Net Worth Advisory Group Has $2.62 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Net Worth Advisory Group cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 6.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,542 shares of the social networking company’s stock after selling 337 shares during the quarter. Meta Platforms makes up 0.8% of Net Worth Advisory Group’s holdings, making the stock its 17th biggest holding. Net Worth Advisory Group’s holdings in Meta Platforms were worth $2,618,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Suvretta Capital Management LLC boosted its stake in shares of Meta Platforms by 1.1% during the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company’s stock valued at $99,735,000 after purchasing an additional 1,850 shares in the last quarter. Skye Global Management LP boosted its stake in shares of Meta Platforms by 130.9% during the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company’s stock valued at $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC acquired a new stake in shares of Meta Platforms during the fourth quarter valued at about $459,000. Apollon Financial LLC boosted its stake in shares of Meta Platforms by 11.1% during the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company’s stock valued at $866,000 after purchasing an additional 148 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of Meta Platforms by 255.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company’s stock valued at $1,001,044,000 after purchasing an additional 1,229,350 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Trading Down 0.1%

Shares of Meta Platforms stock opened at $693.36 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a 52 week low of $442.65 and a 52 week high of $740.91. The stock has a 50 day moving average price of $600.62 and a two-hundred day moving average price of $618.50. The stock has a market capitalization of $1.74 trillion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.71 earnings per share. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be given a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. Meta Platforms’s payout ratio is 8.19%.

Insider Activity at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares of the company’s stock, valued at approximately $10,855,043.68. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Javier Olivan sold 608 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $488.18, for a total value of $296,813.44. Following the completion of the transaction, the chief operating officer now directly owns 5,622 shares in the company, valued at approximately $2,744,547.96. This represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,201 shares of company stock valued at $56,377,837 over the last 90 days. Insiders own 13.61% of the company’s stock.

Analysts Set New Price Targets

META has been the subject of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $676.00 price objective on shares of Meta Platforms in a research report on Wednesday. Oppenheimer raised their price objective on Meta Platforms from $650.00 to $665.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. UBS Group raised their price objective on Meta Platforms from $650.00 to $683.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Citigroup raised their price objective on Meta Platforms from $655.00 to $690.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus raised their price objective on Meta Platforms from $628.00 to $655.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average price target of $704.26.

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.