Sitrin Capital Management LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Sitrin Capital Management LLC grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 8.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,724 shares of the social networking company’s stock after purchasing an additional 874 shares during the quarter. Meta Platforms comprises approximately 3.1% of Sitrin Capital Management LLC’s portfolio, making the stock its 17th largest holding. Sitrin Capital Management LLC’s holdings in Meta Platforms were worth $6,139,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Delos Wealth Advisors LLC increased its holdings in shares of 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 last quarter. POM Investment Strategies LLC acquired a new stake in shares of Meta Platforms during the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. increased its holdings in shares of Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after buying an additional 44 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in shares of Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after buying an additional 43 shares during the last quarter. Finally, Halpern Financial Inc. acquired a new stake in shares of Meta Platforms during the 3rd quarter worth approximately $46,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on META shares. BMO Capital Markets raised their price target on shares of Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Robert W. Baird lifted their target price on shares of Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Citigroup lifted their target price on shares of Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Scotiabank dropped their target price on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating for the company in a report on Thursday, October 31st. Finally, UBS Group lifted their target price on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $532.21, for a total transaction of $481,650.05. Following the transaction, the insider now directly owns 41,437 shares in the company, valued at $22,053,185.77. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $532.21, for a total transaction of $481,650.05. Following the completion of the transaction, the insider now directly owns 41,437 shares of the company’s stock, valued at $22,053,185.77. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark Zuckerberg sold 492 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $600.75, for a total transaction of $295,569.00. Following the transaction, the chief executive officer now directly owns 518,508 shares of the company’s stock, valued at $311,493,681. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 250,040 shares of company stock worth $132,361,588. 13.71% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of META opened at $560.68 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.83. The stock has a market cap of $1.42 trillion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 1.36 and a beta of 1.22. Meta Platforms, Inc. has a 1-year low of $313.66 and a 1-year high of $602.95. The firm has a fifty day moving average price of $556.78 and a 200 day moving average price of $513.67.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 21.84 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. Meta Platforms’s dividend payout ratio is presently 9.42%.

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.