Prestige Wealth Management Group LLC Has $5.23 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Prestige Wealth Management Group LLC trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META) by 25.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,143 shares of the social networking company’s stock after selling 3,112 shares during the period. Meta Platforms accounts for about 1.1% of Prestige Wealth Management Group LLC’s portfolio, making the stock its 21st biggest holding. Prestige Wealth Management Group LLC’s holdings in Meta Platforms were worth $5,234,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in META. Jennison Associates LLC grew its stake in Meta Platforms by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after buying an additional 263,063 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Meta Platforms by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock worth $7,915,451,000 after acquiring an additional 118,298 shares during the period. International Assets Investment Management LLC grew its position in shares of Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after purchasing an additional 9,500,444 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Meta Platforms by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock worth $3,911,029,000 after purchasing an additional 208,677 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Meta Platforms by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 6,565,134 shares of the social networking company’s stock worth $3,758,146,000 after purchasing an additional 289,207 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Meta Platforms

In related news, CEO Mark Zuckerberg sold 22,946 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $621.84, for a total value of $14,268,740.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Susan J. Li sold 8,951 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $577.16, for a total value of $5,166,159.16. Following the sale, the chief financial officer now owns 51,591 shares of the company’s stock, valued at approximately $29,776,261.56. The trade was a 14.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 164,201 shares of company stock worth $95,420,559. Insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on META shares. Barclays upped their price objective on Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. TD Cowen raised their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. The Goldman Sachs Group lifted their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Bank of America increased their target price on shares of Meta Platforms from $630.00 to $660.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Mizuho lifted their price target on shares of Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have given 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 data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Meta Platforms Stock Down 1.6 %

Shares of NASDAQ META opened at $613.57 on Tuesday. Meta Platforms, Inc. has a 1 year low of $319.99 and a 1 year high of $629.79. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The firm has a market cap of $1.55 trillion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20. The company has a 50 day simple moving average of $580.47 and a 200 day simple moving average of $534.10.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. On average, research analysts forecast that Meta Platforms, Inc. will post 22.68 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.33%. The ex-dividend date is Monday, December 16th. Meta Platforms’s payout ratio is presently 9.42%.

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.