Cypress Funds LLC Trims Holdings in Meta Platforms, Inc. (NASDAQ:META)

Cypress Funds LLC decreased its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 13.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,327 shares of the social networking company's stock after selling 13,673 shares during the period. Meta Platforms comprises 6.1% of Cypress Funds LLC's portfolio, making the stock its 8th largest holding. Cypress Funds LLC's holdings in Meta Platforms were worth $45,545,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Delos Wealth Advisors LLC increased its position in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company's stock worth $34,000 after purchasing an additional 58 shares during the last quarter. POM Investment Strategies LLC bought a new position in Meta Platforms during the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. lifted its stake in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company's stock valued at $40,000 after acquiring an additional 44 shares during the last quarter. Richardson Financial Services Inc. lifted its stake in Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company's stock valued at $41,000 after acquiring an additional 43 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Meta Platforms in the fourth quarter worth approximately $32,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $525.00 price objective on shares of Meta Platforms in a research note on Tuesday, July 30th. Guggenheim raised their price objective on Meta Platforms from $500.00 to $600.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Citigroup upped their target price on Meta Platforms from $550.00 to $580.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Rosenblatt Securities lifted their price target on shares of Meta Platforms from $562.00 to $643.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Finally, Robert W. Baird boosted their price objective on shares of Meta Platforms from $500.00 to $530.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus price target of $576.66.

Meta Platforms Price Performance

Shares of META traded up $4.12 during trading hours on Thursday, hitting $516.86. The stock had a trading volume of 8,598,486 shares, compared to its average volume of 15,882,903. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 29.69, a P/E/G ratio of 1.29 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The company's fifty day moving average is $505.26 and its two-hundred day moving average is $493.93. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $544.23.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company's revenue was up 22.1% on a year-over-year basis. During the same quarter last year, the business posted $3.23 earnings per share. On average, analysts anticipate that Meta Platforms, Inc. will post 21.3 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Monday, September 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.39%. Meta Platforms's dividend payout ratio is currently 11.49%.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 16,702 shares of the firm's stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $503.18, for a total value of $8,404,112.36. Following the completion of the sale, the chief executive officer now owns 301,478 shares of the company's stock, valued at $151,697,700.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the firm's stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $500.00, for a total value of $452,500.00. Following the transaction, the insider now directly owns 40,560 shares of the company's stock, valued at $20,280,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $503.18, for a total transaction of $8,404,112.36. Following the sale, the chief executive officer now directly owns 301,478 shares of the company's stock, valued at approximately $151,697,700.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 390,977 shares of company stock worth $202,384,548. Insiders own 13.71% of the company's stock.

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.