Meta Platforms, Inc. (NASDAQ:META) Stake Reduced by InTrack Investment Management Inc

InTrack Investment Management Inc reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 24.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,667 shares of the social networking company’s stock after selling 550 shares during the quarter. InTrack Investment Management Inc’s holdings in Meta Platforms were worth $809,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Meta Platforms in the fourth quarter worth $11,285,855,000. International Assets Investment Management LLC grew its stake in shares of Meta Platforms by 11,154.4% in the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after purchasing an additional 4,908,251 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Meta Platforms by 17.2% in the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management grew its stake in shares of Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Meta Platforms by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after purchasing an additional 3,104,550 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Up 0.1 %

Shares of Meta Platforms stock opened at $509.96 on Thursday. The stock has a 50-day moving average price of $481.05 and a 200 day moving average price of $458.42. The company has a market cap of $1.29 trillion, a P/E ratio of 29.29, a P/E/G ratio of 1.31 and a beta of 1.21. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 1 year low of $274.38 and a 1 year high of $531.49.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The firm had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. As a group, analysts expect that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s payout ratio is currently 11.49%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on META shares. Truist Financial decreased their price target on Meta Platforms from $550.00 to $535.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Loop Capital reissued a “buy” rating and issued a $550.00 price target on shares of Meta Platforms in a research note on Wednesday. Robert W. Baird cut their price objective on Meta Platforms from $525.00 to $500.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. UBS Group cut their price objective on Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Finally, Wells Fargo & Company cut their price objective on Meta Platforms from $609.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $511.27.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total value of $252,164.25. Following the transaction, the insider now directly owns 36,643 shares of the company’s stock, valued at approximately $15,794,965.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Jennifer Newstead sold 585 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total transaction of $252,164.25. Following the transaction, the insider now owns 36,643 shares of the company’s stock, valued at approximately $15,794,965.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 2,011 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the transaction, the chief executive officer now directly owns 318,932 shares in the company, valued at approximately $159,759,417.44. The disclosure for this sale can be found here. Insiders have sold a total of 252,395 shares of company stock valued at $123,781,816 in the last three months. Insiders own 13.71% of the company’s stock.

Meta Platforms Company 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.