Community Financial Services Group LLC Raises Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Community Financial Services Group LLC raised its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 34.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,426 shares of the social networking company’s stock after acquiring an additional 3,445 shares during the period. Meta Platforms makes up approximately 1.5% of Community Financial Services Group LLC’s holdings, making the stock its 21st biggest holding. Community Financial Services Group LLC’s holdings in Meta Platforms were worth $6,770,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quest Partners LLC purchased a new stake in Meta Platforms during the 4th quarter valued at $32,000. Clear Investment Research LLC raised its holdings in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after buying an additional 74 shares during the period. Delos Wealth Advisors LLC raised its holdings in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after buying an additional 58 shares during the period. Ruedi Wealth Management Inc. raised its holdings 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 buying an additional 44 shares during the period. Finally, Richardson Financial Services Inc. raised its holdings in Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after buying an additional 43 shares during the period. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Down 0.7 %

NASDAQ META traded down $3.93 during trading on Friday, hitting $528.00. The company’s stock had a trading volume of 11,304,691 shares, compared to its average volume of 16,221,447. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.68. The company has a market cap of $1.34 trillion, a PE ratio of 30.33, a P/E/G ratio of 1.27 and a beta of 1.21. The business’s 50 day simple moving average is $502.96 and its 200-day simple moving average is $491.15. Meta Platforms, Inc. has a fifty-two week low of $276.03 and a fifty-two week high of $544.23.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter last year, the company earned $3.23 earnings per share. The company’s quarterly revenue was up 22.1% on a year-over-year basis. On average, equities analysts anticipate that Meta Platforms, Inc. will post 20.5 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Friday, June 14th. Meta Platforms’s payout ratio is 11.49%.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $476.69, for a total transaction of $431,404.45. Following the completion of the transaction, the insider now directly owns 42,370 shares in the company, valued at $20,197,355.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $476.69, for a total transaction of $431,404.45. Following the completion of the transaction, the insider now directly owns 42,370 shares in the company, valued at $20,197,355.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the transaction, the chief executive officer now owns 318,932 shares of the company’s stock, valued at $159,759,417.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 418,680 shares of company stock worth $211,992,147. 13.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Meta Platforms from $480.00 to $610.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Bank of America increased their price target on Meta Platforms from $550.00 to $563.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Rosenblatt Securities increased their target price on Meta Platforms from $562.00 to $643.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Tigress Financial increased their target price on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $574.41.

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.