Solidarity Wealth LLC Has $5.54 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Solidarity Wealth LLC increased its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 15.3% in the third quarter, Holdings Channel reports. The firm owned 9,685 shares of the social networking company’s stock after buying an additional 1,285 shares during the quarter. Meta Platforms accounts for approximately 1.5% of Solidarity Wealth LLC’s holdings, making the stock its 24th biggest holding. Solidarity Wealth LLC’s holdings in Meta Platforms were worth $5,544,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Gradient Investments LLC increased its position in shares of Meta Platforms by 8.9% in the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after buying an additional 5,953 shares in the last quarter. Baillie Gifford & Co. grew its stake in Meta Platforms by 14.0% in the first quarter. Baillie Gifford & Co. now owns 6,101,501 shares of the social networking company’s stock valued at $2,962,767,000 after acquiring an additional 748,076 shares during the period. Stanley Laman Group Ltd. increased its holdings in shares of Meta Platforms by 26.5% in the second quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock worth $846,000 after acquiring an additional 352 shares in the last quarter. Cutter & CO Brokerage Inc. raised its position in shares of Meta Platforms by 0.7% during the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock worth $5,573,000 after purchasing an additional 65 shares during the period. Finally, Lincoln National Corp grew its position in shares of Meta Platforms by 7.8% in the 1st quarter. Lincoln National Corp now owns 34,790 shares of the social networking company’s stock valued at $16,894,000 after purchasing an additional 2,504 shares during the period. Institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on META shares. Wolfe Research began coverage on shares of Meta Platforms in a report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 target price on the stock. The Goldman Sachs Group boosted their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. UBS Group increased their target price on Meta Platforms from $690.00 to $719.00 and gave the stock a “buy” rating in a report on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a report on Wednesday, October 16th. Finally, Jefferies Financial Group increased their price objective on Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Stock Performance

Shares of META stock opened at $567.16 on Friday. Meta Platforms, Inc. has a 52 week low of $308.33 and a 52 week high of $602.95. The company has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 26.72, a PEG ratio of 1.36 and a beta of 1.22. The company has a 50-day simple moving average of $555.99 and a 200 day simple moving average of $513.12. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.83 and a current ratio of 2.73.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, sell-side analysts predict that Meta Platforms, Inc. will post 21.84 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 9.42%.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 420 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $600.17, for a total transaction of $252,071.40. Following the transaction, the chief executive officer now directly owns 518,004 shares of the company’s stock, valued at approximately $310,890,460.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 420 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $600.17, for a total value of $252,071.40. Following the sale, the chief executive officer now directly owns 518,004 shares in the company, valued at $310,890,460.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 251,993 shares of company stock valued at $133,271,982. 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.