Proficio Capital Partners LLC Trims Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Proficio Capital Partners LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 22.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,953 shares of the social networking company’s stock after selling 2,262 shares during the period. Proficio Capital Partners LLC’s holdings in Meta Platforms were worth $4,553,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Central Valley Advisors LLC raised its holdings in Meta Platforms by 0.3% in the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after purchasing an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC lifted its holdings in shares of Meta Platforms by 0.5% during the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock worth $2,199,000 after purchasing an additional 18 shares during the period. Alliance Wealth Advisors LLC boosted its holdings in shares of Meta Platforms by 0.7% in the 3rd quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after acquiring an additional 18 shares during the last quarter. Kozak & Associates Inc. raised its stake in shares of Meta Platforms by 1.0% during the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after buying an additional 18 shares during the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in Meta Platforms by 0.5% during the third quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company’s stock valued at $2,038,000 after acquiring an additional 18 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Up 0.3 %

META opened at $584.82 on Wednesday. The firm has a market capitalization of $1.48 trillion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 1.30 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The company has a fifty day moving average price of $563.02 and a 200-day moving average price of $517.29. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. Equities research analysts expect that Meta Platforms, Inc. will post 22.53 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. Investors of record on Monday, September 16th were issued 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 0.34%. Meta Platforms’s dividend payout ratio is presently 9.42%.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 901 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $567.70, for a total value of $511,497.70. Following the completion of the transaction, the insider now directly owns 30,581 shares in the company, valued at $17,360,833.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $567.70, for a total value of $511,497.70. Following the transaction, the insider now owns 30,581 shares in the company, valued at approximately $17,360,833.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 194,714 shares of company stock valued at $103,811,069. Company insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Rosenblatt Securities reissued a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a research note on Thursday, October 31st. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research report on Thursday, July 25th. Scotiabank lowered their price objective on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating for the company in a research note on Thursday, October 31st. Finally, Roth Mkm upped their price objective on Meta Platforms from $620.00 to $635.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus price target of $634.10.

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.