Condor Capital Management Sells 347 Shares of Meta Platforms, Inc. (NASDAQ:META)

Condor Capital Management cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,044 shares of the social networking company’s stock after selling 347 shares during the quarter. Meta Platforms makes up 1.6% of Condor Capital Management’s portfolio, making the stock its 16th largest position. Condor Capital Management’s holdings in Meta Platforms were worth $18,177,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of META. JDM Financial Group LLC bought a new position in Meta Platforms in the third quarter valued at approximately $30,000. Safe Harbor Fiduciary LLC bought a new position in shares of Meta Platforms in the third quarter valued at $36,000. Avondale Wealth Management bought a new stake in Meta Platforms during the fourth quarter worth $41,000. Cordant Inc. acquired a new stake in Meta Platforms in the fourth quarter valued at $59,000. Finally, Bear Mountain Capital Inc. bought a new position in Meta Platforms during the fourth quarter worth about $70,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $590.00, for a total transaction of $243,670.00. Following the transaction, the chief operating officer now directly owns 17,927 shares in the company, valued at approximately $10,576,930. This represents a 2.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $604.46, for a total transaction of $21,712,807.66. The disclosure for this sale can be found here. Insiders have sold a total of 622,844 shares of company stock worth $409,212,161 in the last 90 days. Corporate insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $750.00 price target on shares of Meta Platforms in a research report on Monday, January 27th. Wolfe Research raised their target price on shares of Meta Platforms from $670.00 to $730.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada boosted their price target on Meta Platforms from $700.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Susquehanna raised their price objective on Meta Platforms from $675.00 to $800.00 and gave the stock a “positive” rating in a research note on Thursday, January 30th. Finally, Scotiabank increased their target price on Meta Platforms from $583.00 to $627.00 and gave the stock a “sector perform” rating in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have issued 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $718.31.

Meta Platforms Price Performance

Meta Platforms stock opened at $596.25 on Friday. The stock’s 50 day moving average is $655.38 and its 200 day moving average is $605.74. Meta Platforms, Inc. has a one year low of $414.50 and a one year high of $740.91. The firm has a market cap of $1.51 trillion, a P/E ratio of 24.93, a P/E/G ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, beating analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same period last year, the company posted $5.33 EPS. As a group, research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.35%. This is an increase from Meta Platforms’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, March 14th. Meta Platforms’s payout ratio is currently 8.78%.

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.