New Wave Wealth Advisors LLC Acquires 2,348 Shares of Meta Platforms, Inc. (NASDAQ:META)

New Wave Wealth Advisors LLC lifted its position in Meta Platforms, Inc. (NASDAQ:META) by 75.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 5,469 shares of the social networking company’s stock after purchasing an additional 2,348 shares during the period. Meta Platforms accounts for approximately 1.4% of New Wave Wealth Advisors LLC’s investment portfolio, making the stock its 22nd largest holding. New Wave Wealth Advisors LLC’s holdings in Meta Platforms were worth $3,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Opulen Financial Group LLC purchased a new stake in Meta Platforms in the fourth quarter worth about $325,000. Brighton Jones LLC lifted its holdings in Meta Platforms by 1.7% during the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company’s stock valued at $20,230,000 after purchasing an additional 570 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Meta Platforms by 10.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company’s stock worth $5,537,000 after purchasing an additional 875 shares in the last quarter. SOA Wealth Advisors LLC. boosted its holdings in Meta Platforms by 5.5% in the 4th quarter. SOA Wealth Advisors LLC. now owns 3,397 shares of the social networking company’s stock worth $1,989,000 after buying an additional 178 shares during the period. Finally, Bank Pictet & Cie Europe AG lifted its position in shares of Meta Platforms by 3.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company’s stock valued at $129,666,000 after acquiring an additional 7,587 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the transaction, the chief financial officer directly owned 70,040 shares in the company, valued at $46,181,574.40. This represents a 8.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Andrew Bosworth sold 22,449 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the transaction, the chief technology officer owned 1,183 shares in the company, valued at approximately $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 154,285 shares of company stock valued at $105,518,153 over the last quarter. 13.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

META has been the subject of several research analyst reports. Raymond James Financial cut their target price on Meta Platforms from $800.00 to $750.00 and set a “strong-buy” rating for the company in a research report on Thursday, May 1st. Loop Capital boosted their target price on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Rosenblatt Securities upped their target price on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Evercore ISI lifted their price target on shares of Meta Platforms from $725.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, TD Securities dropped their price objective on shares of Meta Platforms from $725.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $719.29.

Meta Platforms Stock Up 0.5%

NASDAQ:META opened at $716.91 on Friday. The company has a market cap of $1.80 trillion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 1.75 and a beta of 1.28. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $747.90. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $655.49 and a 200-day simple moving average of $629.14.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the business posted $4.71 EPS. Analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms’s payout ratio is 8.19%.

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.