Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Pitti Group Wealth Management LLC

Pitti Group Wealth Management LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 13.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,969 shares of the social networking company’s stock after selling 1,128 shares during the quarter. Meta Platforms accounts for about 2.7% of Pitti Group Wealth Management LLC’s portfolio, making the stock its 11th largest holding. Pitti Group Wealth Management LLC’s holdings in Meta Platforms were worth $2,467,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Stone House Investment Management LLC grew its position in shares of Meta Platforms by 625.0% in the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock valued at $26,000 after purchasing an additional 75 shares in the last quarter. Gilfoyle & Co LLC purchased a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $39,000. Cranbrook Wealth Management LLC grew its position in shares of Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after purchasing an additional 45 shares in the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of Meta Platforms by 68.9% in the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock valued at $31,000 after purchasing an additional 42 shares in the last quarter. Finally, PayPay Securities Corp grew its position in shares of Meta Platforms by 65.2% in the third quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock valued at $33,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $488.03, for a total value of $239,134.70. Following the completion of the sale, the chief operating officer now owns 79,944 shares in the company, valued at $39,015,070.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the sale, the insider now directly owns 38,398 shares in the company, valued at approximately $20,043,756. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $488.03, for a total transaction of $239,134.70. Following the sale, the chief operating officer now owns 79,944 shares of the company’s stock, valued at $39,015,070.32. The disclosure for this sale can be found here. Insiders sold a total of 1,349,148 shares of company stock worth $649,552,559 over the last 90 days. Company insiders own 13.75% of the company’s stock.

Meta Platforms Stock Performance

Shares of META stock traded up $1.91 during mid-day trading on Friday, hitting $443.29. 32,645,619 shares of the stock were exchanged, compared to its average volume of 18,233,678. The stock’s fifty day simple moving average is $494.48 and its two-hundred day simple moving average is $404.85. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 25.46, a P/E/G ratio of 1.13 and a beta of 1.20. Meta Platforms, Inc. has a 12-month low of $229.85 and a 12-month high of $531.49. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.67 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. On average, analysts forecast that Meta Platforms, Inc. will post 20.2 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, February 21st. This represents a $2.00 annualized dividend and a dividend yield of 0.45%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on META shares. Oppenheimer dropped their price target on Meta Platforms from $585.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday. Guggenheim dropped their price target on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday. Roth Mkm upped their price objective on Meta Platforms from $500.00 to $510.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets upped their price objective on Meta Platforms from $397.00 to $450.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, Citigroup decreased their price objective on Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $509.18.

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.