Tremblant Capital Group Has $2.24 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Tremblant Capital Group lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 94.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,439 shares of the social networking company’s stock after selling 73,869 shares during the quarter. Tremblant Capital Group’s holdings in Meta Platforms were worth $2,238,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of META. Baird Financial Group Inc. raised its holdings in Meta Platforms by 24.2% during the 4th quarter. Baird Financial Group Inc. now owns 835,972 shares of the social networking company’s stock worth $295,901,000 after purchasing an additional 163,067 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Meta Platforms by 1.5% during the 4th quarter. California State Teachers Retirement System now owns 3,576,285 shares of the social networking company’s stock worth $1,265,862,000 after buying an additional 51,900 shares during the period. Voyager Global Management LP raised its stake in shares of Meta Platforms by 37.3% during the fourth quarter. Voyager Global Management LP now owns 515,000 shares of the social networking company’s stock worth $182,289,000 after buying an additional 140,000 shares during the last quarter. Gradient Investments LLC boosted its stake in Meta Platforms by 8.9% in the second quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after acquiring an additional 5,953 shares during the last quarter. Finally, Baillie Gifford & Co. grew its holdings in Meta Platforms by 14.0% during the 1st quarter. Baillie Gifford & Co. now owns 6,101,501 shares of the social networking company’s stock worth $2,962,767,000 after acquiring an additional 748,076 shares during the period. 79.91% of the stock is owned by institutional investors.

Meta Platforms Trading Down 0.2 %

META stock opened at $563.33 on Wednesday. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. The company has a fifty day moving average price of $510.42 and a two-hundred day moving average price of $498.05. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $573.98. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping the consensus estimate 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 in the previous year, the firm posted $3.23 EPS. Meta Platforms’s revenue was up 22.1% compared to the same quarter last year. Equities analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be paid a $0.50 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

META has been the subject of a number of recent analyst reports. Sanford C. Bernstein upped their price objective on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. TD Cowen upped their target price on shares of Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research report on Thursday, July 25th. DA Davidson started coverage on shares of Meta Platforms in a research report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $578.92.

Insider Buying and Selling

In other news, COO Javier Olivan sold 413 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $560.00, for a total value of $231,280.00. Following the completion of the transaction, the chief operating officer now directly owns 12,772 shares in the company, valued at approximately $7,152,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $560.00, for a total value of $231,280.00. Following the completion of the transaction, the chief operating officer now directly owns 12,772 shares in the company, valued at approximately $7,152,320. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christopher K. Cox sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $557.52, for a total value of $11,150,400.00. Following the transaction, the insider now owns 338,662 shares of the company’s stock, valued at $188,810,838.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,472 shares of company stock valued at $182,544,600. 13.71% of the stock is owned by company insiders.

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.