Smith Salley Wealth Management Sells 22,904 Shares of Meta Platforms, Inc. (NASDAQ:META)

Smith Salley Wealth Management lowered its position in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 24.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 70,033 shares of the social networking company’s stock after selling 22,904 shares during the period. Meta Platforms accounts for approximately 2.6% of Smith Salley Wealth Management’s portfolio, making the stock its 7th largest position. Smith Salley Wealth Management’s holdings in Meta Platforms were worth $34,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Norges Bank bought a new stake in shares of Meta Platforms in the 4th quarter worth $11,285,855,000. International Assets Investment Management LLC grew its position in 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 valued at $1,752,900,000 after buying an additional 4,908,251 shares during the period. Capital Research Global Investors grew its position in Meta Platforms by 17.2% during the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after buying an additional 4,440,229 shares during the period. Concentrum Wealth Management grew its position in Meta Platforms by 111.0% during 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 period. Finally, Vanguard Group Inc. grew its position 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 during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Price Performance

META traded up $0.25 on Wednesday, reaching $530.25. The company had a trading volume of 853,492 shares, compared to its average volume of 16,100,241. The business has a 50 day simple moving average of $488.29 and a 200 day simple moving average of $464.16. The company has a market cap of $1.34 trillion, a price-to-earnings ratio of 30.44, a P/E/G ratio of 1.37 and a beta of 1.21. 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, Inc. has a 52-week low of $274.38 and a 52-week high of $542.81.

Meta Platforms (NASDAQ:METAGet Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 20.15 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently declared 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. This represents a $2.00 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s payout ratio is currently 11.49%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 490 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $517.75, for a total transaction of $253,697.50. Following the transaction, the chief operating officer now directly owns 7,579 shares in the company, valued at $3,924,027.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mark Zuckerberg sold 8,727 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $528.87, for a total value of $4,615,448.49. Following the transaction, the chief executive officer now owns 178,099 shares in the company, valued at $94,191,218.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $517.75, for a total transaction of $253,697.50. Following the completion of the transaction, the chief operating officer now owns 7,579 shares in the company, valued at approximately $3,924,027.25. The disclosure for this sale can be found here. Insiders have sold 260,459 shares of company stock worth $128,049,749 over the last ninety days. Insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on META. BMO Capital Markets restated a “market perform” rating and set a $450.00 price target on shares of Meta Platforms in a research report on Wednesday, June 12th. Robert W. Baird reduced their price target on shares of Meta Platforms from $525.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. The Goldman Sachs Group reduced their price target on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research report on Monday, July 1st. Finally, Jefferies Financial Group reduced their price target on shares of Meta Platforms from $585.00 to $540.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $513.59.

View Our Latest Report on Meta Platforms

Meta Platforms Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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