1ST Source Bank Boosts Holdings in Meta Platforms, Inc. (NASDAQ:META)

1ST Source Bank boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 3.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,280 shares of the social networking company’s stock after buying an additional 174 shares during the period. 1ST Source Bank’s holdings in Meta Platforms were worth $3,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. JDM Financial Group LLC acquired a new stake in Meta Platforms in the third quarter valued at $30,000. Safe Harbor Fiduciary LLC acquired a new position in shares of Meta Platforms during the 3rd quarter worth $36,000. POM Investment Strategies LLC acquired a new position in shares of Meta Platforms during the 2nd quarter worth $38,000. Ruedi Wealth Management Inc. raised its stake in shares of Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after buying an additional 44 shares during the last quarter. Finally, Halpern Financial Inc. acquired a new position in shares of Meta Platforms during the 3rd quarter worth $46,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Meta Platforms

In other news, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $607.97, for a total transaction of $21,838,890.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $407,167.00. Following the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. The trade was a 17.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 214,002 shares of company stock valued at $126,740,653. Corporate insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Sanford C. Bernstein boosted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Mizuho lifted their price target on Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a report on Wednesday, October 16th. TD Cowen boosted their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Barclays boosted their target price on Meta Platforms from $550.00 to $630.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $635.20.

Meta Platforms Price Performance

NASDAQ:META traded down $7.44 during mid-day trading on Friday, reaching $623.35. 1,899,384 shares of the stock were exchanged, compared to its average volume of 14,713,942. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 1-year low of $328.64 and a 1-year high of $638.40. The firm has a market capitalization of $1.57 trillion, a PE ratio of 29.71, a PEG ratio of 1.39 and a beta of 1.20. The business has a fifty day moving average price of $583.48 and a 200 day moving average price of $536.44.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. Research analysts expect that Meta Platforms, Inc. will post 22.68 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Monday, December 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Monday, December 16th. Meta Platforms’s payout ratio is 9.42%.

About Meta Platforms

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.