Meta Platforms, Inc. (NASDAQ:META) Shares Acquired by Riggs Asset Managment Co. Inc.

Riggs Asset Managment Co. Inc. grew its position in Meta Platforms, Inc. (NASDAQ:META) by 2.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,066 shares of the social networking company’s stock after acquiring an additional 117 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in Meta Platforms were worth $2,460,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of META. Quest Partners LLC purchased a new position in Meta Platforms in the fourth quarter worth $32,000. Clear Investment Research LLC raised its position in Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares in the last quarter. Cranbrook Wealth Management LLC raised its position in Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after acquiring an additional 45 shares in the last quarter. Gilfoyle & Co LLC purchased a new position in Meta Platforms in the fourth quarter worth $39,000. Finally, Richardson Financial Services Inc. raised its position in Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after acquiring an additional 43 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Down 4.1 %

NASDAQ:META opened at $512.70 on Friday. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 29.45, a PEG ratio of 1.39 and a beta of 1.21. Meta Platforms, Inc. has a 1-year low of $274.38 and a 1-year high of $542.81. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The business’s fifty day moving average price is $491.62 and its 200 day moving average price is $464.99.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $36.28 billion. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 20.19 earnings per share 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 paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.39%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the business’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 owns 36,643 shares in the company, valued at $15,794,965.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $533.87, for a total value of $8,916,696.74. Following the sale, the chief executive officer now owns 151,918 shares of the company’s stock, valued at approximately $81,104,462.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the sale, the insider now directly owns 36,643 shares in the company, valued at approximately $15,794,965.15. The disclosure for this sale can be found here. Insiders have sold 294,278 shares of company stock worth $146,060,559 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

META has been the subject of several research analyst reports. TD Cowen increased their price objective on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James raised their price target on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research report on Monday, July 1st. KeyCorp lifted their price objective on Meta Platforms from $475.00 to $540.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. JMP Securities reissued a “market outperform” rating and issued a $550.00 price target on shares of Meta Platforms in a research note on Monday, April 22nd. Finally, Wolfe Research reduced their price objective on Meta Platforms from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $515.64.

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.