New Wave Wealth Advisors LLC Purchases New Shares in Meta Platforms, Inc. (NASDAQ:META)

New Wave Wealth Advisors LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,893 shares of the social networking company’s stock, valued at approximately $1,963,000. Meta Platforms comprises approximately 1.1% of New Wave Wealth Advisors LLC’s investment portfolio, making the stock its 25th biggest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Delos Wealth Advisors LLC increased its holdings in shares of Meta Platforms by 527.3% in the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new position in Meta Platforms in the second quarter valued at about $38,000. Ruedi Wealth Management Inc. boosted its holdings in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after purchasing an additional 43 shares during the period. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Meta Platforms during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on META. Evercore ISI lifted their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. DA Davidson initiated coverage on Meta Platforms in a research report on Tuesday, September 10th. They set a “buy” rating and a $600.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $660.00 price target on shares of Meta Platforms in a research report on Monday. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, Jefferies Financial Group boosted their price objective on shares of Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus target price of $593.28.

Meta Platforms Trading Up 0.9 %

META stock opened at $572.44 on Tuesday. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $577.40. The stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21. The company has a fifty day moving average price of $517.89 and a two-hundred day moving average price of $500.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The business 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%. Meta Platforms’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.23 EPS. Equities analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Announces Dividend

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

Insider Transactions at Meta Platforms

In other Meta Platforms news, insider Christopher K. Cox sold 10,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $569.93, for a total transaction of $5,699,300.00. Following the sale, the insider now directly owns 328,662 shares in the company, valued at $187,314,333.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Christopher K. Cox sold 10,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $569.93, for a total transaction of $5,699,300.00. Following the completion of the sale, the insider now directly owns 328,662 shares in the company, valued at approximately $187,314,333.66. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Susan J. Li sold 33,018 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total value of $17,101,342.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 324,751 shares of company stock valued at $170,575,643. 13.71% of the stock is currently owned by corporate insiders.

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.