platforms’s payout ratio is currently 11.49%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Raymond James increased their price target on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 1st. TD Cowen lifted their target price on shares of Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Finally, Royal Bank of Canada dropped their target price on Meta Platforms from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $515.64.

Insiders Place Their Bets

In other news, CTO Andrew Bosworth sold 5,058 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $2,386,617.30. Following the completion of the transaction, the chief technology officer now directly owns 15,412 shares of the company’s stock, valued at $7,272,152.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $533.87, for a total value of $8,916,696.74. Following the sale, the chief executive officer now owns 151,918 shares in the company, valued at $81,104,462.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 5,058 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $2,386,617.30. Following the transaction, the chief technology officer now directly owns 15,412 shares in the company, valued at $7,272,152.20. The disclosure for this sale can be found here. Insiders have sold a total of 294,768 shares of company stock valued at $146,314,257 in the last quarter. Insiders own 13.71% of the company’s stock.

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.