Prestige Wealth Management Group LLC Sells 1,200 Shares of Meta Platforms, Inc. (NASDAQ:META)

Prestige Wealth Management Group LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 13.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,943 shares of the social networking company’s stock after selling 1,200 shares during the period. Meta Platforms accounts for 1.4% of Prestige Wealth Management Group LLC’s investment portfolio, making the stock its 23rd largest holding. Prestige Wealth Management Group LLC’s holdings in Meta Platforms were worth $4,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JDM Financial Group LLC acquired a new stake in shares of Meta Platforms during the third quarter worth $30,000. Safe Harbor Fiduciary LLC bought a new stake in Meta Platforms during the third quarter valued at $36,000. Millstone Evans Group LLC bought a new position in shares of Meta Platforms in the 4th quarter worth about $40,000. Avondale Wealth Management acquired a new position in shares of Meta Platforms in the 4th quarter valued at about $41,000. Finally, Cordant Inc. bought a new stake in shares of Meta Platforms during the 4th quarter valued at about $59,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on META shares. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Monday, January 27th. Tigress Financial reissued a “strong-buy” rating on shares of Meta Platforms in a research note on Tuesday, February 11th. Argus set a $775.00 price target on shares of Meta Platforms in a research note on Tuesday, February 4th. Truist Financial increased their price objective on shares of Meta Platforms from $700.00 to $770.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Oppenheimer boosted their target price on Meta Platforms from $650.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $718.31.

Insider Activity at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $591.76, for a total value of $535,542.80. Following the completion of the transaction, the insider now directly owns 32,915 shares in the company, valued at approximately $19,477,780.40. The trade was a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher K. Cox sold 20,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $677.71, for a total value of $13,554,200.00. Following the sale, the insider now directly owns 308,686 shares in the company, valued at $209,199,589.06. This trade represents a 6.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 585,605 shares of company stock worth $386,710,448. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of META opened at $626.31 on Wednesday. Meta Platforms, Inc. has a 1 year low of $414.50 and a 1 year high of $740.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The stock’s fifty day moving average price is $656.24 and its two-hundred day moving average price is $608.00. The firm has a market cap of $1.59 trillion, a PE ratio of 26.18, a PEG ratio of 1.42 and a beta of 1.23.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same period in the previous year, the company posted $5.33 EPS. On average, equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Friday, March 14th will be issued a $0.525 dividend. The ex-dividend date is Friday, March 14th. This is an increase from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 0.34%. Meta Platforms’s dividend payout ratio (DPR) is 8.78%.

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.