Icon Wealth Advisors LLC Purchases New Position in Meta Platforms, Inc. (NASDAQ:META)

Icon Wealth Advisors LLC purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,354 shares of the social networking company’s stock, valued at approximately $1,895,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Stone House Investment Management LLC increased its position in Meta Platforms by 625.0% in the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after acquiring an additional 75 shares in the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of Meta Platforms by 68.9% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after buying an additional 42 shares during the period. Quest Partners LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $32,000. Clear Investment Research LLC grew its position in shares of Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after buying an additional 74 shares during the period. Finally, Cranbrook Wealth Management LLC grew its position in shares of Meta Platforms by 80.4% during the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after buying an additional 45 shares during the period. 79.91% of the stock is owned by institutional investors.

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $488.50, for a total value of $285,772.50. Following the completion of the sale, the insider now directly owns 40,153 shares in the company, valued at approximately $19,614,740.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Meta Platforms news, COO Javier Olivan sold 412 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $492.98, for a total transaction of $203,107.76. Following the sale, the chief operating officer now owns 8,443 shares of the company’s stock, valued at approximately $4,162,230.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $488.50, for a total transaction of $285,772.50. Following the sale, the insider now directly owns 40,153 shares in the company, valued at approximately $19,614,740.50. The disclosure for this sale can be found here. Insiders sold a total of 575,235 shares of company stock worth $283,074,260 in the last quarter. 13.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Citigroup decreased their price objective on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on shares of Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. TD Cowen decreased their price objective on shares of Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Raymond James boosted their price objective on shares of Meta Platforms from $525.00 to $550.00 and gave the company a “strong-buy” rating in a report on Wednesday, June 5th. Finally, Robert W. Baird decreased their price objective on shares of Meta Platforms from $525.00 to $500.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average target price of $510.41.

Meta Platforms Price Performance

NASDAQ:META traded up $1.37 during trading hours on Tuesday, reaching $503.97. The stock had a trading volume of 2,453,955 shares, compared to its average volume of 16,785,818. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. Meta Platforms, Inc. has a 52 week low of $265.33 and a 52 week high of $531.49. The company has a 50 day moving average price of $480.74 and a two-hundred day moving average price of $438.24. The stock has a market capitalization of $1.28 trillion, a PE ratio of 28.81, a PEG ratio of 1.28 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating the consensus estimate of $4.32 by $0.39. The firm had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Friday, June 14th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Friday, June 14th. Meta Platforms’s payout ratio is currently 11.49%.

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.