Kovack Advisors Inc. Reduces Position in Meta Platforms, Inc. $META

Kovack Advisors Inc. decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 6.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 22,607 shares of the social networking company’s stock after selling 1,586 shares during the period. Meta Platforms comprises approximately 0.6% of Kovack Advisors Inc.’s portfolio, making the stock its 28th biggest holding. Kovack Advisors Inc.’s holdings in Meta Platforms were worth $13,314,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in META. Brighton Jones LLC grew its holdings in Meta Platforms by 1.7% in the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company’s stock worth $20,230,000 after acquiring an additional 570 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of Meta Platforms by 10.2% during 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 during the period. Headwater Capital Co Ltd boosted its holdings in shares of Meta Platforms by 294.7% during the first quarter. Headwater Capital Co Ltd now owns 150,000 shares of the social networking company’s stock worth $86,454,000 after purchasing an additional 112,000 shares during the period. Dymon Asia Capital Singapore PTE. LTD. bought a new stake in shares of Meta Platforms in the second quarter worth about $213,000. Finally, Capital & Planning LLC bought a new stake in shares of Meta Platforms in the second quarter worth about $322,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Susquehanna lowered their price target on Meta Platforms from $900.00 to $650.00 and set a “positive” rating for the company in a research report on Thursday, July 30th. Bank of America cut their price objective on Meta Platforms from $835.00 to $810.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Needham & Company LLC reissued a “hold” rating on shares of Meta Platforms in a research note on Wednesday, July 8th. Truist Financial decreased their target price on Meta Platforms from $840.00 to $770.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $700.00 price target on shares of Meta Platforms in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $785.32.

Meta Platforms Stock Performance

Shares of META opened at $570.05 on Wednesday. The company has a 50-day simple moving average of $592.21 and a two-hundred day simple moving average of $613.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick ratio of 2.23. The firm has a market capitalization of $1.45 trillion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 0.95 and a beta of 1.25. Meta Platforms, Inc. has a one year low of $520.26 and a one year high of $790.80.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 29th. The social networking company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $7.19 by ($1.01). Meta Platforms had a return on equity of 33.18% and a net margin of 29.83%.The firm had revenue of $60.80 billion for the quarter, compared to analysts’ expectations of $60.22 billion. During the same quarter last year, the company posted $7.14 EPS. The firm’s revenue was up 28.0% on a year-over-year basis. On average, analysts anticipate that Meta Platforms, Inc. will post 28.5 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 15th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 15th. Meta Platforms’s dividend payout ratio is presently 7.91%.

Insider Buying and Selling

In other news, Director Robert M. Kimmitt sold 500 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $561.56, for a total transaction of $280,780.00. Following the sale, the director owned 2,943 shares in the company, valued at approximately $1,652,671.08. The trade was a 14.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bosworth sold 7,848 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $558.00, for a total transaction of $4,379,184.00. Following the completion of the sale, the chief technology officer directly owned 828 shares in the company, valued at $462,024. This represents a 90.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 34,957 shares of company stock valued at $20,442,696 over the last 90 days. 13.53% of the stock is currently owned by company insiders.

Key Stories Impacting Meta Platforms

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: Meta is reportedly preparing to launch Hatch, a consumer AI agent that could let users browse Reddit, order from DoorDash, shop on Etsy, access Yelp and manage Outlook within Meta’s ecosystem. The product could increase engagement with Meta’s platforms and strengthen its position in consumer AI. Reddit Stock Is Up, What You Need to Know
• Positive Sentiment: Analysts continue to point to accelerating advertising growth, AI-powered ad tools, rising user engagement and increased advertiser adoption as factors helping Meta outperform social-media rivals Reddit and Snap. META Rides on Ad Growth
• Positive Sentiment: Former OpenAI researcher Luke Metz has joined Meta’s Superintelligence Labs and will report to AI chief Alexandr Wang. The hire supports Meta’s effort to build advanced AI capabilities, although the financial benefits are longer term. Luke Metz Joins Meta’s Superintelligence Labs
• Neutral Sentiment: Reports highlighted substantial Meta insider-trading activity during August, including notable transactions on August 18. The article did not establish whether the activity represented buying or selling, limiting its immediate stock-price significance. Monster Insider Trading Alert for Meta Stock
• Negative Sentiment: Instagram chief Adam Mosseri is testifying in a lawsuit brought by 29 states alleging that Meta designed Instagram and Facebook to be addictive to children while downplaying safety risks. An adverse outcome could create regulatory, redesign and financial costs. Instagram Head Adam Mosseri to Testify at Meta Trial

About Meta Platforms

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.