Custom Index Systems LLC Has $1.55 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Custom Index Systems LLC reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 7.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,081 shares of the social networking company’s stock after selling 254 shares during the quarter. Meta Platforms makes up approximately 0.9% of Custom Index Systems LLC’s portfolio, making the stock its 27th largest position. Custom Index Systems LLC’s holdings in Meta Platforms were worth $1,554,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Meta Platforms during the fourth quarter valued at $11,285,855,000. Capital Research Global Investors raised its stake in shares of Meta Platforms by 17.2% during the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management lifted its holdings in shares of Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after buying an additional 3,888,308 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Meta Platforms by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after buying an additional 3,104,550 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after buying an additional 2,748,620 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Price Performance

NASDAQ:META opened at $511.83 on Thursday. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.23 and a beta of 1.21. The company has a 50-day moving average of $505.12 and a 200-day moving average of $494.86. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $544.23. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the company earned $3.23 earnings per share. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Monday, September 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Analyst Ratings Changes

META has been the subject of several recent research reports. Rosenblatt Securities boosted their target price on shares of Meta Platforms from $562.00 to $643.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Evercore ISI upped their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Oppenheimer boosted their price target on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Barclays increased their price objective on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, Sanford C. Bernstein raised their price objective on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $577.26.

Insider Activity

In related news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $503.34, for a total transaction of $8,406,784.68. Following the completion of the sale, the chief executive officer now owns 275,297 shares in the company, valued at approximately $138,567,991.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $503.34, for a total transaction of $8,406,784.68. Following the completion of the sale, the chief executive officer now owns 275,297 shares of the company’s stock, valued at $138,567,991.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 412 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $502.00, for a total value of $206,824.00. Following the completion of the transaction, the chief operating officer now directly owns 7,619 shares in the company, valued at $3,824,738. The disclosure for this sale can be found here. In the last quarter, insiders have sold 373,371 shares of company stock worth $193,535,153. 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.