Wealthedge Investment Advisors LLC Sells 815 Shares of Meta Platforms, Inc. $META

Wealthedge Investment Advisors LLC cut its position in Meta Platforms, Inc. (NASDAQ:META) by 22.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,759 shares of the social networking company’s stock after selling 815 shares during the period. Wealthedge Investment Advisors LLC’s holdings in Meta Platforms were worth $2,037,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bare Financial Services Inc acquired a new position in shares of Meta Platforms during the 2nd quarter worth about $30,000. Evergreen Private Wealth LLC grew its holdings in Meta Platforms by 237.5% during the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock worth $40,000 after purchasing an additional 38 shares during the period. Briaud Financial Planning Inc acquired a new position in Meta Platforms during the second quarter worth approximately $42,000. WFA Asset Management Corp raised its stake in Meta Platforms by 42.6% in the second quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock valued at $49,000 after buying an additional 20 shares during the period. Finally, Maseco LLP acquired a new stake in shares of Meta Platforms in the second quarter valued at approximately $54,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on META. Citizens Jmp restated an “outperform” rating and issued a $900.00 price target (up previously from $750.00) on shares of Meta Platforms in a research note on Monday, November 24th. Jefferies Financial Group decreased their price objective on shares of Meta Platforms from $950.00 to $910.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. JPMorgan Chase & Co. dropped their price objective on shares of Meta Platforms from $875.00 to $800.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. The Goldman Sachs Group restated a “buy” rating on shares of Meta Platforms in a research note on Tuesday, October 14th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $900.00 target price on shares of Meta Platforms in a report on Thursday, October 30th. Four research analysts have rated the stock with a Strong Buy rating, forty have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $819.43.

Meta Platforms Price Performance

NASDAQ:META opened at $666.80 on Tuesday. Meta Platforms, Inc. has a 52 week low of $479.80 and a 52 week high of $796.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 1.98. The firm’s 50-day simple moving average is $671.62 and its 200 day simple moving average is $707.23. The firm has a market cap of $1.68 trillion, a price-to-earnings ratio of 29.45, a P/E/G ratio of 1.41 and a beta of 1.28.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 29th. The social networking company reported $7.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.74 by $0.51. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The firm had revenue of $51.24 billion during the quarter, compared to the consensus estimate of $49.34 billion. During the same quarter in the previous year, the firm posted $6.03 EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, sell-side analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, December 15th. Meta Platforms’s dividend payout ratio (DPR) is 9.28%.

Insider Activity

In related news, CAO Aaron Anderson sold 726 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $591.60, for a total value of $429,501.60. Following the transaction, the chief accounting officer owned 6,035 shares in the company, valued at approximately $3,570,306. This trade represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Javier Olivan sold 2,610 shares of the business’s stock in a transaction dated Saturday, November 15th. The shares were sold at an average price of $609.46, for a total value of $1,590,690.60. Following the completion of the transaction, the chief operating officer directly owned 9,784 shares of the company’s stock, valued at approximately $5,962,956.64. This trade represents a 21.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 40,923 shares of company stock worth $25,887,293. 13.61% of the stock is currently owned by 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.