Ridgecrest Wealth Partners LLC reduced its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,560 shares of the social networking company’s stock after selling 44 shares during the quarter. Ridgecrest Wealth Partners LLC’s holdings in Meta Platforms were worth $899,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of META. Cambridge Investment Research Advisors Inc. boosted its stake in Meta Platforms by 4.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 301,208 shares of the social networking company’s stock worth $173,604,000 after acquiring an additional 13,006 shares in the last quarter. Crumly & Associates Inc. boosted its stake in Meta Platforms by 4.9% during the first quarter. Crumly & Associates Inc. now owns 427 shares of the social networking company’s stock worth $246,000 after acquiring an additional 20 shares in the last quarter. Kennedy Investment Group boosted its stake in Meta Platforms by 10.8% during the first quarter. Kennedy Investment Group now owns 3,847 shares of the social networking company’s stock worth $2,217,000 after acquiring an additional 376 shares in the last quarter. Veridan Wealth LLC boosted its stake in Meta Platforms by 2.7% during the first quarter. Veridan Wealth LLC now owns 772 shares of the social networking company’s stock worth $445,000 after acquiring an additional 20 shares in the last quarter. Finally, Avantra Family Wealth Inc. boosted its stake in Meta Platforms by 8.2% during the first quarter. Avantra Family Wealth Inc. now owns 2,111 shares of the social networking company’s stock worth $1,216,000 after acquiring an additional 160 shares in the last quarter. 79.91% of the stock is owned by institutional investors.
Insider Transactions at Meta Platforms
In other news, CEO Mark Zuckerberg sold 8,312 shares of Meta Platforms stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $702.13, for a total value of $5,836,104.56. Following the completion of the transaction, the chief executive officer now owns 88,372 shares in the company, valued at $62,048,632.36. This trade represents a 8.60% 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 406 shares of Meta Platforms stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the transaction, the chief operating officer now owns 4,608 shares of the company’s stock, valued at $2,265,707.52. The trade was a 8.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,002 shares of company stock worth $73,353,340 over the last quarter. Corporate insiders own 13.61% of the company’s stock.
Wall Street Analysts Forecast Growth
Read Our Latest Analysis on Meta Platforms
Meta Platforms Stock Performance
NASDAQ META opened at $712.20 on Wednesday. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The company has a 50-day simple moving average of $625.25 and a 200 day simple moving average of $624.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The company has a market capitalization of $1.79 trillion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26.
Meta Platforms (NASDAQ:META – Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The company’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company earned $4.71 earnings per share. On average, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.29%. Meta Platforms’s payout ratio is 8.19%.
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.
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