Miracle Mile Advisors LLC Boosts Stock Position in Meta Platforms, Inc. $META

Miracle Mile Advisors LLC boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 1.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,295 shares of the social networking company’s stock after purchasing an additional 955 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Meta Platforms were worth $45,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC lifted its stake in shares of Meta Platforms by 608,429.2% during the second quarter. Kingstone Capital Partners Texas LLC now owns 59,775,823 shares of the social networking company’s stock valued at $44,119,937,000 after buying an additional 59,766,000 shares during the period. Norges Bank purchased a new position in shares of Meta Platforms during the 2nd quarter worth $23,155,393,000. Laurel Wealth Advisors LLC lifted its stake in shares of Meta Platforms by 73,443.1% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 8,417,003 shares of the social networking company’s stock worth $6,212,506,000 after purchasing an additional 8,405,558 shares during the period. State Street Corp boosted its holdings in shares of Meta Platforms by 1.9% during the second quarter. State Street Corp now owns 86,925,674 shares of the social networking company’s stock worth $64,158,971,000 after purchasing an additional 1,650,435 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Meta Platforms by 0.8% during the second quarter. Vanguard Group Inc. now owns 192,591,101 shares of the social networking company’s stock worth $142,149,566,000 after purchasing an additional 1,532,568 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Javier Olivan sold 517 shares of the firm’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $658.14, for a total transaction of $340,258.38. Following the sale, the chief operating officer directly owned 12,200 shares in the company, valued at approximately $8,029,308. This trade represents a 4.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 519 shares of the company’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $658.69, for a total value of $341,860.11. Following the completion of the transaction, the insider owned 28,658 shares of the company’s stock, valued at approximately $18,876,738.02. This represents a 1.78% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 41,038 shares of company stock worth $25,533,240. 13.61% of the stock is currently owned by corporate insiders.

Meta Platforms Price Performance

Meta Platforms stock opened at $658.79 on Tuesday. The firm has a fifty day moving average of $645.45 and a 200-day moving average of $704.88. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $796.25. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.66 trillion, a P/E ratio of 29.10, a PEG ratio of 1.29 and a beta of 1.29.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, October 29th. The social networking company reported $7.25 earnings per share for the quarter, beating the consensus estimate of $6.74 by $0.51. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The business had revenue of $51.24 billion for the quarter, compared to analyst estimates of $49.34 billion. During the same quarter in the previous year, the business posted $6.03 EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 23rd. Stockholders of record on Monday, December 15th were given a $0.525 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms’s dividend payout ratio is presently 9.28%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Morgan Stanley dropped their target price on Meta Platforms from $820.00 to $750.00 and set an “overweight” rating for the company in a research note on Thursday, December 11th. Wells Fargo & Company cut their price objective on shares of Meta Platforms from $837.00 to $802.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Needham & Company LLC restated a “hold” rating on shares of Meta Platforms in a report on Thursday, October 30th. DA Davidson set a $825.00 price target on shares of Meta Platforms in a research report on Thursday, October 30th. Finally, Mizuho decreased their price target on shares of Meta Platforms from $925.00 to $815.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $822.22.

Meta Platforms Profile

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.