Meta Platforms, Inc. (NASDAQ:META) Stake Boosted by Cherrydale Wealth Management LLC

by · The Cerbat Gem

Cherrydale Wealth Management LLC raised its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.5% in the 3rd quarter, Holdings Channel reports. The firm owned 3,841 shares of the social networking company’s stock after purchasing an additional 18 shares during the quarter. Meta Platforms comprises about 0.9% of Cherrydale Wealth Management LLC’s investment portfolio, making the stock its 15th biggest holding. Cherrydale Wealth Management LLC’s holdings in Meta Platforms were worth $2,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Delos Wealth Advisors LLC boosted its position in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC bought a new position in Meta Platforms in the 2nd quarter valued at about $38,000. Ruedi Wealth Management Inc. increased its stake in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after buying an additional 44 shares during the period. Richardson Financial Services Inc. raised its position in shares of Meta Platforms by 95.6% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after buying an additional 43 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Meta Platforms in the 1st quarter worth approximately $44,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 1,712 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $502.27, for a total transaction of $859,886.24. Following the sale, the chief executive officer now owns 129,888 shares of the company’s stock, valued at approximately $65,238,845.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Mark Zuckerberg sold 1,712 shares of Meta Platforms stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $502.27, for a total transaction of $859,886.24. Following the transaction, the chief executive officer now owns 129,888 shares in the company, valued at approximately $65,238,845.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $589.89, for a total transaction of $533,850.45. Following the completion of the transaction, the insider now owns 34,197 shares in the company, valued at approximately $20,172,468.33. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 252,443 shares of company stock valued at $133,105,284 over the last three months. 13.71% of the stock is owned by insiders.

Meta Platforms Stock Performance

META stock traded up $5.29 during mid-day trading on Monday, hitting $595.24. 1,066,974 shares of the company were exchanged, compared to its average volume of 15,289,771. The business has a 50 day simple moving average of $538.12 and a 200-day simple moving average of $505.67. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $1.51 trillion, a PE ratio of 33.99, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $602.95.

Meta Platforms (NASDAQ:META – Get Free Report) last announced its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same period last year, the firm earned $3.23 earnings per share. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, equities analysts forecast that Meta Platforms, Inc. will post 21.37 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.34%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on META. Wolfe Research assumed coverage on Meta Platforms in a research report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price target on the stock. UBS Group upped their price target on shares of Meta Platforms from $635.00 to $690.00 and gave the company a “buy” rating in a report on Monday, October 7th. Oppenheimer boosted their target price on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Bank of America lifted their price target on shares of Meta Platforms from $563.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Citigroup raised their price objective on Meta Platforms from $580.00 to $645.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $611.49.

View Our Latest Stock Analysis on Meta Platforms

Meta Platforms Company Profile

(Free Report)

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.

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