First Interstate Bank Reduces Holdings in Meta Platforms, Inc. (NASDAQ:META)

First Interstate Bank cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 8.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,021 shares of the social networking company’s stock after selling 261 shares during the period. First Interstate Bank’s holdings in Meta Platforms were worth $1,729,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Delos Wealth Advisors LLC boosted its stake in shares of Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares during the period. POM Investment Strategies LLC acquired a new stake in Meta Platforms during the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in shares of Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after purchasing an additional 43 shares during the period. Finally, Halpern Financial Inc. purchased a new stake in shares of Meta Platforms during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Raymond James boosted their price objective on shares of Meta Platforms from $600.00 to $650.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Oppenheimer increased their price target on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. BMO Capital Markets lifted their price objective on Meta Platforms from $525.00 to $530.00 and gave the company a “market perform” rating in a report on Thursday, October 31st. UBS Group increased their target price on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Citigroup lifted their price target on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $532.21, for a total transaction of $481,650.05. Following the completion of the sale, the insider now owns 41,437 shares in the company, valued at approximately $22,053,185.77. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $567.58, for a total value of $234,410.54. Following the transaction, the chief operating officer now owns 10,294 shares of the company’s stock, valued at approximately $5,842,668.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $532.21, for a total transaction of $481,650.05. Following the sale, the insider now directly owns 41,437 shares of the company’s stock, valued at approximately $22,053,185.77. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 243,919 shares of company stock worth $129,296,067 in the last three months. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Trading Up 2.1 %

Shares of META stock opened at $572.43 on Wednesday. Meta Platforms, Inc. has a 1-year low of $313.66 and a 1-year high of $602.95. The firm’s 50-day simple moving average is $556.78 and its 200-day simple moving average is $513.67. The firm has a market cap of $1.45 trillion, a P/E ratio of 26.96, a PEG ratio of 1.26 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, equities analysts forecast that Meta Platforms, Inc. will post 22.44 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.35%. Meta Platforms’s dividend payout ratio is presently 9.42%.

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.