Meta Platforms, Inc. (NASDAQ:META) Position Raised by Red Door Wealth Management LLC

Red Door Wealth Management LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,811 shares of the social networking company’s stock after buying an additional 56 shares during the period. Red Door Wealth Management LLC’s holdings in Meta Platforms were worth $1,922,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Baird Financial Group Inc. lifted its holdings in shares of Meta Platforms by 24.2% in the fourth quarter. Baird Financial Group Inc. now owns 835,972 shares of the social networking company’s stock valued at $295,901,000 after purchasing an additional 163,067 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Meta Platforms by 1.5% in the fourth quarter. California State Teachers Retirement System now owns 3,576,285 shares of the social networking company’s stock valued at $1,265,862,000 after purchasing an additional 51,900 shares during the last quarter. Donoghue Forlines LLC grew its position in shares of Meta Platforms by 94.4% in the fourth quarter. Donoghue Forlines LLC now owns 8,349 shares of the social networking company’s stock valued at $2,955,000 after purchasing an additional 4,054 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Meta Platforms by 7.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 451,581 shares of the social networking company’s stock worth $159,841,000 after purchasing an additional 32,423 shares during the period. Finally, Voyager Global Management LP lifted its stake in Meta Platforms by 37.3% during the fourth quarter. Voyager Global Management LP now owns 515,000 shares of the social networking company’s stock worth $182,289,000 after purchasing an additional 140,000 shares during the period. Institutional investors own 79.91% of the company’s stock.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $467.57, for a total value of $423,150.85. Following the sale, the insider now directly owns 43,275 shares of the company’s stock, valued at approximately $20,234,091.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Meta Platforms news, Director Sheryl Sandberg sold 105,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the transaction, the director now owns 630,293 shares in the company, valued at approximately $300,466,976.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $467.57, for a total transaction of $423,150.85. Following the transaction, the insider now directly owns 43,275 shares in the company, valued at $20,234,091.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 349,174 shares of company stock valued at $175,146,777. 13.71% of the stock is owned by company insiders.

Meta Platforms Stock Down 2.0 %

NASDAQ META traded down $10.59 on Friday, reaching $526.74. The company had a trading volume of 6,317,114 shares, compared to its average volume of 16,312,509. The firm has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 30.39, a price-to-earnings-growth ratio of 1.27 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 2.83. Meta Platforms, Inc. has a 1-year low of $274.38 and a 1-year high of $542.81. The company’s fifty day moving average is $499.79 and its 200-day moving average is $486.33.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same period in the prior year, the business posted $3.23 EPS. The company’s quarterly revenue was up 22.1% on a year-over-year basis. On average, research analysts forecast that Meta Platforms, Inc. will post 20.5 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were issued a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

Analysts Set New Price Targets

Several analysts have recently weighed in on META shares. Jefferies Financial Group raised their price objective on shares of Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark restated a “hold” rating on shares of Meta Platforms in a research report on Thursday, July 25th. Truist Financial boosted their price objective on shares of Meta Platforms from $535.00 to $570.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley boosted their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Finally, Evercore ISI boosted their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $574.41.

About Meta Platforms

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.