Pallas Capital Advisors LLC Acquires 661 Shares of Meta Platforms, Inc. (NASDAQ:META)

Pallas Capital Advisors LLC raised its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 4.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,316 shares of the social networking company’s stock after purchasing an additional 661 shares during the period. Pallas Capital Advisors LLC’s holdings in Meta Platforms were worth $8,240,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of META. Delos Wealth Advisors LLC grew its stake in shares of Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares during the last quarter. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after buying an additional 44 shares during the last quarter. Richardson Financial Services Inc. grew its stake 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 buying an additional 43 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Meta Platforms in the 4th quarter worth approximately $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Meta Platforms in the 1st quarter worth approximately $44,000. Institutional investors own 79.91% of the company’s stock.

Insiders Place Their Bets

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the 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 of the company’s stock, valued at approximately $6,315,852.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the 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 of the company’s stock, valued at approximately $6,315,852.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 2,011 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $500.92, for a total value of $1,007,350.12. Following the sale, the chief executive officer now directly owns 318,932 shares in the company, valued at $159,759,417.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 384,783 shares of company stock valued at $194,001,589. Company insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

META stock traded up $11.33 during midday trading on Wednesday, reaching $538.06. The stock had a trading volume of 3,769,330 shares, compared to its average volume of 16,195,212. The stock has a market cap of $1.36 trillion, a PE ratio of 30.25, a P/E/G ratio of 1.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83. The firm has a fifty day simple moving average of $501.40 and a two-hundred day simple moving average of $489.81. Meta Platforms, Inc. has a 52-week low of $276.03 and a 52-week high of $542.81.

Meta Platforms (NASDAQ:META) last issued its 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. The company had revenue of $39.07 billion during 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%. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter last year, the business posted $3.23 EPS. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 20.5 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Analysts Set New Price Targets

Several analysts have commented on the company. Raymond James increased their target price on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research note on Monday, July 1st. Robert W. Baird lifted their target price on Meta Platforms from $500.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Loop Capital lifted their target price on Meta Platforms from $550.00 to $575.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Wolfe Research initiated coverage on Meta Platforms in a report on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 target price for the company. Finally, Wells Fargo & Company lifted their price objective on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and a consensus target price of $574.41.

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.