Gabelli Funds LLC Cuts Holdings in Meta Platforms, Inc. (NASDAQ:META)

Gabelli Funds LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 12.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 221,310 shares of the social networking company’s stock after selling 32,369 shares during the quarter. Meta Platforms accounts for approximately 0.8% of Gabelli Funds LLC’s portfolio, making the stock its 20th biggest position. Gabelli Funds LLC’s holdings in Meta Platforms were worth $111,589,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in META. Quest Partners LLC purchased a new position in Meta Platforms in the fourth quarter valued at $32,000. Clear Investment Research LLC increased its holdings in shares of Meta Platforms by 411.1% in the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after acquiring an additional 74 shares during the last quarter. Delos Wealth Advisors LLC raised its position in shares of Meta Platforms by 527.3% during the 1st 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 in the last quarter. POM Investment Strategies LLC purchased a new stake in Meta Platforms during the second quarter worth approximately $38,000. Finally, Ruedi Wealth Management Inc. lifted its stake in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

META opened at $564.41 on Tuesday. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $573.98. The stock has a market cap of $1.43 trillion, a P/E ratio of 32.42, a P/E/G ratio of 1.26 and a beta of 1.21. The stock’s 50 day simple moving average is $507.58 and its 200 day simple moving average is $497.28. 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 posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The company 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%. Meta Platforms’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.23 earnings per share. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently announced 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 0.35%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on META. Cantor Fitzgerald reissued an “overweight” rating and set a $660.00 price objective on shares of Meta Platforms in a report on Monday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JMP Securities restated a “market outperform” rating and issued a $525.00 price objective on shares of Meta Platforms in a research note on Tuesday, July 30th. BMO Capital Markets reiterated a “market perform” rating and set a $450.00 target price on shares of Meta Platforms in a research report on Wednesday, June 12th. Finally, The Goldman Sachs Group upped their target price on Meta Platforms from $522.00 to $555.00 and gave the company a “buy” rating in a research 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 issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $578.92.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the sale, the insider now directly owns 33,324 shares in the company, valued at $15,034,122.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Christopher K. Cox sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $557.52, for a total value of $11,150,400.00. Following the completion of the transaction, the insider now owns 338,662 shares of the company’s stock, valued at approximately $188,810,838.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the transaction, the insider now owns 33,324 shares in the company, valued at $15,034,122.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 365,761 shares of company stock worth $190,846,038. Insiders own 13.71% of the company’s stock.

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.