Altman Advisors Inc. Has $3.36 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Altman Advisors Inc. raised its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 17.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,661 shares of the social networking company’s stock after buying an additional 980 shares during the period. Meta Platforms comprises approximately 1.9% of Altman Advisors Inc.’s investment portfolio, making the stock its 10th biggest position. Altman Advisors Inc.’s holdings in Meta Platforms were worth $3,359,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in META. Capital Research Global Investors boosted its holdings in Meta Platforms by 17.2% during the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after buying an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management boosted its holdings in Meta Platforms by 111.0% during the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after buying an additional 3,888,308 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Meta Platforms by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after buying an additional 3,104,550 shares in the last quarter. Jennison Associates LLC boosted its holdings in Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. Finally, Morningstar Investment Services LLC bought a new stake in Meta Platforms during the fourth quarter worth approximately $406,316,000. 79.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on META. TD Cowen raised their target price on shares of Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Truist Financial raised their price objective on shares of Meta Platforms from $535.00 to $570.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Raymond James raised their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 1st. Guggenheim raised their price objective on shares of Meta Platforms from $500.00 to $600.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Citigroup raised their price objective on shares of Meta Platforms from $550.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $577.26.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the sale, the insider now owns 37,817 shares of the company’s stock, valued at $19,197,043.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the sale, the insider now owns 37,817 shares of the company’s stock, valued at $19,197,043.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Peggy Alford sold 1,052 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $479.00, for a total transaction of $503,908.00. Following the completion of the sale, the director now directly owns 6,168 shares in the company, valued at approximately $2,954,472. The disclosure for this sale can be found here. Insiders have sold a total of 357,574 shares of company stock valued at $185,587,773 over the last quarter. 13.71% of the stock is owned by company insiders.

Meta Platforms Stock Performance

NASDAQ:META opened at $524.62 on Monday. The firm’s 50-day moving average is $505.13 and its 200-day moving average is $495.51. Meta Platforms, Inc. has a 52-week low of $279.40 and a 52-week high of $544.23. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The company has a market cap of $1.33 trillion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.26 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the previous year, the firm posted $3.23 EPS. The business’s revenue was up 22.1% compared to the same quarter last year. Equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

Meta Platforms Company 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.