Granite Bay Wealth Management LLC Has $1.49 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Granite Bay Wealth Management LLC boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 37.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,961 shares of the social networking company’s stock after buying an additional 803 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Meta Platforms were worth $1,493,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of META. Vanguard Group Inc. increased its position in Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after purchasing an additional 831,047 shares during the period. Capital World Investors grew its position in shares of Meta Platforms by 0.6% during the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock worth $18,597,382,000 after buying an additional 244,803 shares during the period. Capital International Investors grew its position in shares of Meta Platforms by 3.2% during the 4th quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock worth $12,296,383,000 after buying an additional 1,083,719 shares during the period. Capital Research Global Investors raised its stake in shares of Meta Platforms by 14.5% during the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after buying an additional 4,379,826 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after acquiring an additional 2,748,620 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Performance

NASDAQ:META opened at $572.44 on Tuesday. The stock’s 50-day moving average is $517.89 and its 200-day moving average is $500.20. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $577.40. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock has a market cap of $1.45 trillion, a P/E ratio of 32.88, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released 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 firm had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.23 earnings per share. Equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.35%. Meta Platforms’s payout ratio is 11.49%.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $509.10, for a total value of $8,502,988.20. Following the transaction, the chief executive officer now directly owns 186,826 shares of the company’s stock, valued at $95,113,116.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Javier Olivan sold 412 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $512.00, for a total value of $210,944.00. Following the completion of the sale, the chief operating officer now directly owns 6,795 shares in the company, valued at approximately $3,479,040. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $509.10, for a total value of $8,502,988.20. Following the transaction, the chief executive officer now directly owns 186,826 shares in the company, valued at $95,113,116.60. The disclosure for this sale can be found here. Insiders have sold a total of 324,751 shares of company stock worth $170,575,643 in the last 90 days. Corporate insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on META. JMP Securities upped their target price on shares of Meta Platforms from $550.00 to $635.00 and gave the company a “market outperform” rating in a research report on Thursday, September 26th. Citigroup raised their target price on Meta Platforms from $580.00 to $645.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Jefferies Financial Group boosted their target price on Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley lifted their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a report on Thursday, August 1st. Two investment 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 stock. According to MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and a consensus price target of $593.28.

About Meta Platforms

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.