Tobam Sells 2,646 Shares of Meta Platforms, Inc. (NASDAQ:META)

Tobam lessened its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 74.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 912 shares of the social networking company’s stock after selling 2,646 shares during the period. Tobam’s holdings in Meta Platforms were worth $526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Meta Platforms in the fourth quarter worth approximately $19,949,512,000. GAMMA Investing LLC raised its stake in Meta Platforms by 67,172.9% in the first quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company’s stock worth $13,517,178,000 after buying an additional 23,417,803 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Meta Platforms by 78,471.1% in the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company’s stock worth $3,658,713,000 after buying an additional 6,240,810 shares in the last quarter. Raymond James Financial Inc. bought a new position in Meta Platforms in the fourth quarter worth approximately $2,243,603,000. Finally, Northern Trust Corp raised its stake in Meta Platforms by 13.5% in the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock worth $13,727,613,000 after buying an additional 2,787,832 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on META shares. KeyCorp boosted their price objective on shares of Meta Platforms from $645.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Thursday, May 1st. Roth Capital increased their price objective on Meta Platforms from $580.00 to $620.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $676.00 price objective on shares of Meta Platforms in a report on Wednesday. Finally, Moffett Nathanson increased their price objective on Meta Platforms from $525.00 to $605.00 and gave the company a “buy” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $704.26.

Insider Activity

In other news, CEO Mark Zuckerberg sold 7,466 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $701.25, for a total transaction of $5,235,532.50. Following the sale, the chief executive officer now directly owns 132,072 shares in the company, valued at $92,615,490. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer Newstead sold 519 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $701.00, for a total value of $363,819.00. Following the sale, the insider now owns 29,183 shares in the company, valued at $20,457,283. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,201 shares of company stock worth $56,377,837 in the last ninety days. Company insiders own 13.61% of the company’s stock.

Meta Platforms Price Performance

Shares of META opened at $682.87 on Friday. The business’s 50-day moving average is $604.07 and its two-hundred day moving average is $619.26. The company has a market capitalization of $1.72 trillion, a P/E ratio of 28.55, a P/E/G 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, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

Meta Platforms (NASDAQ:META) last posted its earnings results 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 return on equity of 38.17% and a net margin of 37.91%. The firm had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. During the same period last year, the firm earned $4.71 EPS. The company’s quarterly revenue was up 16.1% on a year-over-year basis. Research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Monday, June 16th. Meta Platforms’s dividend payout ratio (DPR) 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.