3,794 Shares in Meta Platforms, Inc. (NASDAQ:META) Purchased by Connective Capital Management LLC

Connective Capital Management LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 3,794 shares of the social networking company’s stock, valued at approximately $1,913,000. Meta Platforms makes up 3.4% of Connective Capital Management LLC’s portfolio, making the stock its 12th largest position.

A number of other large investors also recently bought and sold shares of META. Gateway Wealth Partners LLC raised its stake in shares of Meta Platforms by 164.7% in the second quarter. Gateway Wealth Partners LLC now owns 4,130 shares of the social networking company’s stock valued at $2,082,000 after acquiring an additional 2,570 shares in the last quarter. Quarry LP raised its position in Meta Platforms by 208.3% in the 2nd quarter. Quarry LP now owns 259 shares of the social networking company’s stock valued at $131,000 after purchasing an additional 175 shares in the last quarter. Invst LLC boosted its stake in shares of Meta Platforms by 18.1% in the 2nd quarter. Invst LLC now owns 6,095 shares of the social networking company’s stock valued at $3,076,000 after buying an additional 936 shares during the period. Covington Investment Advisors Inc. acquired a new position in shares of Meta Platforms during the second quarter worth about $7,115,000. Finally, Sunbelt Securities Inc. raised its holdings in Meta Platforms by 39.4% in the second quarter. Sunbelt Securities Inc. now owns 13,445 shares of the social networking company’s stock valued at $6,779,000 after acquiring an additional 3,799 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Down 0.1 %

Shares of NASDAQ META opened at $567.36 on Monday. The firm has a market cap of $1.44 trillion, a P/E ratio of 32.59, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21. 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, Inc. has a 1 year low of $279.40 and a 1 year high of $577.40. The firm’s 50 day moving average price is $516.19 and its 200 day moving average price is $499.63.

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

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. Meta Platforms’s payout ratio is currently 11.49%.

Wall Street Analyst Weigh In

A number of brokerages have commented on META. Morgan Stanley increased their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Truist Financial lifted their price target on Meta Platforms from $535.00 to $570.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Jefferies Financial Group increased their price objective on Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Sanford C. Bernstein boosted their target price on Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, JMP Securities increased their price target on shares of Meta Platforms from $550.00 to $635.00 and gave the company a “market outperform” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $591.23.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $500.57, for a total transaction of $453,015.85. Following the transaction, the insider now owns 37,845 shares of the company’s stock, valued at $18,944,071.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $500.57, for a total transaction of $453,015.85. Following the completion of the sale, the insider now owns 37,845 shares in the company, valued at $18,944,071.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 150 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the transaction, the chief executive officer now owns 124,387 shares in the company, valued at $62,254,449.63. The disclosure for this sale can be found here. Insiders sold 325,656 shares of company stock worth $171,028,659 over the last ninety days. Corporate insiders own 13.71% of the company’s stock.

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.