Legacy Financial Advisors Inc. Has $5.35 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Legacy Financial Advisors Inc. raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,609 shares of the social networking company’s stock after acquiring an additional 403 shares during the quarter. Meta Platforms comprises approximately 1.0% of Legacy Financial Advisors Inc.’s holdings, making the stock its 19th largest position. Legacy Financial Advisors Inc.’s holdings in Meta Platforms were worth $5,349,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Octahedron Capital Management L.P. lifted its position in shares of Meta Platforms by 478.1% in the second quarter. Octahedron Capital Management L.P. now owns 10,550 shares of the social networking company’s stock worth $5,320,000 after buying an additional 8,725 shares during the last quarter. Arista Wealth Management LLC acquired a new stake in Meta Platforms in the 2nd quarter worth approximately $215,000. Bulltick Wealth Management LLC boosted its position in Meta Platforms by 33.8% during the second quarter. Bulltick Wealth Management LLC now owns 6,304 shares of the social networking company’s stock worth $3,179,000 after purchasing an additional 1,594 shares during the period. Transatlantique Private Wealth LLC grew its holdings in Meta Platforms by 7.5% during the second quarter. Transatlantique Private Wealth LLC now owns 4,787 shares of the social networking company’s stock valued at $2,410,000 after purchasing an additional 333 shares during the last quarter. Finally, TPG Advisors LLC bought a new position in shares of Meta Platforms in the second quarter valued at approximately $397,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Truist Financial raised their target price on shares of Meta Platforms from $535.00 to $570.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research report on Wednesday, September 4th. Jefferies Financial Group raised their target price on Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price target on Meta Platforms from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, UBS Group boosted their target price on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $577.26.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the completion of the sale, the chief executive officer now owns 230,461 shares of the company’s stock, valued at approximately $117,737,915.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Susan J. Li sold 8,950 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $4,714,502.00. Following the sale, the chief financial officer now directly owns 74,579 shares in the company, valued at approximately $39,285,234.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 16,702 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the transaction, the chief executive officer now owns 230,461 shares of the company’s stock, valued at approximately $117,737,915.68. The disclosure for this sale can be found here. Insiders have sold 346,666 shares of company stock worth $180,145,414 over the last ninety days. Company insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $561.35 on Monday. The firm has a 50 day simple moving average of $507.58 and a 200 day simple moving average of $497.27. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $564.50. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The firm has a market cap of $1.42 trillion, a P/E ratio of 32.24, a P/E/G ratio of 1.26 and a beta of 1.21.

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

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) 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.