Deepwater Asset Management LLC Sells 3,469 Shares of Meta Platforms, Inc. (NASDAQ:META)

Deepwater Asset Management LLC decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 11.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,333 shares of the social networking company’s stock after selling 3,469 shares during the quarter. Meta Platforms comprises 5.3% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 4th largest holding. Deepwater Asset Management LLC’s holdings in Meta Platforms were worth $15,074,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Strategic Wealth Investment Group LLC grew its stake in shares of Meta Platforms by 27.3% in the 3rd quarter. Strategic Wealth Investment Group LLC now owns 43,270 shares of the social networking company’s stock valued at $24,944,000 after buying an additional 9,290 shares in the last quarter. Orrstown Financial Services Inc. grew its stake in shares of Meta Platforms by 184.4% in the 3rd quarter. Orrstown Financial Services Inc. now owns 3,146 shares of the social networking company’s stock valued at $1,801,000 after buying an additional 2,040 shares in the last quarter. Old Port Advisors grew its stake in shares of Meta Platforms by 10.4% in the 3rd quarter. Old Port Advisors now owns 3,074 shares of the social networking company’s stock valued at $1,760,000 after buying an additional 290 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Meta Platforms by 36.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 782,081 shares of the social networking company’s stock valued at $447,694,000 after buying an additional 207,187 shares in the last quarter. Finally, Taylor & Morgan Wealth Management LLC bought a new stake in shares of Meta Platforms in the 3rd quarter valued at approximately $222,000. Institutional investors own 79.91% of the company’s stock.

Insider Activity

In other news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $451.15, for a total transaction of $406,486.15. Following the transaction, the insider now owns 33,324 shares of the company’s stock, valued at $15,034,122.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the transaction, the chief technology officer now owns 11,990 shares in the company, valued at approximately $6,315,852.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $15,034,122.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 251,573 shares of company stock valued at $133,019,910 over the last 90 days. 13.71% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of META stock opened at $567.58 on Friday. The stock’s fifty day moving average is $555.21 and its 200-day moving average is $512.56. 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 capitalization of $1.44 trillion, a PE ratio of 32.60, a PEG ratio of 1.42 and a beta of 1.22. Meta Platforms, Inc. has a 52 week low of $296.86 and a 52 week high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Equities research analysts expect that Meta Platforms, Inc. will post 21.44 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Analyst Upgrades and Downgrades

META has been the subject of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $670.00 target price on shares of Meta Platforms in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Wells Fargo & Company boosted their target price on Meta Platforms from $647.00 to $652.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. UBS Group boosted their target price on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Truist Financial boosted their target price on Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $634.37.

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.