Granite Harbor Advisors Inc. Sells 192 Shares of Meta Platforms, Inc. (NASDAQ:META)

Granite Harbor Advisors Inc. lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,620 shares of the social networking company’s stock after selling 192 shares during the quarter. Meta Platforms makes up about 2.2% of Granite Harbor Advisors Inc.’s portfolio, making the stock its 17th biggest position. Granite Harbor Advisors Inc.’s holdings in Meta Platforms were worth $3,215,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quest Partners LLC purchased a new stake in Meta Platforms during the fourth quarter worth $32,000. Clear Investment Research LLC lifted its holdings in Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after buying an additional 74 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after buying an additional 45 shares during the period. Gilfoyle & Co LLC purchased a new stake in Meta Platforms during the fourth quarter worth $39,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Meta Platforms during the first quarter worth $44,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

NASDAQ:META opened at $539.91 on Friday. Meta Platforms, Inc. has a 52 week low of $274.38 and a 52 week high of $540.87. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.37 trillion, a PE ratio of 31.01, a price-to-earnings-growth ratio of 1.32 and a beta of 1.21. The stock’s 50-day moving average price is $484.36 and its 200-day moving average price is $460.13.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $36.28 billion. As a group, equities analysts expect that Meta Platforms, Inc. will post 20.15 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the transaction, the insider now directly owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Nicholas Clegg sold 1,135 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $535,549.75. Following the transaction, the insider now directly owns 8,753 shares of the company’s stock, valued at approximately $4,130,103.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the transaction, the insider now directly owns 38,398 shares in the company, valued at $20,043,756. The disclosure for this sale can be found here. In the last three months, insiders have sold 251,905 shares of company stock valued at $123,528,726. 13.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

META has been the subject of a number of analyst reports. Guggenheim lowered their target price on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Citigroup lowered their target price on Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Rosenblatt Securities increased their price objective on Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company decreased 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 research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $511.27.

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.