Harmony Asset Management LLC Has $946,000 Position in Meta Platforms, Inc. (NASDAQ:META)

Harmony Asset Management LLC increased its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,652 shares of the social networking company’s stock after purchasing an additional 28 shares during the quarter. Harmony Asset Management LLC’s holdings in Meta Platforms were worth $946,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hilltop Holdings Inc. increased its position in Meta Platforms by 123.2% in the 3rd quarter. Hilltop Holdings Inc. now owns 16,689 shares of the social networking company’s stock valued at $9,553,000 after acquiring an additional 9,212 shares during the period. Hollow Brook Wealth Management LLC bought a new stake in shares of Meta Platforms in the third quarter worth $425,000. Holocene Advisors LP acquired a new stake in Meta Platforms in the third quarter valued at $311,417,000. Clear Street Derivatives LLC bought a new position in Meta Platforms during the 3rd quarter worth $48,486,000. Finally, Coastwise Capital Group LLC lifted its holdings in Meta Platforms by 2.3% during the 3rd quarter. Coastwise Capital Group LLC now owns 4,406 shares of the social networking company’s stock worth $2,522,000 after buying an additional 100 shares during the period. Institutional investors own 79.91% of the company’s stock.

Insider Buying and Selling

In other news, COO Javier Olivan sold 413 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $520.57, for a total transaction of $214,995.41. Following the transaction, the chief operating officer now directly owns 13,185 shares in the company, valued at approximately $6,863,715.45. This trade represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $565.30, for a total value of $511,596.50. Following the completion of the transaction, the insider now owns 37,790 shares in the company, valued at $21,362,687. This represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,334 shares of company stock worth $59,210,941. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $592.83 on Tuesday. The company’s fifty day simple moving average is $575.21 and its two-hundred day simple moving average is $528.08. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95. The firm has a market cap of $1.50 trillion, a PE ratio of 27.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $40.21 billion. As a group, equities analysts expect that Meta Platforms, Inc. will post 22.62 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets upped 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. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. Raymond James reissued a “strong-buy” rating and issued a $675.00 price target on shares of Meta Platforms in a research note on Monday, November 25th. KeyCorp lifted their price objective on shares of Meta Platforms from $560.00 to $655.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird raised their price target on shares of Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have issued 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $634.71.

Meta Platforms 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.