Purus Wealth Management LLC Acquires 53 Shares of Meta Platforms, Inc. (NASDAQ:META)

Purus Wealth Management LLC grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 1.7% during the second quarter, HoldingsChannel.com reports. The firm owned 3,243 shares of the social networking company’s stock after acquiring an additional 53 shares during the quarter. Purus Wealth Management LLC’s holdings in Meta Platforms were worth $1,635,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in META. Vantage Financial Partners LLC lifted its stake in Meta Platforms by 3.2% in the fourth quarter. Vantage Financial Partners LLC now owns 1,323 shares of the social networking company’s stock worth $468,000 after acquiring an additional 41 shares during the period. Concentrum Wealth Management lifted its position in shares of Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares during the period. Aveo Capital Partners LLC increased its holdings in Meta Platforms by 45.7% during the fourth quarter. Aveo Capital Partners LLC now owns 2,302 shares of the social networking company’s stock valued at $815,000 after buying an additional 722 shares during the period. 9258 Wealth Management LLC raised its stake in 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 buying an additional 1,594 shares in the last quarter. Finally, Rollins Financial lifted its holdings in 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 buying an additional 2,133 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In related news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the transaction, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at approximately $6,315,852.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Meta Platforms news, CFO Susan J. Li sold 8,950 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $4,714,502.00. Following the completion of the sale, the chief financial officer now owns 74,579 shares in the company, valued at approximately $39,285,234.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now owns 11,990 shares in the company, valued at $6,315,852.40. The disclosure for this sale can be found here. Insiders have sold 356,426 shares of company stock valued at $185,053,425 over the last ninety days. Insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on META. TD Cowen boosted their price target on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. TD Securities increased their price target on shares of Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Roth Mkm lifted their price objective on shares of Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Bank of America increased their target price on shares of Meta Platforms from $550.00 to $563.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Raymond James lifted their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a report on Monday, July 1st. Two 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $577.26.

Meta Platforms Stock Performance

NASDAQ META opened at $561.35 on Friday. The stock has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 32.24, a PEG ratio of 1.26 and a beta of 1.21. The stock has a 50-day moving average of $506.33 and a 200 day moving average of $496.78. The company has a current ratio of 2.83, a quick 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 $564.50.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping 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 company had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same period in the prior year, the business posted $3.23 earnings per share. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is presently 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.