CacheTech Inc. Has $670,000 Stock Holdings in Meta Platforms, Inc. $META

CacheTech Inc. lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 28.6% during the first quarter, Holdings Channel reports. The firm owned 1,164 shares of the social networking company’s stock after purchasing an additional 259 shares during the quarter. CacheTech Inc.’s holdings in Meta Platforms were worth $670,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Inlight Wealth Management LLC acquired a new position in Meta Platforms during the first quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Meta Platforms during the first quarter valued at $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Meta Platforms during the first quarter valued at $33,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms during the fourth quarter valued at $45,000. Finally, JCIC Asset Management Inc. raised its position in Meta Platforms by 102.6% during the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company’s stock valued at $46,000 after buying an additional 40 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Christopher K. Cox sold 60,000 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $775.95, for a total value of $46,557,000.00. Following the sale, the insider owned 237,205 shares in the company, valued at $184,059,219.75. This represents a 20.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 15,847 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $753.43, for a total transaction of $11,939,605.21. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,732 shares of company stock worth $199,652,003. Insiders own 13.61% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on META shares. Citigroup reissued an “outperform” rating on shares of Meta Platforms in a research report on Thursday, July 31st. Benchmark boosted their target price on Meta Platforms from $800.00 to $890.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. DA Davidson boosted their target price on Meta Platforms from $650.00 to $825.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. boosted their target price on Meta Platforms from $795.00 to $875.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Finally, Scotiabank boosted their target price on Meta Platforms from $675.00 to $685.00 and gave the company a “sector perform” rating in a research note on Thursday, July 31st. Four research analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $822.41.

Meta Platforms Stock Down 2.3%

Shares of Meta Platforms stock opened at $767.37 on Tuesday. Meta Platforms, Inc. has a twelve month low of $479.80 and a twelve month high of $796.25. The company has a market cap of $1.93 trillion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $725.90 and its 200 day moving average is $655.75.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, beating the consensus estimate of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The company had revenue of $47.52 billion during the quarter, compared to analysts’ expectations of $44.55 billion. During the same period last year, the company posted $5.16 earnings per share. Meta Platforms’s quarterly revenue was up 21.6% on a year-over-year basis. Research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. Meta Platforms’s dividend payout ratio is presently 7.60%.

Meta Platforms Company 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.