Granite Group Advisors LLC trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 24.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,695 shares of the social networking company’s stock after selling 542 shares during the period. Meta Platforms accounts for about 0.6% of Granite Group Advisors LLC’s portfolio, making the stock its 28th biggest holding. Granite Group Advisors LLC’s holdings in Meta Platforms were worth $992,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC bought a new position in shares of Meta Platforms during the second quarter worth approximately $1,559,000. Quarry LP increased its position in Meta Platforms by 208.3% during the 2nd quarter. Quarry LP now owns 259 shares of the social networking company’s stock worth $131,000 after buying an additional 175 shares during the period. SPC Financial Inc. lifted its holdings in shares of Meta Platforms by 2.3% during the second quarter. SPC Financial Inc. now owns 1,077 shares of the social networking company’s stock worth $543,000 after buying an additional 24 shares in the last quarter. SRN Advisors LLC boosted its position in shares of Meta Platforms by 127.4% in the second quarter. SRN Advisors LLC now owns 5,547 shares of the social networking company’s stock valued at $2,797,000 after acquiring an additional 3,108 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Meta Platforms in the second quarter valued at about $529,000. 79.91% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on META shares. Truist Financial increased their target price on shares of Meta Platforms from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group lifted their price objective on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a report on Monday, October 14th. Susquehanna increased their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Benchmark reaffirmed a “hold” rating on shares of Meta Platforms in a research note on Wednesday. Finally, Arete Research raised shares of Meta Platforms to a “hold” rating in a report on Friday, January 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus target price of $655.41.
Meta Platforms Price Performance
Shares of NASDAQ META opened at $676.49 on Thursday. 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’s 50-day simple moving average is $608.52 and its 200 day simple moving average is $563.58. The stock has a market cap of $1.71 trillion, a price-to-earnings ratio of 31.86, a PEG ratio of 1.18 and a beta of 1.19. Meta Platforms, Inc. has a fifty-two week low of $387.10 and a fifty-two week high of $682.58.
Meta Platforms (NASDAQ:META – Get Free Report) last announced its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. During the same quarter in the previous year, the business earned $5.33 EPS. As a group, research analysts anticipate that Meta Platforms, Inc. will post 22.96 earnings per share for the current fiscal year.
Meta Platforms Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Monday, December 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.30%. Meta Platforms’s dividend payout ratio is currently 9.42%.
Insider Activity at Meta Platforms
In other Meta Platforms news, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $673.57, for a total transaction of $24,195,307.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Susan J. Li sold 18,644 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $553.55, for a total value of $10,320,386.20. Following the completion of the transaction, the chief financial officer now directly owns 46,769 shares of the company’s stock, valued at approximately $25,888,979.95. This represents a 28.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 661,312 shares of company stock valued at $407,377,422 over the last ninety days. Corporate insiders own 13.71% of the company’s stock.
About Meta Platforms
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.
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