Clear Harbor Asset Management LLC Has $4.31 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Clear Harbor Asset Management LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 1.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,535 shares of the social networking company’s stock after buying an additional 140 shares during the period. Clear Harbor Asset Management LLC’s holdings in Meta Platforms were worth $4,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of META. Roberts Wealth Advisors LLC bought a new stake in Meta Platforms during the first quarter worth about $308,000. LVW Advisors LLC lifted its position in Meta Platforms by 13.2% during the first quarter. LVW Advisors LLC now owns 7,164 shares of the social networking company’s stock worth $3,479,000 after purchasing an additional 834 shares during the period. MorganRosel Wealth Management LLC bought a new position in shares of Meta Platforms in the first quarter worth about $234,000. Pettinga Financial Advisors LLC acquired a new stake in shares of Meta Platforms in the 1st quarter valued at approximately $249,000. Finally, Chapin Davis Inc. increased its position in Meta Platforms by 23.7% during the 1st quarter. Chapin Davis Inc. now owns 10,918 shares of the social networking company’s stock worth $5,302,000 after purchasing an additional 2,091 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Up 2.6 %

META stock opened at $593.28 on Wednesday. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $553.36 and its 200 day moving average is $511.61. The stock has a market cap of $1.50 trillion, a price-to-earnings ratio of 34.08, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Meta Platforms, Inc. has a 1-year low of $296.86 and a 1-year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Meta Platforms’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.23 earnings per share. Sell-side analysts predict that Meta Platforms, Inc. will post 21.44 EPS for the current fiscal 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 paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.34%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays increased their target price on Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a research note on Wednesday, October 16th. TD Securities upped their target price on Meta Platforms from $530.00 to $600.00 in a report on Wednesday, July 10th. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Wednesday, September 4th. Finally, JMP Securities upped their target price on Meta Platforms from $550.00 to $635.00 and gave the company a “market outperform” rating in a report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus target price of $621.63.

Insider Activity

In other news, CFO Susan J. Li sold 33,018 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Christopher K. Cox sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $557.52, for a total value of $11,150,400.00. Following the completion of the sale, the insider now owns 338,662 shares of the company’s stock, valued at $188,810,838.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Susan J. Li sold 33,018 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was 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. Over the last 90 days, insiders sold 251,230 shares of company stock valued at $132,784,843. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Company 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.