Legacy Wealth Management Inc Acquires Shares of 807 Meta Platforms, Inc. (NASDAQ:META)

Legacy Wealth Management Inc bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the 3rd quarter, Holdings Channel reports. The firm bought 807 shares of the social networking company’s stock, valued at approximately $462,000. Meta Platforms accounts for about 0.0% of Legacy Wealth Management Inc’s investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Delos Wealth Advisors LLC increased its position in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after acquiring an additional 58 shares in the last quarter. POM Investment Strategies LLC acquired a new stake in shares of Meta Platforms in the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. raised its position in Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after buying an additional 43 shares in the last quarter. Finally, Halpern Financial Inc. acquired a new position in Meta Platforms during the 3rd quarter worth $46,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

META has been the subject of a number of recent research reports. Susquehanna boosted their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Guggenheim lifted their price target on shares of Meta Platforms from $600.00 to $665.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. TD Cowen increased their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Evercore ISI lifted their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, four have assigned 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $634.37.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $567.58 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The stock has a 50 day moving average price of $555.21 and a 200 day moving average price of $512.56. The stock has a market capitalization of $1.44 trillion, a PE ratio of 32.60, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Meta Platforms, Inc. has a 52 week low of $296.86 and a 52 week high of $602.95.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Analysts predict that Meta Platforms, Inc. will post 21.44 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders 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 dividend yield of 0.35%. Meta Platforms’s payout ratio is 11.49%.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $451.15, for a total value of $406,486.15. Following the sale, the insider now owns 33,324 shares in the company, valued at $15,034,122.60. 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 901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $451.15, for a total transaction of $406,486.15. Following the transaction, the insider now directly owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peggy Alford sold 1,052 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $479.00, for a total value of $503,908.00. Following the sale, the director now directly owns 6,168 shares of the company’s stock, valued at $2,954,472. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,573 shares of company stock worth $133,019,910. Insiders own 13.71% of the company’s stock.

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.