Spinnaker Investment Group LLC Increases Position in Meta Platforms, Inc. (NASDAQ:META)

Spinnaker Investment Group LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 41.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,009 shares of the social networking company’s stock after buying an additional 297 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Meta Platforms were worth $582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of META. Valley Financial Group Inc. increased its holdings in shares of Meta Platforms by 2.4% during the 4th quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company’s stock valued at $344,000 after purchasing an additional 14 shares in the last quarter. Lantern Wealth Advisors LLC grew its position in Meta Platforms by 0.5% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company’s stock valued at $1,743,000 after buying an additional 14 shares during the period. Maiden Cove Capital LLC increased its holdings in Meta Platforms by 3.2% in the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company’s stock valued at $282,000 after buying an additional 15 shares in the last quarter. Riverwater Partners LLC raised its position in shares of Meta Platforms by 2.7% in the fourth quarter. Riverwater Partners LLC now owns 572 shares of the social networking company’s stock worth $335,000 after acquiring an additional 15 shares during the period. Finally, ABLE Financial Group LLC boosted its stake in shares of Meta Platforms by 0.7% during the 4th quarter. ABLE Financial Group LLC now owns 2,136 shares of the social networking company’s stock worth $1,251,000 after acquiring an additional 15 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 13,793 shares of Meta Platforms stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $710.24, for a total value of $9,796,340.32. Following the completion of the sale, the chief executive officer now owns 57,533 shares of the company’s stock, valued at approximately $40,862,237.92. The trade was a 19.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 921 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $570.66, for a total transaction of $525,577.86. Following the completion of the sale, the insider now owns 30,261 shares of the company’s stock, valued at $17,268,742.26. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,312 shares of company stock worth $83,503,034. Insiders own 13.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. UBS Group upped their price target on Meta Platforms from $650.00 to $683.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Pivotal Research reduced their target price on Meta Platforms from $875.00 to $830.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Benchmark decreased their price objective on shares of Meta Platforms from $820.00 to $640.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Raymond James Financial dropped their target price on shares of Meta Platforms from $800.00 to $750.00 and set a “strong-buy” rating on the stock in a research report on Thursday, May 1st. Finally, TD Securities reduced their price target on shares of Meta Platforms from $725.00 to $700.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average target price of $712.69.

Meta Platforms Price Performance

Shares of META opened at $708.68 on Thursday. The business’s 50-day moving average is $629.38 and its 200-day moving average is $624.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The company has a market capitalization of $1.78 trillion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 1.75 and a beta of 1.26. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. During the same quarter in the previous year, the company posted $4.71 earnings per share. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be issued a $0.525 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. Meta Platforms’s dividend payout ratio is currently 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.