Spectrum Planning & Advisory Services Inc. Sells 122 Shares of Meta Platforms, Inc. (NASDAQ:META)

Spectrum Planning & Advisory Services Inc. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 14.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 706 shares of the social networking company’s stock after selling 122 shares during the period. Spectrum Planning & Advisory Services Inc.’s holdings in Meta Platforms were worth $404,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. POM Investment Strategies LLC bought a new stake in Meta Platforms during the 2nd quarter worth about $38,000. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% during the second 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. Halpern Financial Inc. bought a new stake in shares of Meta Platforms during the third quarter valued at approximately $46,000. West Financial Advisors LLC acquired a new stake in shares of Meta Platforms in the third quarter valued at approximately $49,000. Finally, NewSquare Capital LLC raised its position in Meta Platforms by 221.9% in the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after purchasing an additional 71 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Jefferies Financial Group lifted their target price on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Sanford C. Bernstein boosted their price objective on Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Raymond James raised their target price 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. Royal Bank of Canada reissued an “outperform” rating and set a $570.00 price target on shares of Meta Platforms in a research note on Thursday, August 1st. Finally, Mizuho raised their price objective on shares of Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $634.10.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $563.09 on Friday. 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 has a 50 day moving average price of $572.05 and a 200 day moving average price of $523.31. The stock has a market capitalization of $1.42 trillion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 1.24 and a beta of 1.22. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95.

Meta Platforms (NASDAQ:META) last released its earnings results 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 business had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Analysts predict that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 7,975 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $516.36, for a total transaction of $4,117,971.00. Following the completion of the sale, the chief executive officer now directly owns 531,884 shares in the company, valued at $274,643,622.24. This represents a 1.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total transaction of $459,405.15. Following the completion of the transaction, the insider now directly owns 37,817 shares of the company’s stock, valued at approximately $19,197,043.71. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 168,843 shares of company stock worth $92,083,554. 13.71% of the stock is owned by company insiders.

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.