CacheTech Inc. Reduces Stake in Meta Platforms, Inc. (NASDAQ:META)

CacheTech Inc. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 918 shares of the social networking company’s stock after selling 21 shares during the period. CacheTech Inc.’s holdings in Meta Platforms were worth $526,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Delos Wealth Advisors LLC boosted its position 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 valued at $34,000 after acquiring an additional 58 shares in the last quarter. POM Investment Strategies LLC purchased a new position in shares of Meta Platforms in the 2nd quarter valued at approximately $38,000. Ruedi Wealth Management Inc. boosted its position in shares of Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares in the last quarter. Richardson Financial Services Inc. grew its stake in Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after purchasing an additional 43 shares during the period. Finally, Halpern Financial Inc. bought a new position in Meta Platforms in the third quarter worth $46,000. Institutional investors own 79.91% of the company’s stock.

Analyst Ratings Changes

META has been the topic of a number of research reports. Robert W. Baird boosted 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. Tigress Financial boosted their price objective on shares of Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 16th. Monness Crespi & Hardt lifted their target price on shares of Meta Platforms from $620.00 to $660.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a research report on Wednesday, October 16th. Finally, Bank of America raised their price objective on Meta Platforms from $630.00 to $660.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $634.10.

Meta Platforms Stock Performance

Shares of META opened at $560.68 on Tuesday. The business has a 50-day simple moving average of $556.78 and a two-hundred day simple moving average of $513.67. The company has a quick ratio of 2.83, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 26.41, a PEG ratio of 1.36 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. On average, analysts expect that Meta Platforms, Inc. will post 21.84 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insiders Place Their Bets

In other news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction 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 approximately $6,315,852.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark Zuckerberg sold 6,534 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $505.04, for a total value of $3,299,931.36. Following the sale, the chief executive officer now owns 116,108 shares of the company’s stock, valued at approximately $58,639,184.32. This represents a 0.00 % decrease in their ownership of the stock. 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 stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. This trade 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 250,040 shares of company stock worth $132,361,588 in the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

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.