Sierra Summit Advisors LLC Increases Holdings in Meta Platforms, Inc. (NASDAQ:META)

Sierra Summit Advisors LLC raised its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.5% in the second quarter, Holdings Channel reports. The fund owned 22,483 shares of the social networking company’s stock after acquiring an additional 327 shares during the period. Meta Platforms comprises approximately 2.8% of Sierra Summit Advisors LLC’s holdings, making the stock its 7th biggest position. Sierra Summit Advisors LLC’s holdings in Meta Platforms were worth $11,336,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in META. Vantage Financial Partners LLC grew its holdings in shares of Meta Platforms by 3.2% during the fourth quarter. Vantage Financial Partners LLC now owns 1,323 shares of the social networking company’s stock worth $468,000 after purchasing an additional 41 shares during the last quarter. Concentrum Wealth Management grew its holdings in Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after acquiring an additional 3,888,308 shares during the last quarter. Aveo Capital Partners LLC increased its position in Meta Platforms by 45.7% in the 4th quarter. Aveo Capital Partners LLC now owns 2,302 shares of the social networking company’s stock valued at $815,000 after acquiring an additional 722 shares in the last quarter. 9258 Wealth Management LLC raised its stake in shares of Meta Platforms by 66.4% in the fourth quarter. 9258 Wealth Management LLC now owns 3,993 shares of the social networking company’s stock worth $1,413,000 after acquiring an additional 1,594 shares during the last quarter. Finally, Rollins Financial lifted its position in shares of Meta Platforms by 7.5% during the fourth quarter. Rollins Financial now owns 30,657 shares of the social networking company’s stock worth $10,851,000 after purchasing an additional 2,133 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 2,054 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $126,765,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark Zuckerberg sold 2,054 shares of Meta Platforms stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $501.05, for a total value of $1,029,156.70. Following the completion of the transaction, the chief executive officer now owns 253,000 shares of the company’s stock, valued at approximately $126,765,650. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the sale, the insider now directly owns 33,324 shares in the company, valued at $15,034,122.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 357,575 shares of company stock valued at $185,595,945. Insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Shares of META opened at $537.95 on Thursday. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. 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 30.90, a P/E/G ratio of 1.26 and a beta of 1.21. The company has a 50 day moving average of $505.40 and a 200-day moving average of $496.34.

Meta Platforms (NASDAQ:META) last released 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 net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate 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, equities research analysts forecast that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business 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 dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.37%. Meta Platforms’s payout ratio is presently 11.49%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on META. Bank of America raised their price target on shares of Meta Platforms from $550.00 to $563.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target on Meta Platforms from $480.00 to $610.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Guggenheim boosted their price objective on Meta Platforms from $500.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Piper Sandler upped their target price on shares of Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $577.26.

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.