WT Wealth Management Sells 1,093 Shares of Meta Platforms, Inc. (NASDAQ:META)

WT Wealth Management reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 14.5% in the third quarter, Holdings Channel reports. The fund owned 6,445 shares of the social networking company’s stock after selling 1,093 shares during the quarter. Meta Platforms makes up about 0.9% of WT Wealth Management’s portfolio, making the stock its 26th biggest position. WT Wealth Management’s holdings in Meta Platforms were worth $3,715,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Eastern Bank lifted its position in Meta Platforms by 70.3% during the third quarter. Eastern Bank now owns 156,566 shares of the social networking company’s stock valued at $89,625,000 after purchasing an additional 64,618 shares during the last quarter. My Legacy Advisors LLC raised its position in shares of Meta Platforms by 17.5% during the 3rd quarter. My Legacy Advisors LLC now owns 1,329 shares of the social networking company’s stock valued at $761,000 after buying an additional 198 shares in the last quarter. Xcel Wealth Management LLC lifted its holdings in shares of Meta Platforms by 1.2% in the 3rd quarter. Xcel Wealth Management LLC now owns 5,004 shares of the social networking company’s stock valued at $2,864,000 after acquiring an additional 60 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Meta Platforms by 27.9% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 157,388 shares of the social networking company’s stock valued at $90,095,000 after acquiring an additional 34,364 shares during the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Meta Platforms during the third quarter worth approximately $12,707,000. Institutional investors own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Sanford C. Bernstein raised their price objective on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Monness Crespi & Hardt lifted their price objective on shares of Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Rosenblatt Securities boosted their price objective on shares of Meta Platforms from $643.00 to $811.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Jefferies Financial Group raised their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, TD Cowen upped their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus target price of $619.20.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the sale, the insider now owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the sale, the insider now owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,912 shares of company stock worth $132,027,612 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

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 52 week low of $279.40 and a 52 week high of $602.95. 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 firm has a 50 day moving average of $548.79 and a 200 day moving average of $509.61.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same quarter in the prior year, the business posted $3.23 EPS. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a dividend of $0.50 per share. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. 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.