Meitav Investment House Ltd. Sells 58,915 Shares of Meta Platforms, Inc. (NASDAQ:META)

Meitav Investment House Ltd. lessened its position in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 19.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 246,370 shares of the social networking company’s stock after selling 58,915 shares during the period. Meta Platforms comprises approximately 2.3% of Meitav Investment House Ltd.’s holdings, making the stock its 9th biggest holding. Meitav Investment House Ltd.’s holdings in Meta Platforms were worth $119,650,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Ascent Wealth Partners LLC acquired a new stake in Meta Platforms in the 1st quarter valued at about $4,149,000. Mirae Asset Global Investments Co. Ltd. raised its position in Meta Platforms by 17.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,564,770 shares of the social networking company’s stock worth $1,245,401,000 after purchasing an additional 385,800 shares during the last quarter. BOK Financial Private Wealth Inc. lifted its holdings in Meta Platforms by 31.5% during the 1st quarter. BOK Financial Private Wealth Inc. now owns 584 shares of the social networking company’s stock worth $284,000 after buying an additional 140 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Meta Platforms by 14.0% during the first quarter. Baillie Gifford & Co. now owns 6,101,501 shares of the social networking company’s stock worth $2,962,767,000 after acquiring an additional 748,076 shares during the last quarter. Finally, Prosperity Consulting Group LLC lifted its stake in shares of Meta Platforms by 17.8% during the first quarter. Prosperity Consulting Group LLC now owns 6,364 shares of the social networking company’s stock valued at $3,090,000 after acquiring an additional 961 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. UBS Group dropped their price target on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. BNP Paribas started coverage on Meta Platforms in a research note on Thursday, May 2nd. They issued an “underperform” rating and a $360.00 target price for the company. Oppenheimer reduced their price target on shares of Meta Platforms from $585.00 to $500.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Jefferies Financial Group dropped their price objective on shares of Meta Platforms from $585.00 to $540.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price target on Meta Platforms from $609.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $511.27.

Read Our Latest Report on Meta Platforms

Meta Platforms Trading Up 5.9 %

NASDAQ META traded up $29.95 on Friday, reaching $539.91. The company had a trading volume of 21,354,093 shares, compared to its average volume of 10,314,925. The business has a 50 day moving average of $484.36 and a two-hundred day moving average of $460.90. Meta Platforms, Inc. has a fifty-two week low of $274.38 and a fifty-two week high of $540.87. The firm has a market cap of $1.37 trillion, a price-to-earnings ratio of 31.01, a P/E/G ratio of 1.40 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68.

Meta Platforms (NASDAQ:METAGet Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. Analysts forecast that Meta Platforms, Inc. will post 20.15 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the completion of the sale, the insider now owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Susan J. Li sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $4,223,529.35. Following the transaction, the chief financial officer now owns 74,580 shares in the company, valued at approximately $35,190,573. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total value of $305,370.00. Following the sale, the insider now owns 38,398 shares in the company, valued at $20,043,756. The disclosure for this sale can be found here. Insiders have sold 251,905 shares of company stock valued at $123,528,726 in the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

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.

Further Reading

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

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