Meta Platforms, Inc. (NASDAQ:META) is Eagle Ridge Investment Management’s 4th Largest Position

Eagle Ridge Investment Management decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 78,448 shares of the social networking company’s stock after selling 2,271 shares during the period. Meta Platforms makes up about 4.0% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 4th biggest position. Eagle Ridge Investment Management’s holdings in Meta Platforms were worth $45,932,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JDM Financial Group LLC acquired a new position in Meta Platforms during the 3rd quarter worth $30,000. Safe Harbor Fiduciary LLC bought a new stake in Meta Platforms in the third quarter valued at about $36,000. Avondale Wealth Management bought a new stake in Meta Platforms in the fourth quarter valued at about $41,000. Cordant Inc. acquired a new stake in Meta Platforms during the fourth quarter valued at approximately $59,000. Finally, Reston Wealth Management LLC bought a new position in Meta Platforms during the 3rd quarter worth approximately $61,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Up 0.3 %

Meta Platforms stock opened at $719.80 on Wednesday. The firm has a market cap of $1.82 trillion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 1.46 and a beta of 1.20. Meta Platforms, Inc. has a 1 year low of $414.50 and a 1 year high of $725.01. The firm’s 50 day moving average price is $631.85 and its two-hundred day moving average price is $578.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same period in the previous year, the business posted $5.33 EPS. On average, research analysts predict that Meta Platforms, Inc. will post 26.66 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.28%. Meta Platforms’s dividend payout ratio (DPR) is presently 8.36%.

Wall Street Analysts Forecast Growth

META has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on Meta Platforms from $660.00 to $725.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. DA Davidson increased their target price on shares of Meta Platforms from $700.00 to $800.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a report on Monday, January 27th. Benchmark upgraded shares of Meta Platforms from a “hold” rating to a “buy” rating and set a $820.00 price objective on the stock in a research note on Thursday, January 30th. Finally, Jefferies Financial Group lifted their target price on Meta Platforms from $675.00 to $715.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned 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 a consensus target price of $717.90.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 55,589 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $717.72, for a total value of $39,897,337.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas Clegg sold 1,131 shares of Meta Platforms stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $577.16, for a total value of $652,767.96. Following the transaction, the insider now directly owns 1,229 shares in the company, valued at approximately $709,329.64. This trade represents a 47.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 756,735 shares of company stock valued at $475,285,232. Company insiders own 13.71% of the company’s stock.

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.