Drive Wealth Management LLC Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Drive Wealth Management LLC grew its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,606 shares of the social networking company's stock after buying an additional 889 shares during the quarter. Meta Platforms accounts for about 1.1% of Drive Wealth Management LLC's portfolio, making the stock its 17th largest holding. Drive Wealth Management LLC's holdings in Meta Platforms were worth $4,453,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of META. JDM Financial Group LLC acquired a new position in Meta Platforms during the third quarter worth $30,000. Safe Harbor Fiduciary LLC purchased a new position in Meta Platforms in the 3rd quarter valued at about $36,000. Avondale Wealth Management purchased a new stake in Meta Platforms during the 4th quarter worth approximately $41,000. Halpern Financial Inc. acquired a new position in shares of Meta Platforms during the third quarter valued at approximately $46,000. Finally, West Financial Advisors LLC acquired a new position in shares of Meta Platforms during the third quarter valued at approximately $49,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Sanford C. Bernstein boosted their price target on Meta Platforms from $600.00 to $675.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Monness Crespi & Hardt increased their target price on shares of Meta Platforms from $620.00 to $660.00 and gave the company a "buy" rating in a research report on Thursday, October 31st. Needham & Company LLC restated an "underperform" rating on shares of Meta Platforms in a research report on Monday. Wolfe Research increased their price objective on shares of Meta Platforms from $670.00 to $730.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Finally, Stifel Nicolaus boosted their target price on Meta Platforms from $590.00 to $663.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $698.98.

Meta Platforms Stock Performance

META stock traded up $12.93 during trading on Thursday, hitting $689.42. The company had a trading volume of 20,861,034 shares, compared to its average volume of 15,245,674. Meta Platforms, Inc. has a 1-year low of $387.10 and a 1-year high of $710.79. The firm has a 50-day moving average price of $608.52 and a 200-day moving average price of $563.58. 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 firm has a market cap of $1.74 trillion, a PE ratio of 32.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 earnings per share for the quarter, beating analysts' consensus estimates of $6.75 by $1.27. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. During the same period last year, the business posted $5.33 EPS. On average, analysts expect that Meta Platforms, Inc. will post 22.96 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Monday, December 16th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Monday, December 16th. Meta Platforms's dividend payout ratio (DPR) is 9.42%.

Insider Activity at Meta Platforms

In related news, CFO Susan J. Li sold 8,951 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $29,776,261.56. This represents a 14.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $607.97, for a total value of $21,838,890.37. The disclosure for this sale can be found here. Insiders have sold a total of 661,312 shares of company stock worth $407,377,422 over the last three months. 13.71% of the stock is currently owned by corporate insiders.

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.