Indie Asset Partners LLC Increases Stake in Meta Platforms, Inc. (NASDAQ:META)

Indie Asset Partners LLC increased its position in Meta Platforms, Inc. (NASDAQ:META) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,769 shares of the social networking company’s stock after buying an additional 66 shares during the quarter. Meta Platforms accounts for 2.5% of Indie Asset Partners LLC’s portfolio, making the stock its 4th largest position. Indie Asset Partners LLC’s holdings in Meta Platforms were worth $3,302,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Prossimo Advisors LLC lifted its stake in Meta Platforms by 27.2% in the third quarter. Prossimo Advisors LLC now owns 972 shares of the social networking company’s stock worth $556,000 after purchasing an additional 208 shares during the last quarter. Campbell Capital Management Inc. lifted its stake in shares of Meta Platforms by 5.8% in the 3rd quarter. Campbell Capital Management Inc. now owns 20,193 shares of the social networking company’s stock valued at $11,560,000 after acquiring an additional 1,110 shares during the last quarter. Pure Financial Advisors LLC boosted its holdings in Meta Platforms by 6.2% during the 3rd quarter. Pure Financial Advisors LLC now owns 4,282 shares of the social networking company’s stock valued at $2,451,000 after acquiring an additional 251 shares during the period. Arcadia Investment Management Corp MI grew its position in Meta Platforms by 223.9% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 2,860 shares of the social networking company’s stock worth $1,637,000 after acquiring an additional 1,977 shares during the last quarter. Finally, New Covenant Trust Company N.A. increased its stake in Meta Platforms by 15.3% in the 3rd quarter. New Covenant Trust Company N.A. now owns 1,942 shares of the social networking company’s stock worth $1,102,000 after purchasing an additional 257 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

NASDAQ META opened at $572.43 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95. The stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 26.96, a PEG ratio of 1.26 and a beta of 1.22. The company’s 50 day moving average is $556.78 and its two-hundred day moving average is $513.67.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results 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. The business had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, research analysts anticipate that Meta Platforms, Inc. will post 22.44 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued 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 0.35%. Meta Platforms’s dividend payout ratio is presently 9.42%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on META. Scotiabank cut their target price on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. Hsbc Global Res upgraded shares of Meta Platforms to a “hold” rating in a research report on Thursday, October 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $811.00 price objective on shares of Meta Platforms in a research note on Thursday, October 31st. Citigroup raised their target price on Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Evercore ISI increased their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $634.10.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 413 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $567.58, for a total value of $234,410.54. Following the transaction, the chief operating officer now owns 10,294 shares of the company’s stock, valued at approximately $5,842,668.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Meta Platforms news, COO Javier Olivan sold 413 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $567.58, for a total value of $234,410.54. Following the sale, the chief operating officer now owns 10,294 shares in the company, valued at $5,842,668.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $528.51, for a total transaction of $8,827,174.02. Following the transaction, the chief executive officer now directly owns 72,473 shares of the company’s stock, valued at $38,302,705.23. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 243,919 shares of company stock worth $129,296,067 in the last three months. 13.71% of the stock is owned by company insiders.

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.