Conway Capital Management Inc. Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Conway Capital Management Inc. boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 24.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 8,524 shares of the social networking company’s stock after acquiring an additional 1,665 shares during the period. Meta Platforms accounts for approximately 2.5% of Conway Capital Management Inc.’s portfolio, making the stock its 9th largest holding. Conway Capital Management Inc.’s holdings in Meta Platforms were worth $4,913,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Fjell Capital LLC bought a new position in shares of Meta Platforms in the fourth quarter worth $1,836,000. Opulen Financial Group LLC purchased a new stake in Meta Platforms during the 4th quarter worth about $325,000. Daner Wealth Management LLC bought a new position in Meta Platforms in the 4th quarter worth about $334,000. Brighton Jones LLC grew its holdings in Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company’s stock valued at $20,230,000 after buying an additional 570 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Meta Platforms during the fourth quarter valued at about $112,406,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Up 2.8%

META opened at $702.12 on Tuesday. The company has a market cap of $1.77 trillion, a P/E ratio of 29.35, a P/E/G ratio of 1.42 and a beta of 1.26. The business’s 50-day moving average price is $607.90 and its 200-day moving average price is $620.85. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91.

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

Meta Platforms Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Susquehanna cut their price target on shares of Meta Platforms from $800.00 to $700.00 and set a “positive” rating for the company in a report on Thursday, May 1st. Citigroup reiterated a “buy” rating on shares of Meta Platforms in a research report on Thursday. Wedbush boosted their target price on Meta Platforms from $680.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. DA Davidson decreased their target price on Meta Platforms from $800.00 to $650.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Guggenheim raised their price target on Meta Platforms from $675.00 to $725.00 and gave the company a “buy” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $706.88.

Insider Buying and Selling

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the completion of the transaction, the chief technology officer now directly owns 16,463 shares in the company, valued at approximately $10,855,043.68. This represents a 23.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 519 shares of the company’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $701.00, for a total transaction of $363,819.00. Following the completion of the transaction, the insider now owns 29,183 shares of the company’s stock, valued at $20,457,283. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,672 shares of company stock valued at $55,455,647 over the last ninety days. 13.61% of the stock is owned by insiders.

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.