Thrive Wealth Management LLC Cuts Position in Meta Platforms, Inc. (NASDAQ:META)

Thrive Wealth Management LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.8% in the third quarter, Holdings Channel reports. The fund owned 2,806 shares of the social networking company’s stock after selling 112 shares during the quarter. Thrive Wealth Management LLC’s holdings in Meta Platforms were worth $1,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Baldwin Investment Management LLC raised its position in shares of Meta Platforms by 30.1% during the 4th quarter. Baldwin Investment Management LLC now owns 1,425 shares of the social networking company’s stock valued at $504,000 after buying an additional 330 shares in the last quarter. Frank Rimerman Advisors LLC lifted its stake in shares of Meta Platforms by 1.0% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,280 shares of the social networking company’s stock valued at $1,161,000 after purchasing an additional 34 shares during the last quarter. Azimuth Capital Investment Management LLC boosted its holdings in shares of Meta Platforms by 0.5% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 74,973 shares of the social networking company’s stock worth $26,537,000 after purchasing an additional 389 shares during the period. CFS Investment Advisory Services LLC raised its holdings in Meta Platforms by 35.7% during the 4th quarter. CFS Investment Advisory Services LLC now owns 2,150 shares of the social networking company’s stock valued at $761,000 after buying an additional 566 shares during the period. Finally, Kolinsky Wealth Management LLC boosted its stake in Meta Platforms by 22.7% during the fourth quarter. Kolinsky Wealth Management LLC now owns 3,031 shares of the social networking company’s stock worth $1,073,000 after buying an additional 560 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Insider Activity at Meta Platforms

In other news, CEO Mark Zuckerberg sold 16,702 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $530.75, for a total transaction of $8,864,586.50. Following the transaction, the chief executive officer now directly owns 169,372 shares of the company’s stock, valued at approximately $89,894,189. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $530.75, for a total transaction of $8,864,586.50. Following the transaction, the chief executive officer now directly owns 169,372 shares of the company’s stock, valued at $89,894,189. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 300,228 shares of company stock valued at $158,005,260. Company insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

META has been the subject of several analyst reports. Monness Crespi & Hardt raised their price objective on shares of Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $570.00 price objective on shares of Meta Platforms in a research report on Thursday, August 1st. Stifel Nicolaus upped their price target on shares of Meta Platforms from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $450.00 price target on shares of Meta Platforms in a research note on Wednesday, June 12th. Finally, Wedbush reissued an “outperform” rating and issued a $600.00 price objective on shares of Meta Platforms in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus target price of $598.08.

Meta Platforms Stock Performance

Shares of META traded up $13.17 during mid-day trading on Friday, hitting $595.94. 14,170,546 shares of the company’s stock were exchanged, compared to its average volume of 15,523,651. The firm has a market capitalization of $1.51 trillion, a P/E ratio of 34.23, a P/E/G ratio of 1.39 and a beta of 1.21. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $596.85. The business’s 50 day moving average is $524.47 and its two-hundred day moving average is $501.92. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last issued its 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 company had revenue of $39.07 billion for 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%. The business’s revenue was up 22.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.23 EPS. On average, equities analysts expect that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued 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 0.34%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

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.