Meta Platforms, Inc. (NASDAQ:META) Stake Trimmed by Cornerstone Advisors LLC

Cornerstone Advisors LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:METAFree Report) by 1.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,100 shares of the social networking company’s stock after selling 2,100 shares during the period. Meta Platforms makes up about 1.8% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 7th largest position. Cornerstone Advisors LLC’s holdings in Meta Platforms were worth $37,556,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in shares of Meta Platforms by 137.5% during the second quarter. Renaissance Technologies LLC now owns 4,532,030 shares of the social networking company’s stock valued at $1,300,602,000 after purchasing an additional 2,623,447 shares during the period. Houlihan Financial Resource Group Ltd. purchased a new stake in Meta Platforms in the second quarter worth about $474,000. Atomi Financial Group Inc. lifted its stake in Meta Platforms by 63.8% in the second quarter. Atomi Financial Group Inc. now owns 8,345 shares of the social networking company’s stock worth $2,395,000 after acquiring an additional 3,251 shares during the period. Solstein Capital LLC purchased a new stake in Meta Platforms in the second quarter worth about $100,000. Finally, Keel Point LLC lifted its stake in Meta Platforms by 6.3% in the third quarter. Keel Point LLC now owns 6,690 shares of the social networking company’s stock worth $2,008,000 after acquiring an additional 399 shares during the period. Institutional investors own 62.87% of the company’s stock.

Meta Platforms Trading Up 1.6 %

Meta Platforms stock traded up $7.69 during trading hours on Monday, reaching $475.80. 11,644,302 shares of the company’s stock traded hands, compared to its average volume of 20,533,936. The firm has a market capitalization of $1.21 trillion, a price-to-earnings ratio of 31.40, a PEG ratio of 1.22 and a beta of 1.15. The firm’s 50 day moving average is $371.59 and its 200-day moving average is $332.07. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.67 and a current ratio of 2.67. Meta Platforms, Inc. has a fifty-two week low of $167.66 and a fifty-two week high of $485.96.

Meta Platforms (NASDAQ:METAGet Free Report) last issued its quarterly earnings results on Thursday, February 1st. The social networking company reported $5.33 earnings per share for the quarter, topping the consensus estimate of $4.82 by $0.51. The company had revenue of $40.11 billion during the quarter, compared to analysts’ expectations of $39.12 billion. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The business’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period last year, the business earned $3.00 EPS. On average, analysts predict that Meta Platforms, Inc. will post 19.62 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, February 21st. This represents a $2.00 annualized dividend and a dividend yield of 0.42%.

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 7,634 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $2,567,390.54. Following the completion of the sale, the chief operating officer now owns 91,413 shares of the company’s stock, valued at approximately $30,743,106.03. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Jennifer Newstead sold 552 shares of Meta Platforms stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $464.00, for a total transaction of $256,128.00. Following the completion of the sale, the insider now owns 34,168 shares of the company’s stock, valued at $15,853,952. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Javier Olivan sold 7,634 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $336.31, for a total value of $2,567,390.54. Following the completion of the transaction, the chief operating officer now owns 91,413 shares in the company, valued at approximately $30,743,106.03. The disclosure for this sale can be found here. Insiders sold 862,280 shares of company stock valued at $308,663,204 in the last ninety days. 14.03% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

META has been the subject of a number of research reports. Evercore ISI upped their price objective on shares of Meta Platforms from $425.00 to $550.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Rosenblatt Securities upped their price objective on shares of Meta Platforms from $372.00 to $411.00 and gave the stock a “buy” rating in a research note on Thursday, October 26th. Mizuho increased their price target on shares of Meta Platforms from $470.00 to $575.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. JPMorgan Chase & Co. increased their price target on shares of Meta Platforms from $420.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Finally, Wolfe Research increased their price target on shares of Meta Platforms from $430.00 to $530.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating, forty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $494.53.

Get Our Latest Analysis on Meta Platforms

Meta Platforms Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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