Ithaka Group LLC Sells 167 Shares of Meta Platforms, Inc. (NASDAQ:META)

Ithaka Group LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,932 shares of the social networking company’s stock after selling 167 shares during the period. Meta Platforms accounts for 3.0% of Ithaka Group LLC’s investment portfolio, making the stock its 13th biggest position. Ithaka Group LLC’s holdings in Meta Platforms were worth $16,101,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors grew its position in Meta Platforms by 17.2% in 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 acquiring an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management boosted its holdings in shares of Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Meta Platforms by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after purchasing an additional 3,104,550 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Meta Platforms by 24.7% during the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. Finally, Sustainable Growth Advisers LP bought a new stake in Meta Platforms in the 2nd quarter worth approximately $595,152,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Meta Platforms

In other news, CFO Susan J. Li sold 33,018 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Susan J. Li sold 33,018 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total transaction of $17,101,342.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $496.99, for a total value of $449,775.95. Following the completion of the sale, the insider now owns 38,750 shares of the company’s stock, valued at $19,258,362.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 357,575 shares of company stock worth $185,595,945. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Price Performance

META stock opened at $537.95 on Thursday. 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 firm has a 50 day moving average price of $505.40 and a 200-day moving average price of $496.34. Meta Platforms, Inc. has a 52-week low of $279.40 and a 52-week high of $544.23. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 30.90, a PEG ratio of 1.26 and a beta of 1.21.

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

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.37%. The ex-dividend date is Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Analyst Upgrades and Downgrades

Several research firms have commented on META. Barclays lifted their price target on shares of Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Roth Mkm lifted their target price on shares of Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Royal Bank of Canada restated an “outperform” rating and set a $570.00 price target on shares of Meta Platforms in a research report on Thursday, August 1st. Jefferies Financial Group lifted their price objective on Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their target price on Meta Platforms from $480.00 to $610.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $577.26.

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.