Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Camden National Bank

Camden National Bank cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 6.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 871 shares of the social networking company’s stock after selling 63 shares during the period. Camden National Bank’s holdings in Meta Platforms were worth $499,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of META. International Assets Investment Management LLC boosted its holdings in shares of Meta Platforms by 57,001.5% during the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after acquiring an additional 9,500,444 shares during the period. Integrated Investment Consultants LLC boosted its stake in Meta Platforms by 61,769.3% during the 3rd quarter. Integrated Investment Consultants LLC now owns 4,132,870 shares of the social networking company’s stock valued at $2,365,820,000 after purchasing an additional 4,126,190 shares during the period. Sustainable Growth Advisers LP bought a new position in Meta Platforms in the 2nd quarter worth about $595,152,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Meta Platforms by 926.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after purchasing an additional 661,923 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $285,690,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $559.14 on Monday. The stock has a market cap of $1.41 trillion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $572.74 and a 200-day simple moving average of $524.71.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates 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 anticipate that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is presently 9.42%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $519.05, for a total transaction of $469,740.25. Following the completion of the sale, the insider now directly owns 39,627 shares of the company’s stock, valued at $20,568,394.35. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 152,141 shares of company stock worth $83,390,497. 13.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Susquehanna raised their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Thursday, October 31st. Finally, Roth Mkm upped their price target on shares of Meta Platforms from $620.00 to $635.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $634.10.

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.