Optas LLC Lowers Stake in Meta Platforms, Inc. (NASDAQ:META)

Optas LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 9.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,705 shares of the social networking company’s stock after selling 801 shares during the quarter. Meta Platforms accounts for approximately 1.0% of Optas LLC’s investment portfolio, making the stock its 23rd biggest holding. Optas LLC’s holdings in Meta Platforms were worth $3,741,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Beaird Harris Wealth Management LLC raised its position in shares of Meta Platforms by 68.9% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after purchasing an additional 42 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth about $32,000. Clear Investment Research LLC raised its position in shares of Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in shares of Meta Platforms by 80.4% during the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after purchasing an additional 45 shares during the last quarter. Finally, Gilfoyle & Co LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth about $39,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $485.00, for a total value of $283,725.00. Following the completion of the transaction, the insider now owns 38,983 shares of the company’s stock, valued at approximately $18,906,755. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $485.00, for a total value of $283,725.00. Following the sale, the insider now directly owns 38,983 shares in the company, valued at approximately $18,906,755. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $441.54, for a total transaction of $216,354.60. Following the completion of the sale, the chief operating officer now owns 6,599 shares in the company, valued at $2,913,722.46. The disclosure for this sale can be found here. Insiders sold 201,557 shares of company stock valued at $97,894,296 in the last 90 days. Company insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

META has been the subject of several research analyst reports. BNP Paribas initiated coverage on shares of Meta Platforms in a research report on Thursday, May 2nd. They set an “underperform” rating and a $360.00 price target for the company. Barclays reduced their price target on shares of Meta Platforms from $550.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Rosenblatt Securities increased their price objective on shares of Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a report on Thursday, April 25th. KeyCorp increased their price objective on shares of Meta Platforms from $475.00 to $540.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Finally, TD Cowen cut their price objective on shares of Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $510.05.

Meta Platforms Stock Performance

Shares of META stock opened at $504.22 on Monday. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 52 week low of $274.38 and a 52 week high of $531.49. The stock has a market capitalization of $1.28 trillion, a PE ratio of 28.96, a P/E/G ratio of 1.31 and a beta of 1.21. The firm has a 50 day moving average of $480.00 and a two-hundred day moving average of $455.62.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The company had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. On average, research analysts predict that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.40%. Meta Platforms’s dividend payout ratio is presently 11.49%.

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.