Acorn Wealth Advisors LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Acorn Wealth Advisors LLC raised its position in Meta Platforms, Inc. (NASDAQ:META) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,254 shares of the social networking company’s stock after buying an additional 18 shares during the period. Acorn Wealth Advisors LLC’s holdings in Meta Platforms were worth $718,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of META. POM Investment Strategies LLC purchased a new position in shares of Meta Platforms in the second quarter worth about $38,000. Ruedi Wealth Management Inc. raised its holdings in Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares during the last quarter. Halpern Financial Inc. purchased a new position in Meta Platforms in the 3rd quarter worth approximately $46,000. West Financial Advisors LLC acquired a new position in shares of Meta Platforms during the 3rd quarter worth approximately $49,000. Finally, NewSquare Capital LLC boosted its holdings in shares of Meta Platforms by 221.9% during the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after purchasing an additional 71 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

META has been the topic of a number of recent research reports. Scotiabank lowered their price objective on Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 31st. Robert W. Baird upped their price objective on shares of Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group lifted their target price on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. DA Davidson assumed coverage on shares of Meta Platforms in a research note on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price target for the company. Finally, BMO Capital Markets lifted 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $634.71.

Insiders Place Their Bets

In related news, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the transaction, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This trade represents a 17.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 4,909 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $519.17, for a total transaction of $2,548,605.53. Following the transaction, the chief executive officer now owns 519,000 shares of the company’s stock, valued at approximately $269,449,230. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,656 shares of company stock valued at $61,933,867. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Up 1.5 %

META stock opened at $573.54 on Wednesday. The stock has a market cap of $1.45 trillion, a P/E ratio of 27.02, a PEG ratio of 1.23 and a beta of 1.22. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95. The company’s 50 day moving average is $573.38 and its two-hundred day moving average is $525.35.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Research analysts expect that Meta Platforms, Inc. will post 22.62 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

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.