Meta Platforms, Inc. (NASDAQ:META) Stake Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its holdings in Meta Platforms, Inc. (NASDAQ:META) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 332,651 shares of the social networking company’s stock after selling 7,923 shares during the period. Meta Platforms makes up approximately 2.0% of State of Alaska Department of Revenue’s portfolio, making the stock its 5th largest position. State of Alaska Department of Revenue’s holdings in Meta Platforms were worth $190,421,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Roberts Wealth Advisors LLC purchased a new stake in shares of Meta Platforms during the first quarter worth approximately $308,000. LVW Advisors LLC grew its holdings in Meta Platforms by 13.2% during the 1st quarter. LVW Advisors LLC now owns 7,164 shares of the social networking company’s stock worth $3,479,000 after acquiring an additional 834 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Meta Platforms in the 1st quarter valued at approximately $234,000. Pettinga Financial Advisors LLC acquired a new stake in shares of Meta Platforms in the 1st quarter valued at $249,000. Finally, Chapin Davis Inc. lifted its position in shares of Meta Platforms by 23.7% during the 1st quarter. Chapin Davis Inc. now owns 10,918 shares of the social networking company’s stock worth $5,302,000 after purchasing an additional 2,091 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In other news, COO Javier Olivan sold 413 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $574.16, for a total value of $237,128.08. Following the completion of the transaction, the chief operating officer now directly owns 10,707 shares of the company’s stock, valued at $6,147,531.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $574.70, for a total transaction of $520,103.50. Following the sale, the insider now owns 32,387 shares in the company, valued at approximately $18,612,808.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $574.16, for a total value of $237,128.08. Following the completion of the transaction, the chief operating officer now owns 10,707 shares of the company’s stock, valued at $6,147,531.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 251,230 shares of company stock valued at $132,784,843. 13.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

META has been the topic of a number of analyst reports. Benchmark restated a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Citigroup raised their target price on Meta Platforms from $580.00 to $645.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. TD Cowen upped their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Tigress Financial raised their price objective on shares of Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. Finally, Bank of America upped their target price on shares of Meta Platforms from $563.00 to $630.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $621.63.

Meta Platforms Stock Performance

Shares of META stock opened at $593.28 on Wednesday. The stock has a fifty day moving average price of $553.36 and a 200 day moving average price of $511.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The stock has a market cap of $1.50 trillion, a PE ratio of 34.08, a P/E/G ratio of 1.42 and a beta of 1.22. Meta Platforms, Inc. has a 1 year low of $296.86 and a 1 year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS 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 firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same period in the prior year, the company earned $3.23 EPS. The firm’s revenue was up 22.1% on a year-over-year basis. Sell-side analysts forecast that Meta Platforms, Inc. will post 21.44 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.34%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Meta Platforms Profile

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.