Granite Bay Wealth Management LLC Increases Position in Meta Platforms, Inc. (NASDAQ:META)

Granite Bay Wealth Management LLC boosted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 37.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,961 shares of the social networking company’s stock after purchasing an additional 803 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Meta Platforms were worth $1,493,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of META. Delos Wealth Advisors LLC lifted its holdings in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 58 shares in the last quarter. POM Investment Strategies LLC purchased a new position in shares of Meta Platforms in the second quarter worth about $38,000. Ruedi Wealth Management Inc. boosted its position in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares during the last quarter. Richardson Financial Services Inc. grew its stake in Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after acquiring an additional 43 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Meta Platforms in the 1st quarter valued at about $44,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on META shares. Roth Mkm increased their price target on Meta Platforms from $510.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler lifted their price target on Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. KeyCorp upped their price objective on shares of Meta Platforms from $540.00 to $560.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Morgan Stanley lifted their target price on shares of Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Meta Platforms from $610.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $593.28.

Insider Activity

In related news, CFO Susan J. Li sold 8,950 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares in the company, valued at approximately $39,285,234.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Susan J. Li sold 33,018 shares of the business’s stock in a transaction dated 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 accessible through this hyperlink. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the transaction, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 324,751 shares of company stock worth $170,575,643. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Trading Up 0.9 %

Shares of META opened at $572.44 on Tuesday. The firm has a market capitalization of $1.45 trillion, a price-to-earnings ratio of 32.88, a PEG ratio of 1.39 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $577.40. The company has a 50-day moving average of $517.89 and a 200 day moving average of $500.20.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.23 EPS. On average, research analysts expect that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 11.49%.

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.