Innova Wealth Partners Lowers Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Innova Wealth Partners cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 62.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 417 shares of the social networking company’s stock after selling 681 shares during the quarter. Innova Wealth Partners’ holdings in Meta Platforms were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. JDM Financial Group LLC bought a new position in Meta Platforms in the third quarter valued at $30,000. Safe Harbor Fiduciary LLC bought a new position in shares of Meta Platforms during the 3rd quarter valued at about $36,000. Halpern Financial Inc. bought a new position in shares of Meta Platforms during the 3rd quarter valued at about $46,000. West Financial Advisors LLC purchased a new position in shares of Meta Platforms during the 3rd quarter valued at about $49,000. Finally, Hoese & Co LLP lifted its position in Meta Platforms by 2,000.0% in the 3rd quarter. Hoese & Co LLP now owns 105 shares of the social networking company’s stock worth $60,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $589.97, for a total transaction of $533,922.85. Following the sale, the insider now owns 33,292 shares of the company’s stock, valued at $19,641,281.24. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $584.83, for a total transaction of $241,534.79. Following the transaction, the chief operating officer now directly owns 11,533 shares of the company’s stock, valued at $6,744,844.39. The trade was a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 361,640 shares of company stock valued at $219,037,690. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Trading Down 2.0 %

Meta Platforms stock opened at $617.89 on Wednesday. Meta Platforms, Inc. has a 12 month low of $352.05 and a 12 month high of $638.40. The company has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 1.36 and a beta of 1.19. The business’s fifty day simple moving average is $591.41 and its two-hundred day simple moving average is $551.33. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, equities analysts predict that Meta Platforms, Inc. will post 22.68 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were issued a $0.50 dividend. The ex-dividend date was Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.32%. Meta Platforms’s payout ratio is currently 9.42%.

Analyst Ratings Changes

META has been the topic of a number of recent research reports. Robert W. Baird increased their price target on shares of Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Scotiabank reduced their target price on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Thursday, October 31st. Truist Financial raised their price objective on Meta Platforms from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Finally, Sanford C. Bernstein increased their target price on Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Two equities research 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $645.80.

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.