Meta Platforms, Inc. (NASDAQ:META) Shares Sold by SouthState Corp

SouthState Corp reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,269 shares of the social networking company’s stock after selling 165 shares during the period. SouthState Corp’s holdings in Meta Platforms were worth $8,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LS Investment Advisors LLC increased its position in shares of Meta Platforms by 111.4% in the 3rd quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock valued at $6,686,000 after acquiring an additional 6,155 shares during the period. Gradient Investments LLC grew its stake in Meta Platforms by 8.9% during the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after purchasing an additional 5,953 shares during the last quarter. Cutter & CO Brokerage Inc. increased its holdings in shares of Meta Platforms by 0.7% in the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock valued at $5,573,000 after purchasing an additional 65 shares during the period. Stanley Laman Group Ltd. raised its stake in shares of Meta Platforms by 26.5% in the second quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock worth $846,000 after purchasing an additional 352 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Meta Platforms by 1.4% during the third quarter. Janney Montgomery Scott LLC now owns 412,046 shares of the social networking company’s stock worth $235,872,000 after purchasing an additional 5,594 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Down 0.4 %

Shares of META opened at $563.09 on Friday. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a fifty day simple moving average of $572.05 and a two-hundred day simple moving average of $523.31. The company has a market capitalization of $1.42 trillion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 1.24 and a beta of 1.22.

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

Meta Platforms Dividend Announcement

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

Analyst Ratings Changes

META has been the topic of several research reports. The Goldman Sachs Group increased their price target on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a research note on Wednesday, October 16th. Sanford C. Bernstein boosted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Wells Fargo & Company lowered their price target on shares of Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, Guggenheim lifted their price objective on Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Two research 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $634.10.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $520.48, for a total transaction of $8,693,056.96. Following the completion of the transaction, the chief executive officer now owns 2,657 shares of the company’s stock, valued at approximately $1,382,915.36. This trade represents a 86.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 168,843 shares of company stock worth $92,083,554. Company insiders own 13.71% of the company’s stock.

Meta Platforms Company 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.