Prime Capital Investment Advisors LLC Increases Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Prime Capital Investment Advisors LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 12.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,750 shares of the social networking company’s stock after purchasing an additional 8,171 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Meta Platforms were worth $42,218,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. China Universal Asset Management Co. Ltd. boosted its holdings in Meta Platforms by 48.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock valued at $23,886,000 after purchasing an additional 16,138 shares during the period. Empowered Funds LLC raised its position in Meta Platforms by 22.4% in the 1st quarter. Empowered Funds LLC now owns 67,195 shares of the social networking company’s stock valued at $32,629,000 after purchasing an additional 12,301 shares in the last quarter. Cypress Asset Management Inc. TX boosted its stake in shares of Meta Platforms by 541.8% in the 1st quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after buying an additional 3,224 shares during the period. Fortis Capital Advisors LLC boosted its stake in shares of Meta Platforms by 13.9% in the 1st quarter. Fortis Capital Advisors LLC now owns 10,701 shares of the social networking company’s stock valued at $5,196,000 after buying an additional 1,307 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Meta Platforms by 20.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,796,010 shares of the social networking company’s stock worth $1,357,687,000 after buying an additional 480,468 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In other news, CFO Susan J. Li sold 33,018 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 901 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $567.70, for a total transaction of $511,497.70. Following the sale, the insider now owns 30,581 shares in the company, valued at approximately $17,360,833.70. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 158,200 shares of company stock valued at $84,533,106 over the last three months. 13.71% of the stock is currently owned by insiders.

Meta Platforms Trading Down 4.0 %

NASDAQ:META opened at $554.08 on Friday. The company has a market capitalization of $1.40 trillion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.28 and a beta of 1.22. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95. The stock has a fifty day simple moving average of $568.11 and a 200-day simple moving average of $519.97. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. On average, equities research analysts expect that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Wall Street Analysts Forecast Growth

META has been the subject of several analyst reports. Truist Financial boosted their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Rosenblatt Securities restated a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a research note on Thursday, October 31st. UBS Group upped their price objective on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Oppenheimer raised their target price on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Robert W. Baird increased their target price on shares of Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $634.10.

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.