SP Asset Management LLC Sells 2,852 Shares of Meta Platforms, Inc. (NASDAQ:META)

SP Asset Management LLC cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 459,499 shares of the social networking company’s stock after selling 2,852 shares during the quarter. Meta Platforms comprises 21.1% of SP Asset Management LLC’s portfolio, making the stock its biggest holding. SP Asset Management LLC’s holdings in Meta Platforms were worth $231,689,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in META. Vantage Financial Partners LLC increased its holdings in shares of Meta Platforms by 3.2% during the 4th quarter. Vantage Financial Partners LLC now owns 1,323 shares of the social networking company’s stock worth $468,000 after acquiring an additional 41 shares during the last quarter. Concentrum Wealth Management grew its holdings in Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after buying an additional 3,888,308 shares in the last quarter. Aveo Capital Partners LLC grew its holdings in Meta Platforms by 45.7% in the 4th quarter. Aveo Capital Partners LLC now owns 2,302 shares of the social networking company’s stock valued at $815,000 after buying an additional 722 shares in the last quarter. 9258 Wealth Management LLC grew its holdings in Meta Platforms by 66.4% in the 4th quarter. 9258 Wealth Management LLC now owns 3,993 shares of the social networking company’s stock valued at $1,413,000 after buying an additional 1,594 shares in the last quarter. Finally, Rollins Financial grew its holdings in Meta Platforms by 7.5% in the 4th quarter. Rollins Financial now owns 30,657 shares of the social networking company’s stock valued at $10,851,000 after buying an additional 2,133 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Down 0.2 %

META stock opened at $524.62 on Friday. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $544.23. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average is $505.13 and its 200-day moving average is $495.43. The firm has a market capitalization of $1.33 trillion, a PE ratio of 30.13, a P/E/G ratio of 1.26 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the company earned $3.23 earnings per share. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts expect that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s dividend payout ratio is presently 11.49%.

Insider Activity

In related news, COO Javier Olivan sold 413 shares of Meta Platforms stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total transaction of $221,747.96. Following the sale, the chief operating officer now directly owns 14,424 shares in the company, valued at $7,744,534.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total transaction of $17,101,342.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Javier Olivan sold 413 shares of Meta Platforms stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total value of $221,747.96. Following the sale, the chief operating officer now owns 14,424 shares in the company, valued at $7,744,534.08. The disclosure for this sale can be found here. Insiders have sold 357,574 shares of company stock worth $185,587,773 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on META shares. Truist Financial upped their price objective on Meta Platforms from $535.00 to $570.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Roth Mkm upped their target price on Meta Platforms from $510.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. TD Cowen upped their target price on Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Robert W. Baird upped their target price on Meta Platforms from $500.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $570.00 target price on shares of Meta Platforms in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $577.26.

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.