Miracle Mile Advisors LLC Has $23.56 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Miracle Mile Advisors LLC grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 11.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 41,159 shares of the social networking company’s stock after purchasing an additional 4,231 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Meta Platforms were worth $23,561,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Central Valley Advisors LLC lifted its holdings in Meta Platforms by 0.3% during the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after acquiring an additional 18 shares in the last quarter. S.A. Mason LLC grew its position in shares of Meta Platforms by 1.5% in the 1st quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after purchasing an additional 20 shares during the period. Front Row Advisors LLC increased its stake in Meta Platforms by 5.7% during the 2nd quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock worth $187,000 after purchasing an additional 20 shares in the last quarter. Horizon Bancorp Inc. IN increased its stake in Meta Platforms by 2.0% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock worth $513,000 after purchasing an additional 21 shares in the last quarter. Finally, Northern Capital Management Inc. increased its stake in Meta Platforms by 3.4% during the 1st quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after purchasing an additional 21 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total value of $483,224.75. Following the transaction, the insider now owns 36,940 shares in the company, valued at $19,724,113. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total value of $483,224.75. Following the transaction, the insider now owns 36,940 shares in the company, valued at $19,724,113. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Javier Olivan sold 413 shares of Meta Platforms stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $570.00, for a total value of $235,410.00. Following the completion of the transaction, the chief operating officer now owns 12,359 shares in the company, valued at approximately $7,044,630. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 283,526 shares of company stock worth $149,140,674. Company insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

META has been the subject of a number of research reports. Bank of America increased their target price on Meta Platforms from $563.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. BMO Capital Markets reissued a “market perform” rating and set a $450.00 target price on shares of Meta Platforms in a research note on Wednesday, June 12th. TD Securities increased their target price on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Monness Crespi & Hardt raised their price target on shares of Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Meta Platforms from $610.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $598.08.

Meta Platforms Price Performance

Shares of NASDAQ META traded down $2.24 during mid-day trading on Monday, reaching $593.70. The company had a trading volume of 5,067,362 shares, compared to its average volume of 15,469,671. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $602.95. The firm has a market cap of $1.51 trillion, a price-to-earnings ratio of 34.22, a PEG ratio of 1.39 and a beta of 1.22. The business’s 50-day simple moving average is $527.07 and its 200 day simple moving average is $502.63.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping 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 company had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the business earned $3.23 earnings per share. Meta Platforms’s revenue was up 22.1% on a year-over-year basis. On average, research analysts predict that Meta Platforms, Inc. will post 21.36 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is currently 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.