Harbor Advisory Corp MA Buys New Stake in Meta Platforms, Inc. (NASDAQ:META)

Harbor Advisory Corp MA purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 359 shares of the social networking company’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors have also modified their holdings of META. Delos Wealth Advisors LLC increased its stake in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares during the period. POM Investment Strategies LLC purchased a new stake in shares of Meta Platforms during the second quarter worth $38,000. Ruedi Wealth Management Inc. raised its stake in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares in the last quarter. Halpern Financial Inc. purchased a new position in Meta Platforms in the third quarter valued at $46,000. Finally, West Financial Advisors LLC acquired a new position in Meta Platforms during the 3rd quarter worth $49,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $580.65, for a total value of $239,808.45. Following the completion of the transaction, the chief operating officer now owns 11,120 shares in the company, valued at $6,456,828. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Meta Platforms news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $580.65, for a total transaction of $239,808.45. Following the completion of the transaction, the chief operating officer now directly owns 11,120 shares in the company, valued at approximately $6,456,828. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 492 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the sale, the chief executive officer now directly owns 518,508 shares in the company, valued at $311,493,681. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 249,912 shares of company stock worth $132,027,612. 13.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on META. Evercore ISI increased their price target on Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group increased their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Roth Mkm boosted their target price on shares of Meta Platforms from $550.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, TD Cowen raised their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $619.20.

Meta Platforms Trading Down 3.1 %

NASDAQ:META opened at $563.69 on Thursday. The stock has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 32.38, a PEG ratio of 1.45 and a beta of 1.22. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $602.95. The stock has a fifty day moving average price of $548.79 and a two-hundred day moving average price of $509.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the previous year, the firm earned $3.23 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 21.37 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

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

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.