Longitude Cayman Ltd. Sells 2,200 Shares of Meta Platforms, Inc. (NASDAQ:META)

Longitude Cayman Ltd. decreased its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 36.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,800 shares of the social networking company’s stock after selling 2,200 shares during the period. Meta Platforms accounts for 0.6% of Longitude Cayman Ltd.’s investment portfolio, making the stock its 23rd largest position. Longitude Cayman Ltd.’s holdings in Meta Platforms were worth $2,175,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after purchasing an additional 9,500,444 shares during the last quarter. Capital Research Global Investors increased its position in Meta Platforms by 14.5% during the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock valued at $16,799,612,000 after buying an additional 4,379,826 shares in the last quarter. Sustainable Growth Advisers LP purchased a new position in shares of Meta Platforms in the 2nd quarter worth about $595,152,000. Canada Pension Plan Investment Board raised its holdings in Meta Platforms by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 3,411,009 shares of the social networking company’s stock worth $1,656,318,000 after buying an additional 788,131 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Meta Platforms by 926.6% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock worth $369,774,000 after acquiring an additional 661,923 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Activity at Meta Platforms

In other news, COO Javier Olivan sold 620 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $557.00, for a total transaction of $345,340.00. Following the sale, the chief operating officer now owns 19,992 shares in the company, valued at approximately $11,135,544. The trade was a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the sale, the chief executive officer now owns 518,508 shares of the company’s stock, valued at $311,493,681. This trade represents a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,958 shares of company stock valued at $101,181,747 over the last 90 days. Insiders own 13.71% of the company’s stock.

Meta Platforms Trading Up 0.8 %

NASDAQ:META opened at $565.52 on Thursday. The firm has a 50-day simple moving average of $571.30 and a 200-day simple moving average of $523.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The firm has a market cap of $1.43 trillion, a P/E ratio of 26.64, a P/E/G ratio of 1.23 and a beta of 1.22. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Equities analysts anticipate that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on META shares. UBS Group lifted their price objective on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research report on Thursday, October 31st. Jefferies Financial Group lifted their price objective on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group increased their target price on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus upped their price target on shares of Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $634.10.

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.