EverSource Wealth Advisors LLC Has $8.96 Million Position in Meta Platforms, Inc. (NASDAQ:META)

by · The Markets Daily

EverSource Wealth Advisors LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,652 shares of the social networking company’s stock after selling 38 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Meta Platforms were worth $8,960,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of META. China Universal Asset Management Co. Ltd. lifted its stake in Meta Platforms by 48.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock valued at $23,886,000 after acquiring an additional 16,138 shares during the last quarter. Cypress Asset Management Inc. TX raised its holdings in shares of Meta Platforms by 541.8% during the 1st quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after purchasing an additional 3,224 shares in the last quarter. Hyperion Capital Advisors LP lifted its stake in shares of Meta Platforms by 3.5% in the 1st quarter. Hyperion Capital Advisors LP now owns 29,527 shares of the social networking company’s stock valued at $14,338,000 after purchasing an additional 1,000 shares during the last quarter. Steel Grove Capital Advisors LLC boosted its holdings in Meta Platforms by 68.7% in the first quarter. Steel Grove Capital Advisors LLC now owns 1,711 shares of the social networking company’s stock worth $831,000 after purchasing an additional 697 shares in the last quarter. Finally, Beck Capital Management LLC raised its holdings in Meta Platforms by 3.1% during the first quarter. Beck Capital Management LLC now owns 26,390 shares of the social networking company’s stock valued at $12,814,000 after buying an additional 798 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

META has been the subject of several recent analyst reports. Oppenheimer upped their price target on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Loop Capital increased their price target on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Wedbush restated an “outperform” rating and issued a $600.00 price objective on shares of Meta Platforms in a research note on Thursday, September 26th. Sanford C. Bernstein raised 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. Finally, JMP Securities boosted their target price on shares of Meta Platforms from $635.00 to $660.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Two 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $634.10.

Check Out Our Latest Stock Analysis on Meta Platforms

Insider Buying and Selling

In other news, CEO Mark Zuckerberg sold 84 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the sale, the chief executive officer now directly owns 518,424 shares of the company’s stock, valued at $311,054,400. This represents a 0.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Javier Olivan sold 620 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $345,340.00. Following the completion of the sale, the chief operating officer now owns 19,992 shares in the company, valued at $11,135,544. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,843 shares of company stock valued at $92,083,554 over the last three months. Company insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Meta Platforms stock opened at $559.14 on Friday. The business’s 50-day simple moving average is $572.74 and its 200 day simple moving average is $523.96. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.41 trillion, a price-to-earnings ratio of 26.34, a P/E/G ratio of 1.24 and a beta of 1.22. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95.

Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate 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, research analysts anticipate that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. Meta Platforms’s dividend payout ratio is currently 9.42%.

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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