Pitti Group Wealth Management LLC Cuts Holdings in Meta Platforms, Inc. (NASDAQ:META)

Pitti Group Wealth Management LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 0.4% in the first quarter, HoldingsChannel.com reports. The fund owned 6,235 shares of the social networking company’s stock after selling 24 shares during the quarter. Meta Platforms accounts for 3.7% of Pitti Group Wealth Management LLC’s portfolio, making the stock its 6th biggest position. Pitti Group Wealth Management LLC’s holdings in Meta Platforms were worth $3,593,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at Meta Platforms

In other news, insider Jennifer Newstead sold 519 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $671.00, for a total transaction of $348,249.00. Following the transaction, the insider now owns 29,702 shares in the company, valued at approximately $19,930,042. This trade represents a 1.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Andrew Bosworth sold 22,449 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the sale, the chief technology officer now owns 1,183 shares of the company’s stock, valued at $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,171 shares of company stock valued at $35,163,457. Insiders own 13.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Evercore ISI increased their price target on Meta Platforms from $725.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Bank of America raised their target price on shares of Meta Platforms from $640.00 to $690.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Wells Fargo & Company decreased their price objective on shares of Meta Platforms from $752.00 to $664.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Stifel Nicolaus boosted their target price on Meta Platforms from $628.00 to $655.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, The Goldman Sachs Group upped their target price on Meta Platforms from $685.00 to $690.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $702.48.

Meta Platforms Price Performance

Shares of META opened at $697.71 on Friday. The business’s 50-day moving average is $587.67 and its 200-day moving average is $614.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The company has a market capitalization of $1.75 trillion, a price-to-earnings ratio of 29.17, a P/E/G ratio of 1.42 and a beta of 1.26. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

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

Meta Platforms Announces Dividend

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

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.