Park Edge Advisors LLC Sells 1,149 Shares of Meta Platforms, Inc. (NASDAQ:META)

Park Edge Advisors LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 25.1% in the 2nd quarter, Holdings Channel reports. The firm owned 3,430 shares of the social networking company’s stock after selling 1,149 shares during the period. Meta Platforms accounts for approximately 0.5% of Park Edge Advisors LLC’s holdings, making the stock its 29th largest position. Park Edge Advisors LLC’s holdings in Meta Platforms were worth $1,729,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of META. Smallwood Wealth Investment Management LLC bought a new stake in shares of Meta Platforms during the 2nd quarter worth $210,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Meta Platforms by 21.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 13,365 shares of the social networking company’s stock worth $6,739,000 after acquiring an additional 2,315 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in shares of Meta Platforms by 27.2% in the 2nd quarter. Atomi Financial Group Inc. now owns 61,169 shares of the social networking company’s stock valued at $30,842,000 after purchasing an additional 13,071 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Meta Platforms by 3.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 289,443 shares of the social networking company’s stock valued at $145,943,000 after purchasing an additional 10,176 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC increased its position in Meta Platforms by 1.9% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 7,014 shares of the social networking company’s stock worth $3,537,000 after purchasing an additional 128 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Shares of Meta Platforms stock traded down $2.62 during trading hours on Wednesday, hitting $516.48. 4,510,297 shares of the company’s stock traded hands, compared to its average volume of 16,051,157. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 29.81, a PEG ratio of 1.27 and a beta of 1.21. Meta Platforms, Inc. has a 12-month low of $279.40 and a 12-month high of $544.23. 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 fifty day simple moving average of $503.64 and a 200-day simple moving average of $492.02.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. Meta Platforms’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.23 EPS. Equities research analysts anticipate that Meta Platforms, Inc. will post 20.5 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Analysts Set New Price Targets

A number of analysts have weighed in on META shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Raymond James raised their target price on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 1st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, JMP Securities reissued a “market outperform” rating and set a $525.00 target price on shares of Meta Platforms in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $574.41.

Insider Activity at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the transaction, 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 SEC, which can be accessed through the SEC website. In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total value of $221,747.96. Following the completion of the sale, the chief operating officer now owns 14,424 shares of the company’s stock, valued at $7,744,534.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 329,890 shares of company stock worth $170,604,385. 13.71% of the stock is owned by corporate insiders.

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.