Pines Wealth Management LLC Sells 55 Shares of Meta Platforms, Inc. (NASDAQ:META)

Pines Wealth Management LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,232 shares of the social networking company’s stock after selling 55 shares during the period. Pines Wealth Management LLC’s holdings in Meta Platforms were worth $1,863,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Millstone Evans Group LLC bought a new stake in Meta Platforms in the 4th quarter worth approximately $40,000. WealthTrak Capital Management LLC purchased a new position in shares of Meta Platforms during the fourth quarter worth approximately $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $45,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Meta Platforms in the 4th quarter valued at $47,000. Finally, Conquis Financial LLC bought a new position in shares of Meta Platforms during the 4th quarter valued at $59,000. Institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the sale, the chief technology officer now directly owns 16,463 shares in the company, valued at approximately $10,855,043.68. This trade represents a 23.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 519 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $671.00, for a total value of $348,249.00. Following the completion of the transaction, the insider now owns 29,702 shares of the company’s stock, valued at $19,930,042. This represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,171 shares of company stock valued at $35,163,457 in the last quarter. 13.61% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Truist Financial boosted their price target on shares of Meta Platforms from $700.00 to $720.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Jefferies Financial Group lowered their target price on Meta Platforms from $725.00 to $600.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Evercore ISI raised their price target on Meta Platforms from $725.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Cantor Fitzgerald lifted their price target on Meta Platforms from $624.00 to $676.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Finally, TD Securities dropped their price objective on Meta Platforms from $725.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $702.48.

Meta Platforms Price Performance

Shares of META opened at $697.71 on Friday. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The firm’s 50-day simple moving average is $587.67 and its two-hundred day simple moving average is $614.84. The stock has a market cap of $1.75 trillion, a PE ratio of 29.17, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.71 EPS. Analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

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

Meta Platforms 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.