Park Place Capital Corp Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Park Place Capital Corp raised its position in Meta Platforms, Inc. (NASDAQ:META) by 10.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,718 shares of the social networking company’s stock after purchasing an additional 357 shares during the quarter. Park Place Capital Corp’s holdings in Meta Platforms were worth $1,805,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Kennedy Capital Management LLC grew its stake in Meta Platforms by 18.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 13,847 shares of the social networking company’s stock valued at $4,157,000 after purchasing an additional 2,189 shares in the last quarter. KADENSA CAPITAL Ltd acquired a new stake in Meta Platforms during the 3rd quarter valued at approximately $9,548,000. Jericho Capital Asset Management L.P. grew its stake in Meta Platforms by 88.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 1,084,963 shares of the social networking company’s stock valued at $325,717,000 after purchasing an additional 509,000 shares in the last quarter. Jackson Wealth Management LLC acquired a new stake in Meta Platforms during the 3rd quarter valued at approximately $201,000. Finally, JT Stratford LLC grew its stake in Meta Platforms by 22.0% during the 3rd quarter. JT Stratford LLC now owns 12,876 shares of the social networking company’s stock valued at $3,866,000 after purchasing an additional 2,318 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on META shares. Loop Capital decreased their target price on Meta Platforms from $555.00 to $550.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Wedbush decreased their target price on Meta Platforms from $570.00 to $480.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a research report on Monday. BNP Paribas started coverage on Meta Platforms in a research report on Thursday, May 2nd. They issued an “underperform” rating and a $360.00 target price for the company. Finally, Piper Sandler reiterated an “overweight” rating and issued a $545.00 target price (down previously from $600.00) on shares of Meta Platforms in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $511.27.

Meta Platforms Stock Up 1.0 %

NASDAQ:META opened at $509.50 on Wednesday. The stock’s fifty day moving average price is $480.72 and its two-hundred day moving average price is $458.05. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $531.49. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 1.31 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The firm had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. On average, analysts anticipate that Meta Platforms, Inc. will post 20.16 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders 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 0.39%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio is 11.49%.

Insider Activity

In other news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $514.96, for a total value of $8,600,861.92. Following the transaction, the chief executive officer now owns 213,007 shares of the company’s stock, valued at approximately $109,690,084.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Sheryl Sandberg sold 105,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total value of $50,054,550.00. Following the completion of the sale, the director now owns 630,293 shares in the company, valued at approximately $300,466,976.03. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $514.96, for a total transaction of $8,600,861.92. Following the completion of the sale, the chief executive officer now owns 213,007 shares of the company’s stock, valued at approximately $109,690,084.72. The disclosure for this sale can be found here. Insiders have sold a total of 218,086 shares of company stock valued at $106,423,370 in the last 90 days. 13.71% of the stock is owned by company 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.