Heritage Wealth Management Inc. Acquires Shares of 395 Meta Platforms, Inc. (NASDAQ:META)

Heritage Wealth Management Inc. bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 395 shares of the social networking company’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also modified their holdings of META. Sanctuary Advisors LLC acquired a new position in Meta Platforms in the 2nd quarter valued at $105,117,000. Creekside Partners acquired a new position in Meta Platforms during the second quarter worth $327,000. NCP Inc. grew its holdings in Meta Platforms by 1.1% in the 2nd quarter. NCP Inc. now owns 114,048 shares of the social networking company’s stock valued at $57,505,000 after buying an additional 1,270 shares in the last quarter. Brown Financial Advisors acquired a new stake in shares of Meta Platforms in the 2nd quarter worth $2,333,000. Finally, Gordian Capital Singapore Pte Ltd raised its holdings in shares of Meta Platforms by 52.8% during the 2nd quarter. Gordian Capital Singapore Pte Ltd now owns 25,005 shares of the social networking company’s stock worth $12,608,000 after acquiring an additional 8,638 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on META. Piper Sandler raised their price objective on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. DA Davidson began coverage on shares of Meta Platforms in a research report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price target on the stock. The Goldman Sachs Group raised their target price on Meta Platforms from $522.00 to $555.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Susquehanna increased their price target on Meta Platforms from $550.00 to $600.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Finally, Loop Capital lifted their target price on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $598.08.

Insider Activity

In related news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Monday, July 8th. The stock was sold at an average price of $530.75, for a total transaction of $8,864,586.50. Following the completion of the transaction, the chief executive officer now directly owns 169,372 shares of the company’s stock, valued at $89,894,189. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $530.75, for a total value of $8,864,586.50. Following the sale, the chief executive officer now owns 169,372 shares of the company’s stock, valued at $89,894,189. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $4,714,502.00. Following the sale, the chief financial officer now owns 74,579 shares in the company, valued at approximately $39,285,234.04. The disclosure for this sale can be found here. Insiders sold 300,228 shares of company stock worth $158,005,260 in the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $582.77 on Friday. 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 $583.36. The company has a 50-day simple moving average of $524.47 and a 200-day simple moving average of $501.92. The stock has a market capitalization of $1.48 trillion, a price-to-earnings ratio of 33.47, a PEG ratio of 1.39 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. Meta Platforms’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the firm posted $3.23 EPS. On average, analysts predict that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 11.49%.

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.