City Center Advisors LLC Invests $266,000 in Meta Platforms, Inc. (NASDAQ:META)

City Center Advisors LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META) during the first quarter, Holdings Channel reports. The institutional investor purchased 461 shares of the social networking company’s stock, valued at approximately $266,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Suvretta Capital Management LLC lifted its position in shares of Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company’s stock valued at $99,735,000 after acquiring an additional 1,850 shares during the period. Skye Global Management LP increased its stake in Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company’s stock valued at $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new stake in Meta Platforms during the 4th quarter valued at $459,000. Apollon Financial LLC increased its stake in Meta Platforms by 11.1% during the 4th quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company’s stock valued at $866,000 after purchasing an additional 148 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake in Meta Platforms by 255.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company’s stock valued at $1,001,044,000 after purchasing an additional 1,229,350 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on META. Wells Fargo & Company reduced their target price on shares of Meta Platforms from $752.00 to $664.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Pivotal Research reduced their target price on shares of Meta Platforms from $875.00 to $830.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Guggenheim upped their target price on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Roth Capital increased their price target on shares of Meta Platforms from $580.00 to $620.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Finally, Truist Financial increased their price target on shares of Meta Platforms from $700.00 to $720.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $702.48.

Insider Transactions at Meta Platforms

In other news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares in the company, valued at approximately $10,855,043.68. This trade represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction on Monday, April 7th. The shares were sold at an average price of $488.18, for a total transaction of $296,813.44. Following the completion of the sale, the chief operating officer now owns 5,622 shares in the company, valued at approximately $2,744,547.96. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,563 shares of company stock worth $34,793,185. Insiders own 13.61% of the company’s stock.

Meta Platforms Stock Up 1.9%

Shares of Meta Platforms stock opened at $697.71 on Monday. 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, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The stock has a market capitalization of $1.75 trillion, a price-to-earnings ratio of 29.17, a P/E/G ratio of 1.42 and a beta of 1.26. The company’s 50 day moving average price is $587.67 and its 200-day moving average price is $615.55.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The firm had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. During the same quarter last year, the business earned $4.71 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Monday, June 16th. Meta Platforms’s dividend payout ratio is 8.19%.

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.