Elite Wealth Management Inc. Has $14.72 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Elite Wealth Management Inc. trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 7.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,712 shares of the social networking company’s stock after selling 2,024 shares during the quarter. Meta Platforms comprises approximately 2.0% of Elite Wealth Management Inc.’s holdings, making the stock its 6th biggest position. Elite Wealth Management Inc.’s holdings in Meta Platforms were worth $14,719,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. POM Investment Strategies LLC bought a new stake in Meta Platforms during the 2nd quarter valued at approximately $38,000. Ruedi Wealth Management Inc. grew its holdings in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after buying an additional 44 shares in the last quarter. Halpern Financial Inc. bought a new stake in shares of Meta Platforms during the third quarter valued at approximately $46,000. West Financial Advisors LLC purchased a new position in shares of Meta Platforms in the third quarter worth $49,000. Finally, NewSquare Capital LLC boosted its position in shares of Meta Platforms by 221.9% during the second quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. DA Davidson began coverage on shares of Meta Platforms in a research report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price objective for the company. Wells Fargo & Company reduced their target price on shares of Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Susquehanna upped their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price target on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. Two 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 issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Insiders Place Their Bets

In other news, CEO Mark Zuckerberg sold 492 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $600.75, for a total value of $295,569.00. Following the sale, the chief executive officer now owns 518,508 shares in the company, valued at $311,493,681. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the transaction, the chief accounting officer now owns 3,414 shares of the company’s stock, valued at $1,901,598. This represents a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,239 shares of company stock valued at $59,681,541. 13.71% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $569.20 on Friday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The company has a market cap of $1.44 trillion, a PE ratio of 26.81, a P/E/G ratio of 1.25 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The business has a 50-day simple moving average of $574.75 and a two-hundred day simple moving average of $526.33.

Meta Platforms (NASDAQ:META) last released its earnings results 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. 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 during the quarter, compared to analysts’ expectations of $40.21 billion. As a group, equities analysts expect that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is 9.42%.

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.