Meta Platforms, Inc. (NASDAQ:META) is SP Asset Management LLC’s Largest Position

SP Asset Management LLC lowered its stake in Meta Platforms, Inc. (NASDAQ:META) by 9.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 462,351 shares of the social networking company’s stock after selling 45,855 shares during the quarter. Meta Platforms comprises 20.9% of SP Asset Management LLC’s portfolio, making the stock its largest position. SP Asset Management LLC’s holdings in Meta Platforms were worth $224,508,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of META. Norges Bank acquired a new stake in Meta Platforms in the fourth quarter valued at $11,285,855,000. International Assets Investment Management LLC lifted its position in shares of Meta Platforms by 11,154.4% during the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after purchasing an additional 4,908,251 shares during the last quarter. Capital Research Global Investors grew its stake in Meta Platforms by 17.2% in the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management increased its holdings in Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after buying an additional 3,888,308 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Meta Platforms by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after buying an additional 3,104,550 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on META shares. BNP Paribas assumed coverage on Meta Platforms in a research report on Thursday, May 2nd. They set an “underperform” rating and a $360.00 price target on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Monday, July 1st. JPMorgan Chase & Co. lowered their target price on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Finally, TD Securities raised their price target on Meta Platforms from $530.00 to $600.00 in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus target price of $518.50.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total value of $483,224.75. Following the transaction, the insider now directly owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Mark Zuckerberg sold 14,874 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $503.38, for a total value of $7,487,274.12. Following the sale, the chief executive officer now owns 135,442 shares of the company’s stock, valued at $68,178,793.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total value of $483,224.75. Following the completion of the transaction, the insider now directly owns 36,940 shares of the company’s stock, valued at $19,724,113. The disclosure for this sale can be found here. In the last three months, insiders have sold 308,979 shares of company stock worth $153,474,852. 13.71% of the stock is owned by insiders.

Meta Platforms Stock Down 4.6 %

Shares of Meta Platforms stock traded down $22.41 during midday trading on Wednesday, reaching $467.38. 10,939,761 shares of the company’s stock traded hands, compared to its average volume of 16,125,182. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 1.28 and a beta of 1.21. Meta Platforms, Inc. has a 52 week low of $274.38 and a 52 week high of $542.81. The company’s 50 day simple moving average is $493.60 and its 200 day simple moving average is $469.47. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The company had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. Equities analysts expect that Meta Platforms, Inc. will post 20.21 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.43%. Meta Platforms’s payout ratio is currently 11.49%.

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.