Summit X LLC Has $1.74 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Summit X LLC decreased its stake in Meta Platforms, Inc. (NASDAQ:META) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,966 shares of the social networking company’s stock after selling 25 shares during the quarter. Summit X LLC’s holdings in Meta Platforms were worth $1,738,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of META. Seelaus Asset Management LLC raised its holdings in Meta Platforms by 0.9% during the 4th quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company’s stock worth $960,000 after purchasing an additional 15 shares during the last quarter. Meredith Wealth Planning raised its holdings in Meta Platforms by 0.8% during the 4th quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company’s stock worth $1,097,000 after purchasing an additional 15 shares during the last quarter. Stephens Consulting LLC grew its position in shares of Meta Platforms by 5.3% during the 4th quarter. Stephens Consulting LLC now owns 317 shares of the social networking company’s stock worth $186,000 after buying an additional 16 shares during the period. VeraBank N.A. grew its position in shares of Meta Platforms by 0.8% during the 4th quarter. VeraBank N.A. now owns 1,954 shares of the social networking company’s stock worth $1,144,000 after buying an additional 16 shares during the period. Finally, LGL Partners LLC grew its position in shares of Meta Platforms by 0.6% during the 4th quarter. LGL Partners LLC now owns 2,834 shares of the social networking company’s stock worth $1,659,000 after buying an additional 16 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Trading Up 2.9 %

Shares of Meta Platforms stock opened at $607.60 on Monday. Meta Platforms, Inc. has a 52-week low of $414.50 and a 52-week high of $740.91. The stock’s 50-day simple moving average is $658.01 and its 200 day simple moving average is $603.80. The stock has a market capitalization of $1.54 trillion, a P/E ratio of 25.40, a P/E/G ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share for the quarter, beating analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same quarter last year, the firm posted $5.33 earnings per share. As a group, research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio is currently 8.78%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. DA Davidson raised their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. JMP Securities reaffirmed a “market outperform” rating and set a $750.00 price objective on shares of Meta Platforms in a research report on Monday, January 27th. Arete Research raised shares of Meta Platforms to a “hold” rating in a research report on Friday, January 24th. Benchmark raised shares of Meta Platforms from a “hold” rating to a “buy” rating and set a $820.00 price objective for the company in a research report on Thursday, January 30th. Finally, Wolfe Research lifted their price target on shares of Meta Platforms from $670.00 to $730.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five 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 presently has an average rating of “Moderate Buy” and a consensus price target of $719.26.

Insider Activity

In other news, CTO Andrew Bosworth sold 5,060 shares of the company’s stock in a transaction dated Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,727,550.20. Following the sale, the chief technology officer now directly owns 5,139 shares in the company, valued at $3,785,747.13. This represents a 49.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Javier Olivan sold 413 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $590.00, for a total value of $243,670.00. Following the sale, the chief operating officer now owns 17,927 shares in the company, valued at approximately $10,576,930. This represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 654,355 shares of company stock worth $428,564,164 over the last ninety days. Company insiders own 13.71% of the company’s stock.

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.