Connective Capital Management LLC Purchases Shares of 3,794 Meta Platforms, Inc. (NASDAQ:META)

Connective Capital Management LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,794 shares of the social networking company’s stock, valued at approximately $1,913,000. Meta Platforms makes up about 3.4% of Connective Capital Management LLC’s holdings, making the stock its 12th largest position.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in META. Delos Wealth Advisors LLC boosted its holdings in 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 in the last quarter. POM Investment Strategies LLC purchased a new stake in Meta Platforms during the 2nd quarter valued at $38,000. Ruedi Wealth Management Inc. boosted its stake in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in shares of Meta Platforms by 95.6% in the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after purchasing an additional 43 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of Meta Platforms in the first quarter worth $44,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Trading Down 0.1 %

Shares of NASDAQ META opened at $567.36 on Monday. The company has a market cap of $1.44 trillion, a price-to-earnings ratio of 32.59, a PEG ratio of 1.39 and a beta of 1.21. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $577.40. The business’s 50 day moving average price is $516.19 and its 200-day moving average price is $499.63. 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 (NASDAQ:META) last announced its 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. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the firm earned $3.23 EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, sell-side analysts expect that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Wall Street Analyst Weigh In

Several research firms recently commented on META. DA Davidson initiated coverage on Meta Platforms in a report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price objective for the company. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Wednesday, September 4th. Bank of America raised their target price on shares of Meta Platforms from $563.00 to $630.00 and gave the stock a “buy” rating in a report on Thursday. Jefferies Financial Group increased their price target on Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Roth Mkm lifted their price objective on Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $591.23.

Insiders Place Their Bets

In other news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the sale, the chief technology officer now owns 11,990 shares in the company, valued at $6,315,852.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher K. Cox sold 10,000 shares of Meta Platforms stock in a transaction on 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 completion of the sale, the insider now directly owns 328,662 shares in the company, valued at approximately $187,314,333.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 325,656 shares of company stock valued at $171,028,659. 13.71% of the stock is owned by company insiders.

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.