MidAtlantic Capital Management Inc. Takes $458,000 Position in Meta Platforms, Inc. (NASDAQ:META)

MidAtlantic Capital Management Inc. acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 800 shares of the social networking company’s stock, valued at approximately $458,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Napa Wealth Management increased its stake in Meta Platforms by 381.7% in the 3rd quarter. Napa Wealth Management now owns 7,620 shares of the social networking company’s stock worth $4,362,000 after purchasing an additional 6,038 shares during the period. Capital City Trust Co. FL increased its position in Meta Platforms by 7.3% during the 3rd quarter. Capital City Trust Co. FL now owns 6,146 shares of the social networking company’s stock valued at $3,518,000 after purchasing an additional 417 shares during the period. Holistic Financial Partners grew its holdings in shares of Meta Platforms by 6.8% during the 3rd quarter. Holistic Financial Partners now owns 1,476 shares of the social networking company’s stock worth $845,000 after acquiring an additional 94 shares during the period. Taurus Asset Management LLC lifted its position in Meta Platforms by 18.2% during the third quarter. Taurus Asset Management LLC now owns 1,950 shares of the social networking company’s stock valued at $1,116,000 after buying an additional 300 shares during the period. Finally, Quest Partners LLC boosted its stake in Meta Platforms by 923.3% during the third quarter. Quest Partners LLC now owns 4,093 shares of the social networking company’s stock worth $2,343,000 after acquiring an additional 3,693 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on META. Tigress Financial increased their price objective on shares of Meta Platforms from $575.00 to $645.00 and gave the company a “strong-buy” rating in a research report on Friday, August 16th. Piper Sandler increased their price target on Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Roth Mkm upped their target price on shares of Meta Platforms from $620.00 to $635.00 and gave the company a “buy” rating in a report on Thursday, October 31st. KeyCorp raised their price objective on Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, Loop Capital boosted their price objective on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $634.10.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $519.05, for a total transaction of $469,740.25. Following the transaction, the insider now directly owns 39,627 shares in the company, valued at approximately $20,568,394.35. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 84 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the sale, the chief executive officer now owns 518,424 shares of the company’s stock, valued at $311,054,400. This represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,958 shares of company stock valued at $101,181,747. Insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $565.52 on Thursday. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95. The company has a market capitalization of $1.43 trillion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a fifty day moving average of $571.30 and a 200-day moving average of $523.03.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

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.