Meta Platforms, Inc. (NASDAQ:META) Position Lessened by New Millennium Group LLC

New Millennium Group LLC lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 46.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,754 shares of the social networking company’s stock after selling 3,192 shares during the quarter. Meta Platforms makes up approximately 1.4% of New Millennium Group LLC’s holdings, making the stock its 20th biggest position. New Millennium Group LLC’s holdings in Meta Platforms were worth $2,149,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Lindenwold Advisors INC raised its holdings in Meta Platforms by 0.3% in the 3rd quarter. Lindenwold Advisors INC now owns 5,918 shares of the social networking company’s stock valued at $3,388,000 after acquiring an additional 17 shares during the period. Central Valley Advisors LLC increased its stake in shares of Meta Platforms by 0.3% during the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after purchasing an additional 18 shares during the period. Cherrydale Wealth Management LLC lifted its holdings in Meta Platforms by 0.5% during the 3rd quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock worth $2,199,000 after purchasing an additional 18 shares during the last quarter. Alliance Wealth Advisors LLC lifted its holdings in Meta Platforms by 0.7% during the 3rd quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock worth $1,595,000 after purchasing an additional 18 shares during the last quarter. Finally, Kozak & Associates Inc. boosted its stake in Meta Platforms by 1.0% in the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after purchasing an additional 18 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $520.48, for a total transaction of $8,693,056.96. Following the transaction, the chief executive officer now directly owns 2,657 shares of the company’s stock, valued at approximately $1,382,915.36. This represents a 86.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total value of $459,405.15. Following the transaction, the insider now directly owns 37,817 shares in the company, valued at approximately $19,197,043.71. This trade represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,843 shares of company stock valued at $92,083,554 over the last ninety days. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $559.14 on Friday. The company has a market capitalization of $1.41 trillion, a PE ratio of 26.34, a P/E/G ratio of 1.24 and a beta of 1.22. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95. The firm has a fifty day simple moving average of $572.74 and a 200 day simple moving average of $523.96.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) 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 the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 22.53 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.36%. Meta Platforms’s payout ratio is presently 9.42%.

Wall Street Analysts Forecast Growth

META has been the subject of a number of research reports. Rosenblatt Securities reissued a “buy” rating and set a $811.00 target price on shares of Meta Platforms in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $570.00 target price on shares of Meta Platforms in a research report on Thursday, August 1st. Loop Capital lifted their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Piper Sandler increased their price target on Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $634.10.

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.