Wingate Wealth Advisors Inc. Has $474,000 Position in Meta Platforms, Inc. $META

Wingate Wealth Advisors Inc. lifted its stake in Meta Platforms, Inc. (NASDAQ:META) by 16.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 642 shares of the social networking company’s stock after acquiring an additional 89 shares during the quarter. Wingate Wealth Advisors Inc.’s holdings in Meta Platforms were worth $474,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new stake in Meta Platforms in the first quarter worth $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Meta Platforms in the first quarter worth about $33,000. Evergreen Private Wealth LLC lifted its position in shares of Meta Platforms by 237.5% in the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock worth $40,000 after buying an additional 38 shares during the last quarter. Maseco LLP acquired a new stake in shares of Meta Platforms in the second quarter worth about $54,000. Finally, eCIO Inc. bought a new position in shares of Meta Platforms in the 1st quarter valued at approximately $58,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Meta Platforms from $750.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. BMO Capital Markets increased their price target on Meta Platforms from $610.00 to $710.00 and gave the company a “market perform” rating in a report on Thursday, July 31st. Needham & Company LLC raised shares of Meta Platforms from an “underperform” rating to a “hold” rating in a report on Thursday, July 3rd. JMP Securities upped their price objective on shares of Meta Platforms from $750.00 to $900.00 and gave the stock a “market outperform” rating in a report on Thursday, July 31st. Finally, DA Davidson upped their price objective on shares of Meta Platforms from $650.00 to $825.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Five research analysts have rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $829.66.

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 517 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $721.30, for a total transaction of $372,912.10. Following the sale, the chief operating officer directly owned 8,475 shares of the company’s stock, valued at $6,113,017.50. This represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert M. Kimmitt sold 465 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $716.97, for a total value of $333,391.05. Following the sale, the director owned 7,947 shares of the company’s stock, valued at approximately $5,697,760.59. The trade was a 5.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 213,146 shares of company stock valued at $164,208,279. Corporate insiders own 13.61% of the company’s stock.

Meta Platforms Trading Up 0.1%

Shares of Meta Platforms stock opened at $751.44 on Wednesday. The firm has a market capitalization of $1.89 trillion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 1.59 and a beta of 1.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.97 and a quick ratio of 1.97. The company’s fifty day moving average price is $741.78 and its two-hundred day moving average price is $694.67. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $796.25.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, topping analysts’ consensus estimates of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The firm had revenue of $47.52 billion during the quarter, compared to analysts’ expectations of $44.55 billion. During the same quarter last year, the company earned $5.16 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 22nd were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms’s dividend payout ratio (DPR) is presently 7.60%.

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.