Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Element Wealth LLC

Element Wealth LLC lowered its holdings in Meta Platforms, Inc. (NASDAQ:META) by 0.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,823 shares of the social networking company’s stock after selling 25 shares during the period. Meta Platforms comprises about 0.9% of Element Wealth LLC’s investment portfolio, making the stock its 23rd biggest holding. Element Wealth LLC’s holdings in Meta Platforms were worth $1,616,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of META. West Michigan Advisors LLC lifted its stake in Meta Platforms by 4.2% in the third quarter. West Michigan Advisors LLC now owns 3,033 shares of the social networking company’s stock valued at $1,736,000 after buying an additional 121 shares during the last quarter. Harbour Trust & Investment Management Co lifted its position in Meta Platforms by 53.9% in the 3rd quarter. Harbour Trust & Investment Management Co now owns 10,505 shares of the social networking company’s stock valued at $6,013,000 after purchasing an additional 3,678 shares during the last quarter. Rowlandmiller & PARTNERS.ADV lifted its position in Meta Platforms by 23.9% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 2,649 shares of the social networking company’s stock valued at $1,517,000 after purchasing an additional 511 shares during the last quarter. Spirit of America Management Corp NY boosted its stake in Meta Platforms by 20.7% during the 3rd quarter. Spirit of America Management Corp NY now owns 875 shares of the social networking company’s stock valued at $501,000 after purchasing an additional 150 shares during the period. Finally, Dakota Wealth Management grew its position in Meta Platforms by 4.9% in the 3rd quarter. Dakota Wealth Management now owns 100,448 shares of the social networking company’s stock worth $57,501,000 after purchasing an additional 4,735 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

META has been the subject of several analyst reports. TD Securities boosted their price objective on Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Wedbush reissued an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a research note on Thursday, September 26th. Wells Fargo & Company raised their price target on Meta Platforms from $647.00 to $652.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Susquehanna increased their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price target on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $621.63.

Insider Activity at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 33,018 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Susan J. Li sold 33,018 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 250,817 shares of company stock valued at $132,547,715. Insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

META opened at $573.25 on Monday. 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, Inc. has a 1 year low of $279.40 and a 1 year high of $602.95. The stock has a fifty day moving average price of $551.05 and a 200 day moving average price of $510.65. The stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 29.26, a PEG ratio of 1.42 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same period in the previous year, the company earned $3.23 EPS. The firm’s revenue was up 22.1% on a year-over-year basis. Analysts forecast that Meta Platforms, Inc. will post 21.44 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio is currently 10.21%.

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.