Sunpointe LLC Acquires 102 Shares of Meta Platforms, Inc. (NASDAQ:META)

Sunpointe LLC boosted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 4.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,472 shares of the social networking company’s stock after purchasing an additional 102 shares during the quarter. Meta Platforms accounts for approximately 1.3% of Sunpointe LLC’s holdings, making the stock its 16th biggest position. Sunpointe LLC’s holdings in Meta Platforms were worth $1,200,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of META. Sovereign Financial Group Inc. grew its holdings in shares of Meta Platforms by 2.7% during the 1st quarter. Sovereign Financial Group Inc. now owns 2,894 shares of the social networking company’s stock worth $1,405,000 after purchasing an additional 77 shares in the last quarter. AHL Investment Management Inc. acquired a new stake in Meta Platforms during the first quarter worth $238,000. Brookstone Capital Management boosted its stake in Meta Platforms by 5.0% during the first quarter. Brookstone Capital Management now owns 30,633 shares of the social networking company’s stock worth $14,875,000 after buying an additional 1,453 shares in the last quarter. RMR Wealth Builders increased its holdings in Meta Platforms by 7.5% in the 1st quarter. RMR Wealth Builders now owns 11,088 shares of the social networking company’s stock valued at $5,384,000 after buying an additional 769 shares during the period. Finally, Sunbelt Securities Inc. raised its stake in shares of Meta Platforms by 0.8% in the 1st quarter. Sunbelt Securities Inc. now owns 9,646 shares of the social networking company’s stock valued at $4,684,000 after buying an additional 74 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on META. Guggenheim lowered their target price on shares of Meta Platforms from $520.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Citigroup dropped their target price on Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, April 25th. UBS Group decreased their price target on Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Wells Fargo & Company lowered their price target on Meta Platforms from $609.00 to $600.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 3rd. Finally, Barclays cut their price objective on Meta Platforms from $550.00 to $520.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and a consensus target price of $510.05.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the sale, the insider now directly owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Nicholas Clegg sold 1,135 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $535,549.75. Following the completion of the transaction, the insider now directly owns 8,753 shares of the company’s stock, valued at $4,130,103.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $522.00, for a total transaction of $305,370.00. Following the transaction, the insider now owns 38,398 shares in the company, valued at $20,043,756. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,512 shares of company stock valued at $113,597,536. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

META opened at $519.56 on Friday. The company has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 29.84, a P/E/G ratio of 1.33 and a beta of 1.21. The business’s 50-day moving average price is $479.53 and its two-hundred day moving average price is $452.69. Meta Platforms, Inc. has a 1 year low of $274.38 and a 1 year high of $531.49. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The business had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Equities analysts expect that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s payout ratio is 11.49%.

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.