Meta Platforms, Inc. (NASDAQ:META) Shares Sold by MAI Capital Management

MAI Capital Management cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 4.7% during the third quarter, HoldingsChannel reports. The fund owned 190,683 shares of the social networking company’s stock after selling 9,392 shares during the period. Meta Platforms comprises 1.0% of MAI Capital Management’s holdings, making the stock its 19th biggest position. MAI Capital Management’s holdings in Meta Platforms were worth $109,154,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Central Valley Advisors LLC grew its stake in shares of Meta Platforms by 0.3% during the 3rd quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock valued at $3,271,000 after buying an additional 18 shares during the period. Cherrydale Wealth Management LLC grew its position in Meta Platforms by 0.5% during the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after acquiring an additional 18 shares during the period. Alliance Wealth Advisors LLC increased its stake in Meta Platforms by 0.7% during the third quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock worth $1,595,000 after acquiring an additional 18 shares during the last quarter. Kozak & Associates Inc. raised its holdings in shares of Meta Platforms by 1.0% in the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock worth $1,099,000 after purchasing an additional 18 shares during the period. Finally, Capital Advisors Ltd. LLC lifted its stake in shares of Meta Platforms by 0.5% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company’s stock valued at $2,038,000 after purchasing an additional 18 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Truist Financial upped their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Piper Sandler raised their price objective on Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Hsbc Global Res upgraded Meta Platforms to a “hold” rating in a research note on Thursday, October 24th. Finally, Wedbush reissued an “outperform” rating and set a $600.00 price target on shares of Meta Platforms in a research report on Thursday, September 26th. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Stock Up 0.8 %

Shares of Meta Platforms stock opened at $565.52 on Thursday. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95. The business has a fifty day simple moving average of $571.30 and a 200 day simple moving average of $523.03. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.43 trillion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results 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 net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Research analysts predict that Meta Platforms, Inc. will post 22.53 EPS for the current year.

Meta Platforms Announces Dividend

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

Insider Transactions at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $519.05, for a total transaction of $469,740.25. Following the sale, the insider now directly owns 39,627 shares of the company’s stock, valued at $20,568,394.35. The trade was a 2.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark Zuckerberg sold 84 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the transaction, the chief executive officer now owns 518,424 shares of the company’s stock, valued at $311,054,400. The trade was a 0.02 % decrease in their position. 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 three months. Company 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.