TRU Independence Asset Management 2 LLC Makes New $1.66 Million Investment in Meta Platforms, Inc. (NASDAQ:META)

TRU Independence Asset Management 2 LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,895 shares of the social networking company’s stock, valued at approximately $1,657,000. Meta Platforms comprises 1.4% of TRU Independence Asset Management 2 LLC’s holdings, making the stock its 21st largest position.

Several other institutional investors and hedge funds have also modified their holdings of the company. Delos Wealth Advisors LLC increased its stake in shares of Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after acquiring an additional 58 shares during the last quarter. POM Investment Strategies LLC purchased a new stake in Meta Platforms in the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. increased its position in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. purchased a new position in Meta Platforms during the third quarter worth approximately $46,000. Finally, J.Safra Asset Management Corp acquired a new position in shares of Meta Platforms in the 1st quarter valued at $47,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

META stock opened at $577.16 on Friday. Meta Platforms, Inc. has a 1 year low of $313.66 and a 1 year high of $602.95. The stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 27.19, a PEG ratio of 1.29 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock’s fifty day moving average is $565.83 and its two-hundred day moving average is $518.72.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. On average, research analysts predict that Meta Platforms, Inc. will post 22.53 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 9.42%.

Analysts Set New Price Targets

META has been the topic of several research reports. Susquehanna increased their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a research report on Thursday, October 31st. Oppenheimer boosted their target price on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. DA Davidson began coverage on shares of Meta Platforms in a report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $811.00 price objective on shares of Meta Platforms in a research note on Thursday, October 31st. Finally, Barclays raised their target price on shares of Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $634.10.

Insider Buying and Selling at Meta Platforms

In related news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $533.24, for a total transaction of $8,906,174.48. Following the sale, the chief executive officer now directly owns 28,838 shares in the company, valued at $15,377,575.12. The trade was a 36.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Susan J. Li sold 33,018 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total transaction of $17,101,342.92. The disclosure for this sale can be found here. Insiders have sold 158,200 shares of company stock valued at $84,533,106 in the last quarter. Corporate insiders own 13.71% of the company’s stock.

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.