Conway Capital Management Inc. Buys New Holdings in Meta Platforms, Inc. (NASDAQ:META)

Conway Capital Management Inc. purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,717 shares of the social networking company’s stock, valued at approximately $3,273,000. Meta Platforms accounts for 1.6% of Conway Capital Management Inc.’s holdings, making the stock its 14th biggest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in META. Jennison Associates LLC grew its position in Meta Platforms by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after purchasing an additional 263,063 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Meta Platforms by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after buying an additional 118,298 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Meta Platforms by 57,001.5% during the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after buying an additional 9,500,444 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Meta Platforms by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock valued at $3,911,029,000 after buying an additional 208,677 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Meta Platforms by 4.6% during the third quarter. Fisher Asset Management LLC now owns 6,565,134 shares of the social networking company’s stock worth $3,758,146,000 after acquiring an additional 289,207 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

META has been the topic of several recent research reports. BMO Capital Markets raised their price target on shares of Meta Platforms from $525.00 to $530.00 and gave the company a “market perform” rating in a research report on Thursday, October 31st. Sanford C. Bernstein raised their target price on Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Susquehanna upped their price target on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Truist Financial increased their price target on Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Robert W. Baird lifted their price objective on shares of Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $634.71.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $537.72, for a total transaction of $486,636.60. Following the completion of the transaction, the insider now owns 36,912 shares of the company’s stock, valued at approximately $19,848,320.64. The trade was a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 22,946 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $621.84, for a total transaction of $14,268,740.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,201 shares of company stock valued at $95,420,559. Company insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $613.57 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. Meta Platforms, Inc. has a fifty-two week low of $319.99 and a fifty-two week high of $629.79. The stock has a market cap of $1.55 trillion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20. The stock has a fifty day moving average of $580.47 and a 200-day moving average of $534.10.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The business had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Equities research analysts anticipate that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.00 annualized dividend and a yield of 0.33%. Meta Platforms’s dividend payout ratio is currently 9.42%.

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.