Meta Platforms, Inc. (NASDAQ:META) is Sierra Summit Advisors LLC’s 6th Largest Position

Sierra Summit Advisors LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 7.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,760 shares of the social networking company’s stock after purchasing an additional 2,005 shares during the period. Meta Platforms accounts for 3.3% of Sierra Summit Advisors LLC’s portfolio, making the stock its 6th largest holding. Sierra Summit Advisors LLC’s holdings in Meta Platforms were worth $16,254,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Howard Capital Management Group LLC boosted its position in shares of Meta Platforms by 17.9% during the third quarter. Howard Capital Management Group LLC now owns 1,652 shares of the social networking company’s stock worth $946,000 after acquiring an additional 251 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Meta Platforms by 6.5% during the 3rd quarter. Principal Financial Group Inc. now owns 3,368,361 shares of the social networking company’s stock valued at $1,928,185,000 after purchasing an additional 204,412 shares during the last quarter. United Bank grew its position in shares of Meta Platforms by 22.2% during the third quarter. United Bank now owns 5,569 shares of the social networking company’s stock valued at $3,188,000 after purchasing an additional 1,011 shares in the last quarter. Tenere Capital LLC increased its holdings in shares of Meta Platforms by 47.6% in the third quarter. Tenere Capital LLC now owns 31,013 shares of the social networking company’s stock worth $17,753,000 after purchasing an additional 10,004 shares during the last quarter. Finally, Dunhill Financial LLC lifted its position in shares of Meta Platforms by 176.0% in the third quarter. Dunhill Financial LLC now owns 1,532 shares of the social networking company’s stock worth $877,000 after buying an additional 977 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on META. Bank of America lifted their price objective on Meta Platforms from $710.00 to $765.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Wolfe Research upped their price target on shares of Meta Platforms from $670.00 to $730.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Oppenheimer increased their price objective on shares of Meta Platforms from $650.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Scotiabank upped their target price on shares of Meta Platforms from $583.00 to $627.00 and gave the company a “sector perform” rating in a research report on Thursday, January 30th. Finally, UBS Group increased their price target on shares of Meta Platforms from $736.00 to $786.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $718.55.

Meta Platforms Trading Down 5.1 %

META opened at $504.73 on Monday. Meta Platforms, Inc. has a 12 month low of $414.50 and a 12 month high of $740.91. The stock has a fifty day moving average price of $648.15 and a 200-day moving average price of $610.77. The firm has a market cap of $1.28 trillion, a price-to-earnings ratio of 21.10, a PEG ratio of 1.42 and a beta of 1.28. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same quarter last year, the business earned $5.33 earnings per share. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Friday, March 14th were issued a $0.525 dividend. This is a positive change from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Friday, March 14th. Meta Platforms’s payout ratio is currently 8.78%.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $631.55, for a total transaction of $571,552.75. Following the transaction, the insider now owns 32,010 shares in the company, valued at $20,215,915.50. This represents a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Susan J. Li sold 8,553 shares of Meta Platforms stock in a transaction that occurred on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $6,300,738.51. Following the completion of the sale, the chief financial officer now owns 51,793 shares of the company’s stock, valued at $38,154,349.31. This trade represents a 14.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 535,725 shares of company stock valued at $356,391,449. Corporate insiders own 13.71% of the company’s stock.

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.