Meta Platforms, Inc. (NASDAQ:META) is Lake Street Private Wealth LLC’s 10th Largest Position

Lake Street Private Wealth LLC trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META) by 41.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,485 shares of the social networking company’s stock after selling 10,759 shares during the period. Meta Platforms makes up 1.4% of Lake Street Private Wealth LLC’s investment portfolio, making the stock its 10th biggest holding. Lake Street Private Wealth LLC’s holdings in Meta Platforms were worth $8,864,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Litman Gregory Wealth Management LLC grew its stake in Meta Platforms by 0.8% in the 3rd quarter. Litman Gregory Wealth Management LLC now owns 28,849 shares of the social networking company’s stock valued at $16,514,000 after buying an additional 225 shares in the last quarter. Altus Wealth Group LLC grew its stake in Meta Platforms by 8.3% in the 3rd quarter. Altus Wealth Group LLC now owns 747 shares of the social networking company’s stock valued at $428,000 after buying an additional 57 shares in the last quarter. TFG Advisers LLC grew its stake in Meta Platforms by 4.2% in the 3rd quarter. TFG Advisers LLC now owns 1,398 shares of the social networking company’s stock valued at $800,000 after buying an additional 56 shares in the last quarter. Greenleaf Trust grew its stake in Meta Platforms by 2.0% in the 3rd quarter. Greenleaf Trust now owns 113,499 shares of the social networking company’s stock valued at $64,971,000 after buying an additional 2,211 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its stake in Meta Platforms by 8.2% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 289,008 shares of the social networking company’s stock valued at $165,440,000 after buying an additional 21,967 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $574.70, for a total value of $520,103.50. Following the completion of the transaction, the insider now directly owns 32,387 shares of the company’s stock, valued at $18,612,808.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $574.70, for a total value of $520,103.50. Following the completion of the transaction, the insider now directly owns 32,387 shares of the company’s stock, valued at $18,612,808.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $580.65, for a total transaction of $239,808.45. Following the transaction, the chief operating officer now directly owns 11,120 shares of the company’s stock, valued at $6,456,828. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,817 shares of company stock valued at $132,547,715 over the last three months. Corporate insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on META. BMO Capital Markets boosted their price target on shares of Meta Platforms from $475.00 to $525.00 and gave the company a “market perform” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group boosted their price target on shares of Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. JMP Securities boosted 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 report on Thursday, September 26th. Loop Capital boosted their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, Guggenheim boosted their price target on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $621.63.

Meta Platforms Stock Performance

Meta Platforms stock opened at $573.25 on Friday. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $602.95. The firm has a market cap of $1.45 trillion, a P/E ratio of 32.93, a P/E/G ratio of 1.45 and a beta of 1.22. The firm has a 50-day moving average of $551.05 and a 200-day moving average of $510.76. 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 released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (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 company had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same period in the prior year, the firm earned $3.23 earnings per share. Meta Platforms’s revenue was up 22.1% on a year-over-year basis. Sell-side analysts expect that Meta Platforms, Inc. will post 21.37 EPS for the current year.

Meta Platforms Announces Dividend

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

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.