Sheets Smith Investment Management Takes Position in Meta Platforms, Inc. (NASDAQ:META)

Sheets Smith Investment Management bought a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,482 shares of the social networking company's stock, valued at approximately $2,624,000. Meta Platforms accounts for 2.2% of Sheets Smith Investment Management's investment portfolio, making the stock its 11th largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. JDM Financial Group LLC acquired a new stake in Meta Platforms in the third quarter worth about $30,000. Safe Harbor Fiduciary LLC acquired a new position in Meta Platforms during the third quarter worth about $36,000. Millstone Evans Group LLC acquired a new position in shares of Meta Platforms in the 4th quarter worth approximately $40,000. Avondale Wealth Management bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $41,000. Finally, Cordant Inc. acquired a new stake in Meta Platforms during the fourth quarter valued at approximately $59,000. Institutional investors own 79.91% of the company's stock.

Insider Activity

In other news, CTO Andrew Bosworth sold 5,060 shares of the company's stock in a transaction dated Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,727,550.20. Following the completion of the transaction, the chief technology officer now directly owns 5,139 shares of the company's stock, valued at $3,785,747.13. This represents a 49.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Javier Olivan sold 413 shares of the business's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $589.16, for a total transaction of $243,323.08. Following the sale, the chief operating officer now directly owns 17,514 shares in the company, valued at $10,318,548.24. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 584,823 shares of company stock valued at $386,274,777. 13.71% of the stock is currently owned by insiders.

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Meta Platforms Stock Performance

Shares of NASDAQ:META traded down $21.71 on Friday, hitting $580.87. 8,123,490 shares of the company were exchanged, compared to its average volume of 14,206,373. The company's 50 day moving average price is $655.95 and its two-hundred day moving average price is $607.98. The firm has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a one year low of $414.50 and a one year high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same quarter last year, the business earned $5.33 EPS. Research analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Friday, March 14th. This is a positive change from Meta Platforms's previous quarterly dividend of $0.50. Meta Platforms's dividend payout ratio is 8.78%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Susquehanna lifted their price target on shares of Meta Platforms from $675.00 to $800.00 and gave the stock a "positive" rating in a research report on Thursday, January 30th. Truist Financial lifted their target price on Meta Platforms from $700.00 to $770.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Mizuho upped their target price on Meta Platforms from $675.00 to $750.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Benchmark raised Meta Platforms from a "hold" rating to a "buy" rating and set a $820.00 price target on the stock in a research note on Thursday, January 30th. Finally, KeyCorp cut their price objective on Meta Platforms from $750.00 to $710.00 and set an "overweight" rating on the stock in a report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.31.

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.