Summit Global Investments Sells 9,623 Shares of Meta Platforms, Inc. (NASDAQ:META)

Summit Global Investments reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 23.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,599 shares of the social networking company's stock after selling 9,623 shares during the quarter. Meta Platforms comprises 1.1% of Summit Global Investments' portfolio, making the stock its 12th largest holding. Summit Global Investments' holdings in Meta Platforms were worth $17,916,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. JDM Financial Group LLC acquired a new position in shares of Meta Platforms in the third quarter worth about $30,000. Safe Harbor Fiduciary LLC acquired a new stake in Meta Platforms during the 3rd quarter valued at $36,000. Avondale Wealth Management purchased a new stake in shares of Meta Platforms in the fourth quarter valued at $41,000. Cordant Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter valued at $59,000. Finally, Bear Mountain Capital Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter worth $70,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Meta Platforms news, CFO Susan J. Li sold 8,553 shares of the company's stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $6,300,738.51. Following the completion of the sale, the chief financial officer now directly owns 51,793 shares in the company, valued at $38,154,349.31. This represents a 14.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Javier Olivan sold 608 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $614.97, for a total transaction of $373,901.76. Following the completion of the transaction, the chief operating officer now directly owns 6,838 shares of the company's stock, valued at $4,205,164.86. This trade represents a 8.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 586,213 shares of company stock worth $387,084,349. Company insiders own 13.71% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have weighed in on META. DA Davidson upped their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Susquehanna raised their price objective on shares of Meta Platforms from $675.00 to $800.00 and gave the company a "positive" rating in a research report on Thursday, January 30th. Wolfe Research lifted their target price on shares of Meta Platforms from $670.00 to $730.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Argus set a $775.00 price target on shares of Meta Platforms in a research note on Tuesday, February 4th. Finally, Robert W. Baird upped their price objective on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms has an average rating of "Moderate Buy" and a consensus price target of $718.31.

Meta Platforms Stock Down 1.4 %

Meta Platforms stock traded down $8.40 during mid-day trading on Thursday, reaching $602.58. The company's stock had a trading volume of 10,412,777 shares, compared to its average volume of 13,822,847. The business's 50 day simple moving average is $656.12 and its 200 day simple moving average is $608.02. 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 12 month low of $414.50 and a 12 month high of $740.91. The company has a market capitalization of $1.53 trillion, a price-to-earnings ratio of 25.19, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23.

Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, topping 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 firm earned $5.33 EPS. As a group, research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.35%. This is a boost from Meta Platforms's previous quarterly dividend of $0.50. The ex-dividend date was Friday, March 14th. Meta Platforms's dividend payout ratio is presently 8.78%.

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.