Nemes Rush Group LLC Decreases Stake in Meta Platforms, Inc. (NASDAQ:META)

by · The Cerbat Gem

Nemes Rush Group LLC reduced its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,896 shares of the social networking company’s stock after selling 230 shares during the period. Meta Platforms makes up 2.1% of Nemes Rush Group LLC’s holdings, making the stock its 13th biggest position. Nemes Rush Group LLC’s holdings in Meta Platforms were worth $16,655,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Ridgewood Investments LLC lifted its stake in shares of Meta Platforms by 10.8% in the first quarter. Ridgewood Investments LLC now owns 3,130 shares of the social networking company’s stock worth $1,804,000 after buying an additional 305 shares in the last quarter. Capital City Trust Co. FL lifted its stake in shares of Meta Platforms by 2.5% in the first quarter. Capital City Trust Co. FL now owns 6,851 shares of the social networking company’s stock worth $3,949,000 after buying an additional 164 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its stake in shares of Meta Platforms by 25.1% in the first quarter. Sterling Investment Advisors Ltd. now owns 7,681 shares of the social networking company’s stock worth $4,427,000 after buying an additional 1,541 shares in the last quarter. Mitchell Sinkler & Starr PA lifted its stake in shares of Meta Platforms by 5.7% in the first quarter. Mitchell Sinkler & Starr PA now owns 4,156 shares of the social networking company’s stock worth $2,395,000 after buying an additional 225 shares in the last quarter. Finally, Ballast Advisors LLC lifted its stake in shares of Meta Platforms by 2.3% in the first quarter. Ballast Advisors LLC now owns 3,939 shares of the social networking company’s stock worth $2,270,000 after buying an additional 90 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 517 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $715.00, for a total value of $369,655.00. Following the completion of the sale, the chief operating officer owned 5,785 shares in the company, valued at $4,136,275. This represents a 8.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 2,361 shares of the company’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total transaction of $1,691,609.28. The disclosure for this sale can be found here. Insiders have sold a total of 152,980 shares of company stock worth $105,708,832 over the last 90 days. 13.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on META shares. Barclays decreased their price target on shares of Meta Platforms from $705.00 to $640.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. HSBC raised shares of Meta Platforms from a “hold” rating to a “buy” rating and raised their price target for the stock from $610.00 to $900.00 in a research note on Thursday. Susquehanna reduced their target price on shares of Meta Platforms from $800.00 to $700.00 and set a “positive” rating on the stock in a research note on Thursday, May 1st. Morgan Stanley lifted their target price on shares of Meta Platforms from $750.00 to $850.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Citizens Jmp lifted their target price on shares of Meta Platforms from $750.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, forty have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus price target of $811.31.

Read Our Latest Stock Report on META

Meta Platforms Stock Up 11.3%

Shares of NASDAQ:META opened at $773.44 on Friday. The company has a market capitalization of $1.94 trillion, a PE ratio of 28.00, a P/E/G ratio of 1.66 and a beta of 1.28. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a twelve month low of $450.80 and a twelve month high of $784.75. The firm has a 50 day simple moving average of $699.22 and a 200-day simple moving average of $644.61.

Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, topping the consensus estimate of $5.75 by $1.39. The business had revenue of $47.52 billion during the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a net margin of 39.99% and a return on equity of 40.31%. The company’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.16 EPS. On average, equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, June 16th. Meta Platforms’s payout ratio is currently 8.19%.

About Meta Platforms

(Free Report)

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.

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