Sierra Summit Advisors LLC Acquires 2,900 Shares of Meta Platforms, Inc. $META

Sierra Summit Advisors LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 14.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,026 shares of the social networking company’s stock after buying an additional 2,900 shares during the quarter. Meta Platforms accounts for about 1.9% of Sierra Summit Advisors LLC’s holdings, making the stock its 14th biggest position. Sierra Summit Advisors LLC’s holdings in Meta Platforms were worth $13,174,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in Meta Platforms by 1.7% during the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company’s stock worth $20,230,000 after buying an additional 570 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in Meta Platforms by 10.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company’s stock worth $5,537,000 after acquiring an additional 875 shares during the last quarter. Headwater Capital Co Ltd boosted its holdings in Meta Platforms by 294.7% during the 1st quarter. Headwater Capital Co Ltd now owns 150,000 shares of the social networking company’s stock worth $86,454,000 after acquiring an additional 112,000 shares during the last quarter. Dymon Asia Capital Singapore PTE. LTD. bought a new stake in shares of Meta Platforms in the 2nd quarter worth $213,000. Finally, Capital & Planning LLC purchased a new stake in shares of Meta Platforms in the second quarter valued at about $322,000. 79.91% of the stock is owned by institutional investors.

Key Headlines Impacting Meta Platforms

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: Meta launched Muse Image, a new AI image-generation tool inside Meta AI for consumers and businesses. The rollout could help increase engagement across Instagram, WhatsApp and other apps, while giving advertisers and creators a new reason to use Meta’s ecosystem. Meta expands generative AI tools with Muse Image rollout
• Positive Sentiment: Erste Group Bank upgraded Meta from hold to buy, adding to bullish sentiment around the stock. Meta Platforms (NASDAQ:META) Raised to “Buy” at Erste Group Bank
• Positive Sentiment: Truist Securities also reiterated a Buy view and an $840 price target, reinforcing the case that Wall Street still sees meaningful upside in META.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Roth Capital reaffirmed a “buy” rating on shares of Meta Platforms in a research report on Thursday, April 30th. The Goldman Sachs Group lowered Meta Platforms from a “buy” rating to a “sell” rating in a report on Tuesday, June 2nd. Wolfe Research dropped their price target on Meta Platforms from $850.00 to $800.00 and set an “outperform” rating on the stock in a report on Friday, April 10th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $725.00 price objective (down from $825.00) on shares of Meta Platforms in a research note on Thursday, April 30th. Finally, Benchmark initiated coverage on Meta Platforms in a research report on Tuesday, June 2nd. They set a “buy” rating for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $840.64.

Insider Buying and Selling

In related news, CFO Susan J. Li sold 9,195 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $607.84, for a total transaction of $5,589,088.80. Following the sale, the chief financial officer owned 13,186 shares of the company’s stock, valued at approximately $8,014,978.24. This represents a 41.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bosworth sold 7,847 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $607.83, for a total transaction of $4,769,642.01. Following the completion of the transaction, the chief technology officer owned 414 shares of the company’s stock, valued at $251,641.62. This trade represents a 94.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 39,513 shares of company stock valued at $24,419,874 in the last ninety days. 13.53% of the stock is owned by company insiders.

Meta Platforms Trading Up 2.5%

Shares of META opened at $615.58 on Wednesday. The business has a 50-day moving average of $600.41 and a 200 day moving average of $627.42. Meta Platforms, Inc. has a fifty-two week low of $520.26 and a fifty-two week high of $796.25. The firm has a market cap of $1.56 trillion, a P/E ratio of 22.38, a price-to-earnings-growth ratio of 1.06 and a beta of 1.25. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.35 and a current ratio of 2.35.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 EPS for the quarter, beating the consensus estimate of $6.67 by $3.77. The business had revenue of $56.31 billion for the quarter, compared to the consensus estimate of $55.56 billion. Meta Platforms had a net margin of 32.84% and a return on equity of 36.93%. The company’s revenue was up 33.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.43 earnings per share. As a group, research analysts forecast that Meta Platforms, Inc. will post 29.46 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Monday, June 15th were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, June 15th. Meta Platforms’s dividend payout ratio (DPR) is presently 7.63%.

Meta Platforms Profile

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.