Harvey Capital Management Inc. Grows Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Harvey Capital Management Inc. increased its stake in Meta Platforms, Inc. (NASDAQ:META) by 24.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,060 shares of the social networking company’s stock after buying an additional 1,960 shares during the quarter. Meta Platforms comprises approximately 1.4% of Harvey Capital Management Inc.’s holdings, making the stock its 23rd largest holding. Harvey Capital Management Inc.’s holdings in Meta Platforms were worth $5,759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of META. Vanguard Group Inc. raised its holdings in shares of Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after buying an additional 831,047 shares during the period. Capital World Investors grew its position in Meta Platforms by 0.6% in the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock valued at $18,597,382,000 after acquiring an additional 244,803 shares during the last quarter. Capital Research Global Investors increased its stake in Meta Platforms by 14.5% in the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after purchasing an additional 4,379,826 shares during the period. Jennison Associates LLC increased its stake in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares during the period. Finally, GQG Partners LLC lifted its position in shares of Meta Platforms by 3.1% during the first quarter. GQG Partners LLC now owns 11,497,335 shares of the social networking company’s stock worth $5,582,876,000 after purchasing an additional 342,742 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the sale, the chief technology officer now owns 11,990 shares in the company, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $528.51, for a total transaction of $8,827,174.02. Following the completion of the transaction, the chief executive officer now owns 72,473 shares of the company’s stock, valued at approximately $38,302,705.23. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 243,919 shares of company stock valued at $129,296,067. Company insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on META shares. JPMorgan Chase & Co. raised their price target on shares of Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Evercore ISI raised their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Robert W. Baird boosted their price target on Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. DA Davidson assumed coverage on Meta Platforms in a report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price objective on the stock. Finally, Pivotal Research upped their target price on Meta Platforms from $780.00 to $800.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Two 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $634.10.

Meta Platforms Stock Down 0.1 %

Shares of META stock opened at $572.05 on Thursday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The firm has a market capitalization of $1.45 trillion, a PE ratio of 26.95, a P/E/G ratio of 1.26 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock’s 50-day simple moving average is $557.85 and its 200-day simple moving average is $514.31.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping 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 company had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. Equities analysts expect that Meta Platforms, Inc. will post 22.44 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

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.