Robertson Stephens Wealth Management LLC Cuts Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Robertson Stephens Wealth Management LLC lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,470 shares of the social networking company’s stock after selling 244 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in Meta Platforms were worth $4,306,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of META. Norges Bank purchased a new position in shares of Meta Platforms in the 4th quarter worth approximately $19,949,512,000. GAMMA Investing LLC grew its position in shares of Meta Platforms by 67,172.9% in the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company’s stock worth $13,517,178,000 after buying an additional 23,417,803 shares during the last quarter. Proficio Capital Partners LLC grew its position in shares of Meta Platforms by 78,471.1% in the 4th quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company’s stock worth $3,658,713,000 after buying an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Meta Platforms during the 4th quarter worth approximately $2,243,603,000. Finally, Northern Trust Corp grew its position in Meta Platforms by 13.5% during the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock worth $13,727,613,000 after purchasing an additional 2,787,832 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insiders Place Their Bets

In other Meta Platforms news, Director Robert M. Kimmitt sold 475 shares of the company’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $628.25, for a total transaction of $298,418.75. Following the completion of the transaction, the director now directly owns 10,272 shares in the company, valued at approximately $6,453,384. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 921 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $627.05, for a total transaction of $577,513.05. Following the sale, the insider now directly owns 31,182 shares of the company’s stock, valued at $19,552,673.10. The trade was a 2.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,512 shares of company stock worth $73,590,232. Company insiders own 13.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on META shares. Wedbush boosted their target price on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Citigroup reissued a “buy” rating on shares of Meta Platforms in a research report on Thursday, June 12th. JMP Securities reissued a “market outperform” rating and set a $750.00 target price on shares of Meta Platforms in a research report on Wednesday, April 30th. Bank of America boosted their target price on shares of Meta Platforms from $690.00 to $765.00 and gave the stock a “buy” rating in a research report on Thursday, June 12th. Finally, Monness Crespi & Hardt boosted their target price on shares of Meta Platforms from $775.00 to $780.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $710.00.

Meta Platforms Stock Performance

NASDAQ:META opened at $695.77 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The company has a fifty day moving average of $612.33 and a two-hundred day moving average of $621.89. The stock has a market capitalization of $1.75 trillion, a PE ratio of 27.14, a P/E/G ratio of 1.72 and a beta of 1.26. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analysts’ expectations of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.71 earnings per share. As a group, research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

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

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.