Norden Group LLC Has $11.91 Million Position in Meta Platforms, Inc. $META

Norden Group LLC grew its stake in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 32.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,212 shares of the social networking company’s stock after acquiring an additional 3,956 shares during the quarter. Meta Platforms accounts for 1.2% of Norden Group LLC’s holdings, making the stock its 11th biggest position. Norden Group LLC’s holdings in Meta Platforms were worth $11,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Bare Financial Services Inc bought a new position in shares of Meta Platforms during the second quarter worth $30,000. Evergreen Private Wealth LLC raised its stake in Meta Platforms by 237.5% during the 2nd 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 period. Briaud Financial Planning Inc bought a new position in Meta Platforms during the second quarter worth about $42,000. Knuff & Co LLC bought a new position in Meta Platforms during the second quarter worth about $44,000. Finally, WFA Asset Management Corp grew its stake in Meta Platforms by 42.6% in the second quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock valued at $49,000 after acquiring an additional 20 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 519 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $659.38, for a total value of $342,218.22. Following the completion of the sale, the insider owned 29,177 shares of the company’s stock, valued at approximately $19,238,730.26. This represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Javier Olivan sold 517 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $661.11, for a total transaction of $341,793.87. Following the transaction, the chief operating officer owned 12,717 shares in the company, valued at approximately $8,407,335.87. The trade was a 3.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,557 shares of company stock worth $25,972,459 in the last 90 days. Corporate insiders own 13.61% of the company’s stock.

Meta Platforms Stock Down 0.6%

Shares of META stock opened at $663.29 on Monday. The firm’s fifty day moving average price is $654.81 and its two-hundred day moving average price is $706.38. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 0.15. Meta Platforms, Inc. has a 1 year low of $479.80 and a 1 year high of $796.25. The firm has a market capitalization of $1.67 trillion, a P/E ratio of 29.30, a PEG ratio of 1.37 and a beta of 1.28.

Meta Platforms (NASDAQ:METAGet Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The social networking company reported $7.25 earnings per share for the quarter, beating the consensus estimate of $6.74 by $0.51. The company had revenue of $51.24 billion during the quarter, compared to analysts’ expectations of $49.34 billion. Meta Platforms had a return on equity of 39.35% and a net margin of 30.89%.Meta Platforms’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter last year, the company earned $6.03 EPS. On average, equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms’s payout ratio is 9.28%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Zacks Research lowered Meta Platforms from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Bank of America lowered their target price on Meta Platforms from $900.00 to $810.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Roth Capital reaffirmed a “buy” rating on shares of Meta Platforms in a research note on Thursday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of Meta Platforms in a research report on Thursday, October 30th. Finally, Arete Research set a $718.00 price objective on shares of Meta Platforms in a report on Thursday, December 4th. Four research analysts have rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $820.22.

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Key Meta Platforms News

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Meta Platforms Company Profile

(Free Report)

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

Further Reading

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

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