My Legacy Advisors LLC Makes New $570,000 Investment in Meta Platforms, Inc. (NASDAQ:META)

My Legacy Advisors LLC bought a new position in Meta Platforms, Inc. (NASDAQ:META) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 1,131 shares of the social networking company’s stock, valued at approximately $570,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quest Partners LLC acquired a new position in Meta Platforms during the fourth quarter valued at $32,000. Clear Investment Research LLC grew its stake in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after acquiring an additional 74 shares in the last quarter. Delos Wealth Advisors LLC increased its holdings in shares of Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 58 shares during the period. Ruedi Wealth Management Inc. lifted its position in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares in the last quarter. Finally, Richardson Financial Services Inc. boosted its holdings in shares of Meta Platforms by 95.6% during the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after purchasing an additional 43 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the sale, the insider now owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $451.15, for a total transaction of $406,486.15. Following the sale, the insider now directly owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Javier Olivan sold 412 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $463.00, for a total value of $190,756.00. Following the completion of the transaction, the chief operating officer now directly owns 5,559 shares of the company’s stock, valued at $2,573,817. The disclosure for this sale can be found here. Insiders sold a total of 418,680 shares of company stock valued at $211,992,147 over the last ninety days. 13.71% of the stock is owned by company insiders.

Meta Platforms Stock Performance

NASDAQ META opened at $528.00 on Friday. The company’s fifty day moving average is $502.48 and its two-hundred day moving average is $490.42. Meta Platforms, Inc. has a 52-week low of $276.03 and a 52-week high of $544.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.68. The firm has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 30.33, a P/E/G ratio of 1.27 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the company earned $3.23 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. Equities research analysts forecast that Meta Platforms, Inc. will post 20.5 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were paid a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

Analyst Upgrades and Downgrades

META has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Thursday, August 1st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $450.00 price target on shares of Meta Platforms in a research note on Wednesday, June 12th. Roth Mkm increased their price objective on Meta Platforms from $510.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Sanford C. Bernstein boosted their target price on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley raised their price target on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-three have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $574.41.

About Meta Platforms

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.