Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by Harmony Asset Management LLC

Harmony Asset Management LLC boosted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,652 shares of the social networking company’s stock after acquiring an additional 28 shares during the period. Harmony Asset Management LLC’s holdings in Meta Platforms were worth $946,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. POM Investment Strategies LLC purchased a new position in shares of Meta Platforms in the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares in the last quarter. Halpern Financial Inc. purchased a new stake in shares of Meta Platforms during the third quarter worth $46,000. West Financial Advisors LLC acquired a new stake in shares of Meta Platforms in the third quarter valued at $49,000. Finally, NewSquare Capital LLC boosted its holdings in Meta Platforms by 221.9% in the second quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock valued at $52,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on META. Loop Capital lifted their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Stifel Nicolaus lifted their price objective on shares of Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. BMO Capital Markets lifted their price target on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Finally, Piper Sandler upped their price objective on Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $634.71.

Meta Platforms Stock Up 3.2 %

Shares of NASDAQ META opened at $592.83 on Tuesday. The stock has a market capitalization of $1.50 trillion, a price-to-earnings ratio of 27.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The firm has a 50-day moving average price of $575.21 and a 200 day moving average price of $528.08. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.19 by $0.84. The business had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. Equities research analysts anticipate that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total transaction of $459,405.15. Following the transaction, the insider now owns 37,817 shares in the company, valued at $19,197,043.71. The trade was a 2.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Susan J. Li sold 8,951 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $577.16, for a total value of $5,166,159.16. Following the completion of the transaction, the chief financial officer now owns 51,591 shares of the company’s stock, valued at approximately $29,776,261.56. This represents a 14.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,334 shares of company stock worth $59,210,941 in the last 90 days. 13.71% of the stock is owned by company insiders.

Meta Platforms Company 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.