Meta Platforms, Inc. (NASDAQ:META) Position Trimmed by Concentric Capital Strategies LP

Concentric Capital Strategies LP reduced its holdings in Meta Platforms, Inc. (NASDAQ:META) by 47.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 21,164 shares of the social networking company’s stock after selling 18,888 shares during the quarter. Concentric Capital Strategies LP’s holdings in Meta Platforms were worth $12,115,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. POM Investment Strategies LLC bought a new position in shares of Meta Platforms during the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. grew its stake in Meta Platforms by 122.2% during the 2nd 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. Halpern Financial Inc. acquired a new stake in Meta Platforms in the third quarter worth $46,000. West Financial Advisors LLC bought a new stake in Meta Platforms in the third quarter valued at $49,000. Finally, NewSquare Capital LLC increased its holdings in shares of 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 acquiring an additional 71 shares during the period. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Up 0.9 %

Shares of META opened at $574.32 on Monday. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The firm has a market capitalization of $1.45 trillion, a P/E ratio of 27.05, a P/E/G ratio of 1.27 and a beta of 1.22. The company has a 50-day simple moving average of $575.21 and a 200-day simple moving average of $527.76. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. On average, equities research analysts expect that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Announces Dividend

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

Insider Buying and Selling at Meta Platforms

In other news, insider Christopher K. Cox sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $557.52, for a total value of $11,150,400.00. Following the sale, the insider now owns 338,662 shares of the company’s stock, valued at approximately $188,810,838.24. This represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $520.00, for a total transaction of $470,600.00. Following the transaction, the insider now directly owns 38,722 shares of the company’s stock, valued at $20,135,440. This represents a 2.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,239 shares of company stock valued at $59,681,541. 13.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

META has been the topic of several recent analyst reports. Truist Financial boosted their target price on Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. KeyCorp boosted their price objective on Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Loop Capital upped their price objective on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their target price on Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Robert W. Baird upped their price target on shares of Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus target price of $634.71.

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.