Meta Platforms, Inc. $META Shares Acquired by Fortitude Advisory Group L.L.C.

Fortitude Advisory Group L.L.C. increased its holdings in Meta Platforms, Inc. (NASDAQ:META) by 49.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,933 shares of the social networking company’s stock after buying an additional 1,306 shares during the period. Meta Platforms makes up approximately 1.1% of Fortitude Advisory Group L.L.C.’s holdings, making the stock its 16th largest holding. Fortitude Advisory Group L.L.C.’s holdings in Meta Platforms were worth $2,596,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of META. Westchester Capital Management Inc. acquired a new position in shares of Meta Platforms in the 3rd quarter valued at $26,000. RHL Group LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $28,000. Strategic Wealth Advisors LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $29,000. Key Capital Management INC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $48,000. Finally, Entrust Financial LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $48,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms News Roundup

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: Meta is expanding its AI infrastructure globally, including a new AI-enabled data center partnership in India with Reliance Industries, reinforcing confidence in its long-term artificial intelligence strategy.
• Positive Sentiment: The company launched Instagram Plus globally, an optional subscription product that could help diversify revenue beyond advertising.
• Positive Sentiment: Analysts and commentary from Morgan Stanley, Zacks, and others continued to describe Meta as a high-quality growth and compounder stock, with recent earnings still viewed as strong.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Curtis J. Mahoney sold 2,079 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $609.92, for a total transaction of $1,268,023.68. Following the sale, the insider directly owned 1,118 shares in the company, valued at approximately $681,890.56. The trade was a 65.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert M. Kimmitt sold 504 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $629.29, for a total transaction of $317,162.16. Following the sale, the director owned 3,943 shares in the company, valued at $2,481,290.47. The trade was a 11.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 39,170 shares of company stock worth $24,218,565. 13.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on META. Wedbush raised shares of Meta Platforms from an “outperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Piper Sandler initiated coverage on shares of Meta Platforms in a research report on Tuesday, June 2nd. They issued an “overweight” rating on the stock. The Goldman Sachs Group lowered shares of Meta Platforms from a “buy” rating to a “sell” rating in a research report on Tuesday, June 2nd. Roth Mkm reiterated a “buy” rating on shares of Meta Platforms in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $810.00 price objective on shares of Meta Platforms in a research report on Monday, June 1st. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $840.60.

Meta Platforms Stock Performance

NASDAQ:META opened at $566.98 on Monday. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 1.00 and a beta of 1.23. Meta Platforms, Inc. has a 1-year low of $520.26 and a 1-year high of $796.25. The firm’s fifty day moving average price is $621.15 and its 200 day moving average price is $636.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.35 and a quick ratio of 2.35.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 29th. The social networking company reported $10.44 EPS for the quarter, topping the consensus estimate of $6.67 by $3.77. The company had revenue of $56.31 billion for the quarter, compared to analyst estimates of $55.56 billion. Meta Platforms had a net margin of 32.84% and a return on equity of 36.93%. The business’s revenue was up 33.1% on a year-over-year basis. During the same period in the previous year, the firm earned $6.43 EPS. On average, sell-side analysts expect that Meta Platforms, Inc. will post 29.35 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Monday, June 15th will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, June 15th. Meta Platforms’s payout ratio is presently 7.63%.

Meta Platforms Company Profile

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.