Lansing Street Advisors Boosts Stake in Meta Platforms, Inc. (NASDAQ:META)

Lansing Street Advisors lifted its holdings in Meta Platforms, Inc. (NASDAQ:META) by 17.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 718 shares of the social networking company’s stock after purchasing an additional 108 shares during the quarter. Lansing Street Advisors’ holdings in Meta Platforms were worth $362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Delos Wealth Advisors LLC grew 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 worth $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC bought a new stake in shares of Meta Platforms in the second quarter worth $38,000. Ruedi Wealth Management Inc. grew its holdings in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares during the period. Richardson Financial Services Inc. grew its holdings in shares of Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after acquiring an additional 43 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Meta Platforms in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $496.99, for a total transaction of $449,775.95. Following the transaction, the insider now directly owns 38,750 shares in the company, valued at approximately $19,258,362.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $496.99, for a total value of $449,775.95. Following the transaction, the insider now directly owns 38,750 shares in the company, valued at approximately $19,258,362.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Javier Olivan sold 412 shares of Meta Platforms stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $463.00, for a total value of $190,756.00. Following the completion of the transaction, the chief operating officer now owns 5,559 shares in the company, valued at $2,573,817. The disclosure for this sale can be found here. Insiders have sold 357,574 shares of company stock worth $185,587,773 in the last ninety days. 13.71% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on META. Citigroup boosted their price target on Meta Platforms from $550.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Benchmark reissued a “hold” rating on shares of Meta Platforms in a report on Thursday, July 25th. DA Davidson began coverage on Meta Platforms in a report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price target for the company. Raymond James boosted their price target on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a report on Monday, July 1st. Finally, Evercore ISI boosted their price target on Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Two research 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $577.26.

Meta Platforms Price Performance

NASDAQ:META opened at $524.62 on Monday. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $544.23. 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 capitalization of $1.33 trillion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.26 and a beta of 1.21. The business has a 50 day simple moving average of $505.13 and a 200-day simple moving average of $495.51.

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, 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 firm had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same period last year, the company earned $3.23 EPS. Meta Platforms’s quarterly revenue was up 22.1% compared to the same quarter last year. Equities analysts forecast 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 will be paid on Thursday, September 26th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.38%. Meta Platforms’s payout ratio is currently 11.49%.

Meta Platforms 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.