Granite Harbor Advisors Inc. Decreases Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Granite Harbor Advisors Inc. lowered its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,598 shares of the social networking company’s stock after selling 22 shares during the quarter. Meta Platforms makes up 2.1% of Granite Harbor Advisors Inc.’s holdings, making the stock its 17th largest position. Granite Harbor Advisors Inc.’s holdings in Meta Platforms were worth $3,327,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in Meta Platforms in the fourth quarter valued at about $32,000. Clear Investment Research LLC boosted its holdings in Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares in the last quarter. Delos Wealth Advisors LLC boosted its holdings in Meta Platforms by 527.3% during the first 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 period. POM Investment Strategies LLC acquired a new position in shares of Meta Platforms during the second quarter valued at about $38,000. Finally, Ruedi Wealth Management Inc. grew its stake 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 buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Down 0.1 %

META traded down $0.50 during midday trading on Tuesday, reaching $520.62. 3,652,436 shares of the company were exchanged, compared to its average volume of 16,103,925. The company has a market cap of $1.32 trillion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83. The company’s fifty day moving average price is $503.25 and its 200 day moving average price is $491.66. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $544.23.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the prior year, the business posted $3.23 earnings per share. The business’s quarterly revenue was up 22.1% on a year-over-year basis. As a group, analysts expect that Meta Platforms, Inc. will post 20.5 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

Insider Buying and Selling

In other Meta Platforms news, CEO Mark Zuckerberg sold 2,011 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the sale, the chief executive officer now owns 318,932 shares in the company, valued at approximately $159,759,417.44. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the sale, the chief executive officer now owns 318,932 shares in the company, valued at $159,759,417.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $477.00, for a total transaction of $431,685.00. Following the completion of the sale, the insider now owns 41,465 shares in the company, valued at approximately $19,778,805. The disclosure for this sale can be found here. Insiders sold a total of 434,477 shares of company stock worth $220,437,187 in the last three months. Insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on META shares. Truist Financial lifted their price target on shares of Meta Platforms from $535.00 to $570.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Bank of America raised their price target on shares of Meta Platforms from $550.00 to $563.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Evercore ISI lifted their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Wedbush reissued an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Wednesday, July 24th. Finally, Wolfe Research started coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They set an “outperform” rating and a $620.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $574.41.

Meta Platforms Company 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.