Pittenger & Anderson Inc. Increases Holdings in Meta Platforms, Inc. (NASDAQ:META)

Pittenger & Anderson Inc. raised its stake in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 16.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,936 shares of the social networking company’s stock after buying an additional 4,866 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Meta Platforms were worth $16,964,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of META. Quest Partners LLC purchased a new stake in Meta Platforms in the 4th quarter valued at about $32,000. Clear Investment Research LLC increased its position in shares of Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after acquiring an additional 74 shares during the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after acquiring an additional 45 shares during the last quarter. Gilfoyle & Co LLC acquired a new position in shares of Meta Platforms in the 4th quarter worth approximately $39,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Meta Platforms during the 1st quarter worth approximately $44,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 8,727 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $528.87, for a total value of $4,615,448.49. Following the transaction, the chief executive officer now directly owns 178,099 shares in the company, valued at approximately $94,191,218.13. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 8,727 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $528.87, for a total value of $4,615,448.49. Following the completion of the sale, the chief executive officer now owns 178,099 shares of the company’s stock, valued at $94,191,218.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $500.57, for a total transaction of $453,015.85. Following the transaction, the insider now directly owns 37,845 shares in the company, valued at $18,944,071.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 260,047 shares of company stock valued at $127,838,805. 13.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on META shares. UBS Group decreased their price target on Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Stifel Nicolaus increased their target price on Meta Platforms from $527.00 to $588.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Loop Capital reaffirmed a “buy” rating and issued a $550.00 target price on shares of Meta Platforms in a research report on Wednesday, July 3rd. BNP Paribas assumed coverage on shares of Meta Platforms in a research report on Thursday, May 2nd. They set an “underperform” rating and a $360.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $511.88.

Check Out Our Latest Analysis on Meta Platforms

Meta Platforms Stock Performance

Meta Platforms stock traded up $5.98 during trading hours on Tuesday, reaching $535.30. 1,658,385 shares of the stock were exchanged, compared to its average volume of 16,162,827. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $542.81. The stock has a market cap of $1.36 trillion, a P/E ratio of 30.40, 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 quick ratio of 2.68 and a current ratio of 2.68. The firm’s 50 day moving average is $486.29 and its 200 day moving average is $462.92.

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

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.37%. Meta Platforms’s dividend payout ratio is presently 11.49%.

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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