Meta Platforms, Inc. (NASDAQ:META) is Cloverfields Capital Group LP’s 3rd Largest Position

Cloverfields Capital Group LP boosted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,053 shares of the social networking company’s stock after acquiring an additional 390 shares during the period. Meta Platforms accounts for 2.6% of Cloverfields Capital Group LP’s portfolio, making the stock its 3rd largest holding. Cloverfields Capital Group LP’s holdings in Meta Platforms were worth $7,795,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of META. Vanguard Group Inc. lifted its position in Meta Platforms by 0.4% during the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after purchasing an additional 831,047 shares during the last quarter. Capital World Investors lifted its holdings in shares of Meta Platforms by 0.6% in the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock worth $18,597,382,000 after acquiring an additional 244,803 shares during the last quarter. Capital International Investors lifted its holdings in shares of Meta Platforms by 3.2% in the 4th quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock worth $12,296,383,000 after acquiring an additional 1,083,719 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Meta Platforms by 14.5% in the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after acquiring an additional 4,379,826 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Meta Platforms in the 4th quarter worth about $11,285,855,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on META. The Goldman Sachs Group lowered their target price on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Royal Bank of Canada lowered their target price on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. BMO Capital Markets reiterated a “market perform” rating and set a $450.00 price objective on shares of Meta Platforms in a report on Wednesday, June 12th. Finally, Loop Capital reiterated a “buy” rating and set a $550.00 price objective on shares of Meta Platforms in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $525.66.

Meta Platforms Stock Performance

NASDAQ:META traded up $12.29 during trading hours on Friday, hitting $465.70. 14,222,388 shares of the company were exchanged, compared to its average volume of 13,931,730. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 26.75, a PEG ratio of 1.17 and a beta of 1.21. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $542.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68. The company’s 50 day moving average price is $493.20 and its 200-day moving average price is $475.36.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. As a group, research analysts forecast that Meta Platforms, Inc. will post 20.23 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.43%. The ex-dividend date was Friday, June 14th. Meta Platforms’s payout ratio is 11.49%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 412 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total transaction of $194,752.40. Following the completion of the sale, the chief operating officer now directly owns 15,376 shares in the company, valued at approximately $7,268,235.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the transaction, the insider now directly owns 36,643 shares in the company, valued at approximately $15,794,965.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Javier Olivan sold 412 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total transaction of $194,752.40. Following the completion of the transaction, the chief operating officer now owns 15,376 shares of the company’s stock, valued at $7,268,235.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,348 shares of company stock worth $154,678,120. Company insiders own 13.71% of the company’s stock.

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.