Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Kennebec Savings Bank

Kennebec Savings Bank lowered its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,422 shares of the social networking company’s stock after selling 52 shares during the period. Kennebec Savings Bank’s holdings in Meta Platforms were worth $820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in META. Fjell Capital LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $1,836,000. Opulen Financial Group LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $325,000. Daner Wealth Management LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $334,000. Appleton Partners Inc. MA increased its holdings in shares of Meta Platforms by 3.7% during the 4th quarter. Appleton Partners Inc. MA now owns 26,312 shares of the social networking company’s stock worth $15,406,000 after buying an additional 951 shares during the last quarter. Finally, Brighton Jones LLC increased its holdings in shares of Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company’s stock worth $20,230,000 after buying an additional 570 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on META. JMP Securities reiterated a “market outperform” rating and issued a $750.00 target price on shares of Meta Platforms in a report on Wednesday, April 30th. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Thursday, May 1st. Moffett Nathanson lifted their target price on shares of Meta Platforms from $525.00 to $605.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Cantor Fitzgerald lifted their target price on shares of Meta Platforms from $624.00 to $676.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Finally, DA Davidson dropped their target price on shares of Meta Platforms from $800.00 to $650.00 and set a “buy” rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $702.48.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 921 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $595.00, for a total transaction of $547,995.00. Following the transaction, the insider now directly owns 33,024 shares in the company, valued at $19,649,280. The trade was a 2.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Susan J. Li sold 6,874 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the transaction, the chief financial officer now owns 70,040 shares in the company, valued at approximately $46,181,574.40. This trade represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,563 shares of company stock worth $34,793,185 over the last ninety days. 13.61% of the stock is currently owned by company insiders.

Meta Platforms Trading Up 1.9%

NASDAQ META opened at $697.71 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market cap of $1.75 trillion, a PE ratio of 29.17, a P/E/G ratio of 1.42 and a beta of 1.26. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91. The firm’s fifty day moving average is $587.67 and its two-hundred day moving average is $615.55.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same period in the previous year, the business posted $4.71 earnings per share. Meta Platforms’s quarterly revenue was up 16.1% on a year-over-year basis. Analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.30%. Meta Platforms’s dividend payout ratio (DPR) is 8.19%.

About Meta Platforms

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.