Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Mystic Asset Management Inc.

Mystic Asset Management Inc. trimmed its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,439 shares of the social networking company’s stock after selling 70 shares during the quarter. Meta Platforms comprises 2.3% of Mystic Asset Management Inc.’s investment portfolio, making the stock its 7th biggest holding. Mystic Asset Management Inc.’s holdings in Meta Platforms were worth $5,768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Pinion Investment Advisors LLC raised its stake in shares of Meta Platforms by 122.1% during the 2nd quarter. Pinion Investment Advisors LLC now owns 1,388 shares of the social networking company’s stock worth $700,000 after buying an additional 763 shares in the last quarter. Clear Investment Research LLC raised its stake in shares of Meta Platforms by 25.0% during the 2nd quarter. Clear Investment Research LLC now owns 120 shares of the social networking company’s stock worth $61,000 after buying an additional 24 shares in the last quarter. Diversify Wealth Management LLC purchased a new position in shares of Meta Platforms during the 2nd quarter worth approximately $2,179,000. Hoge Financial Services LLC raised its stake in shares of Meta Platforms by 80.6% during the 2nd quarter. Hoge Financial Services LLC now owns 1,983 shares of the social networking company’s stock worth $1,000,000 after buying an additional 885 shares in the last quarter. Finally, Williams Financial LLC purchased a new position in shares of Meta Platforms during the 2nd quarter worth approximately $6,650,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Meta Platforms news, CEO Mark Zuckerberg sold 2,054 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $501.05, for a total transaction of $1,029,156.70. Following the transaction, the chief executive officer now owns 253,000 shares in the company, valued at $126,765,650. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 2,054 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $501.05, for a total transaction of $1,029,156.70. Following the transaction, the chief executive officer now owns 253,000 shares in the company, valued at $126,765,650. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $520.57, for a total value of $214,995.41. Following the transaction, the chief operating officer now owns 13,185 shares in the company, valued at approximately $6,863,715.45. The disclosure for this sale can be found here. Insiders have sold a total of 357,987 shares of company stock worth $185,802,769 over the last quarter. 13.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on META. TD Cowen increased their target price on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Sanford C. Bernstein increased their target price on Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Guggenheim raised their price objective on Meta Platforms from $500.00 to $600.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Oppenheimer raised their price objective on Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Finally, TD Securities raised their price objective on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $577.26.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $536.32 on Wednesday. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $544.23. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 30.80, a PEG ratio of 1.26 and a beta of 1.21. 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 business’s fifty day moving average price is $505.34 and its 200 day moving average price is $496.05.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the firm earned $3.23 earnings per share. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s payout ratio is currently 11.49%.

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.